US Stocks Turn Higher; Dow Gains Over 80 Points

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U.S. stocks turned higher midway through trading, with the Dow Jones gaining more than 80 points on Monday.

The Dow traded up 0.27% to 30,905.24 while the NASDAQ rose 0.15% to 11,466.06. The S&P 500 also rose, gaining, 0.19% to 3,880.86.

Also check this: US Stocks Fall to Two-Month Low Amid Higher Volatility

Leading and Lagging Sectors

Industrials shares rose by 1% on Monday. Meanwhile, top gainers in the sector included Eve Holding, Inc. (NYSE:EVEX), up 7% and Atlas Technical Consultants, Inc. (NASDAQ:ATCX) up 5%.

In trading on Monday, health care shares fell by 1.2%.

Top Headline

The NAHB housing market index declined for the ninth consecutive month to 46 in September, compared to market expectations of 47. It was the lowest reading since May 2020.

Equities Trading UP

  • KnowBe4, Inc. (NASDAQ:KNBE) shares shot up 27% to $22.01 after the company confirmed it received a non-binding proposal from Vista Equity Partners Management to acquire all of the outstanding shares of the company for $24 per share.
  • Shares of BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) got a boost, shooting 123% to $9.27 after the company announced it has signed a share purchase agreement to acquire 100% ownership of Zigi Carmel Initiatives & Investments for $28 million in stock.
  • Purple Innovation, Inc. (NASDAQ:PRPL) shares were also up, gaining 39% to $3.87 after the company confirmed that it received an unsolicited, non-binding proposal from Coliseum Capital Management to acquire all of the outstanding capital stock of Purple for $4.35 per share.

Equities Trading DOWN

  • Virios Therapeutics, Inc. (NASDAQ:VIRI) shares tumbled 72% to $2.4901 after the company announced top-line results from a Phase 2b study of IMC-1 in fibromyalgia, saying the “study did not achieve statistical significance on the prespecified primary efficacy endpoint of change.”
  • Shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) were down 34% to $1.7950. Sonnet BioTherapeutics reported a 1-for-14 reverse stock split.
  • BioLineRx Ltd. (NASDAQ:BLRX) was down, falling 34% to $1.0365 after the company announced a $15 million registered direct offering.

Also check out: FedEx, NCR, International Paper And Other Big Losers From Friday

Commodities

In commodity news, oil traded down 0.6% to $84.63, while gold traded down 0.2% at $1,680.00.

Silver traded up 0.6% to $19.49 on Monday while copper fell 0.3% to $3.5075.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.2%, while Spain’s IBEX 35 Index rose 0.3%. The German DAX gained 0.7%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index gained 0.4%.

Construction output in the Eurozone increased 1.5% year-over-year in July compared to a revised 1.3% rise a month ago.

Economics

The housing market index for September is scheduled for release at 10:00 a.m. ET. The housing market index is expected to decline slightly to 48 in September from 49 in August.

Check out this: Ethereum Slides Below $1,300; Here Are The Top Crypto Movers For Monday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,509,430 cases with around 1,078,660 deaths. India confirmed a total of at least 44,539,040 cases and 528,350 deaths, while France reported over 34,916,380 COVID-19 cases with 154,670 deaths. In total, there were at least 617,351,300 cases of COVID-19 worldwide with more than 6,531,040 deaths.