US stock markets experienced a slight uptick in trading on Monday, with the Nasdaq Composite leading the gains, climbing by 0.3%. The S&P 500 also showed positive momentum, rising by 0.18%, while the Dow Jones Industrial Average traded down slightly, dropping by 0.03%.
The energy sector emerged as a notable driver of the market’s upward movement, jumping by 1.4% on the day. In contrast, healthcare shares experienced a slight downturn, falling by 0.2%.
Several individual stocks also made significant moves on Monday. Kaival Brands Innovations Group, Inc. (KAVL) saw its shares soar by 169% after the company announced a merger and share exchange agreement with Delta Corp Holdings. BitFuFu Inc. (FUFU) also experienced a strong surge, with its shares rising by 8% amid positive sentiment surrounding Bitcoin prices. Biohaven Ltd. (BHVN) shares gained 20%, fueled by the company’s announcement that its study of Troriluzole for the treatment of spinocerebellar ataxia had achieved its primary endpoint.
On the downside, Elevai Labs Inc. (ELAB) shares plunged by 60% after the company announced the pricing of an $8.0 million public offering. Shares of Jin Medical International Ltd. (ZJYL) and MINISO Group Holding Limited (MNSO) also declined, falling by 23% and 15%, respectively. Jin Medical’s decline followed a news announcement about the company’s plans to acquire a stake in Yonghui Superstores, a prominent Chinese retailer.
Looking at commodities, oil prices traded down by 1.3%, settling at $70.07 per barrel. Gold, however, saw a slight rise, gaining 0.3% to $2,654.90. Silver traded down by 0.8% to $31.255, while copper prices climbed by 0.2% to $4.3525.
European markets also experienced a positive day of trading, with the eurozone’s STOXX 600 rising by 0.32%. Germany’s DAX gained 0.59%, France’s CAC 40 climbed by 0.10%, Spain’s IBEX 35 Index rose by 0.36%, and London’s FTSE 100 added 0.22%.
However, economic data releases pointed to a mixed picture for the Eurozone. The S&P Global UK composite PMI declined to 52.9 in September, while the German composite PMI continued its downward trend for the fourth consecutive month, slipping to 47.2. France’s composite PMI also fell to 47.4 in September. The HCOB Eurozone manufacturing PMI decreased to 44.8 in September, and the services PMI declined to 50.5.
Asian markets closed mostly higher on Monday. Hong Kong’s Hang Seng Index fell by 0.06%, while China’s Shanghai Composite Index gained 0.44% and India’s BSE Sensex rose by 0.45%. Notably, the People’s Bank of China unexpectedly reduced the 14-day reverse repurchase rate by 10 basis points on September 23.
In the US, the Chicago Fed National Activity Index rose to +0.12 in August, a positive indication for the economy. The S&P Global manufacturing PMI, however, declined to 47 in September, and the S&P Global flash composite PMI slipped to 54.4, suggesting some potential economic slowdown.
