US stock markets experienced a positive start to the week on Monday, with the Nasdaq Composite leading the way, gaining over 200 points. The Dow Jones Industrial Average climbed 1.04% to 40,764.12, while the S&P 500 also saw a significant increase, rising 1.09% to 5,467.56. The surge in consumer discretionary shares, which rose by 1.7%, contributed significantly to the overall market positivity. In contrast, utilities shares declined by 0.1% on the day.
On the individual stock front, Sintx Technologies, Inc. (SINT) witnessed a remarkable surge, soaring 100% to $5.63 following the announcement that it received a patent allowance for its innovative “Methods of Surface Functionalization of Zirconia-Toughed Alumina with Silicon Nitride Ceramic.” Similarly, Intelligent Bio Solutions Inc. (INBS) shares rose 78% to $2.8150 after revealing impressive preliminary fourth-quarter revenue results of $730K and a projected FY24 revenue of $3.11 million. Relay Therapeutics, Inc. (RLAY) also experienced a positive day, gaining 45% to $9.06, fueled by the company’s announcement of interim data for its breast cancer treatment.
However, not all stocks saw green on Monday. Edgio, Inc. (EGIO) shares plummeted 77% to $1.42 after the company announced a strategic financial restructuring to facilitate a sale and strengthen operations. Pineapple Energy Inc. (PEGY) shares also took a hit, falling 63% to $0.2974 following the company’s decision to enter into exchange agreements for its Series A preferred stock and warrants. AMC Networks Inc. (AMCX) saw a 10% decline to $8.09, making way for CSW Industrials Inc. (CSWI) to take its place in the S&P SmallCap 600.
In the commodities market, oil prices saw a slight increase, rising 0.5% to $68.01, while gold gained 0.1% to reach $2,526.60. Silver also saw a positive day, trading up 1.2% to $28.51, and copper rose 1.2% to $4.1225.
European markets followed a similar positive trend, with the eurozone’s STOXX 600 gaining 0.79%. Germany’s DAX climbed 0.72%, and France’s CAC 40 rose 0.95%. Spain’s IBEX 35 Index also saw a 0.85% increase, while London’s FTSE 100 rose 0.85%. The BNP Paribas Real Estate Construction PMI in Ireland showed an increase to 50.0 in August, up from 49.9 in July.
Asian markets, on the other hand, closed mostly lower on Monday. Japan’s Nikkei 225 fell 0.48%, Hong Kong’s Hang Seng Index declined 1.42%, and China’s Shanghai Composite Index dropped 1.06%. India’s BSE Sensex was a notable exception, gaining 0.46%. Singapore’s foreign exchange reserves decreased to SGD 501.3 billion in August, down from SGD 506.4 billion the previous month. Japan’s service sector gauge rose to 49.0 in August, up from 47.5 in July, while the country’s economy expanded by 2.9% on an annualized basis during the second quarter. China’s annual inflation rate accelerated to 0.6% in August, up from 0.5% in the previous month, while producer prices fell by 1.8% year-over-year in August.
In economic news, the Manheim Used Vehicle Value Index rose 1.2% month-over-month in August, following a 2.8% gain in July. US wholesale inventories increased by 0.2% month-over-month to $903.5 billion in July, compared to a preliminary reading of a 0.3% rise and a revised flat reading the previous month. Overall, Monday’s trading session saw a positive sentiment across major global markets, driven by strong economic indicators and encouraging corporate news.
