US stocks kicked off the week on a positive note, with the Dow Jones Industrial Average gaining over 150 points by midday. The tech sector led the charge, propelling the NASDAQ up by a significant 0.81%. The S&P 500 also joined the upward trend, closing the day with a 0.69% gain.
Tech Takes the Lead
Information technology shares saw a strong surge, rising by 1.2% on the day. This positive performance highlights the continued investor confidence in the tech sector, particularly in the face of recent economic uncertainty.
Boeing’s Layoffs Cast a Shadow
Despite the overall market optimism, Boeing’s announcement of significant layoffs sent ripples through the market. The aerospace giant revealed plans to cut its workforce by approximately 10%, impacting around 17,000 jobs. This move, attributed to challenges in the commercial aviation sector, served as a reminder of the lingering economic headwinds facing some industries.
Top Stock Movers
The day’s trading saw some notable movers, both in the green and the red.
Equities Trading UP
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Tevogen Bio Holdings Inc. (TVGN):
Shares soared by a staggering 201%, hitting $1.1450. This surge was fueled by the company’s announcement of a potential $1 billion+ revenue opportunity from its pipeline portfolio, set to be unveiled in the week of October 14th.*
Verb Technology Company, Inc. (VERB):
The stock surged by 75%, reaching $13.90, following a letter from the CEO to shareholders highlighting the company’s strong cash balance and suggesting that the stock was undervalued.*
Expion360 Inc. (XPON):
The stock saw a notable gain of 36%, closing at $3.24.Equities Trading DOWN
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Molecular Templates, Inc. (MTEM):
The stock plunged by a massive 75%, falling to $0.3664 after the company announced plans to liquidate and wind up its operations.*
Zapata Computing Holdings Inc. (ZPTA):
Shares took a significant hit, plummeting 70% to $0.0776.*
Vicinity Motor Corp. (VEV):
The stock declined by 32% to $0.0800, after the company failed to renegotiate terms with creditors and concluded a workout plan without restructuring.Commodities
In the commodities market, oil prices dipped by 2.4%, settling at $73.78. Gold also experienced a slight decline, closing down 0.5% at $2,663.60. Silver followed suit, falling by 1.4% to $31.325, while copper dropped by 2.1% to $4.4005.
European Markets
European shares were mostly higher on Monday. The Eurozone’s STOXX 600 index gained 0.53%, while Germany’s DAX index rose by 0.69% and France’s CAC 40 by 0.32%. Spain’s IBEX 35 Index saw a stronger gain of 1.12%, while London’s FTSE 100 closed up 0.47%.
Asia Pacific Markets
Asian markets ended the day mixed. Hong Kong’s Hang Seng Index slipped 0.75%, while China’s Shanghai Composite Index gained 2.07% and India’s BSE Sensex saw a modest increase of 0.73%.
This comprehensive overview provides a snapshot of the global market activity for Monday, highlighting the major trends and individual stock movements that shaped the day’s trading.