US stock markets closed on a positive note on Monday, with major indices experiencing gains. The S&P 500 climbed by approximately 1%, closing at 5,459.48. The Dow Jones Industrial Average also saw a rise, closing at 40,781.71, representing a 1.08% increase. The NASDAQ Composite Index followed suit, ending the day at 16,818.23, a 0.76% jump.
Leading the charge was the consumer discretionary sector, which surged by a notable 1.8%. In contrast, the communication services sector saw a modest increase of just 0.1%.
In economic news, U.S. wholesale inventories experienced a slight rise in July, increasing by 0.2% month-over-month to reach $903.5 billion. This figure edged past the initial estimate of a 0.3% increase and surpassed the revised flat reading from the previous month.
On the corporate front, several companies experienced significant share price movements. Sintx Technologies, Inc. (SINT) saw its shares soar by 87% to $5.26 after announcing the receipt of a Notice of Allowance from the U.S. Patent and Trademark Office for a patent application related to its zirconia-toughened alumina technology. Intelligent Bio Solutions Inc. (INBS) also witnessed a surge, with its shares climbing 40% to $2.2125 following the release of its preliminary fourth-quarter revenue results. Relay Therapeutics, Inc. (RLAY) shares gained 63% to $10.18 on the back of positive interim data for its breast cancer treatment.
However, not all companies experienced positive movement. Edgio, Inc. (EGIO) shares plummeted 80% to $1.22 after the company announced a strategic financial restructuring aimed at facilitating a sale and strengthening operations. Pineapple Energy Inc. (PEGY) shares also took a hit, falling 64% to $0.2927 following exchange agreements that involved the swapping of Series A preferred stock and warrants for Series C preferred stock. AMC Networks Inc. (AMCX) saw its shares decline by 10% to $8.12.
In the commodities market, oil prices rose 1.3% to $68.54, while gold prices edged up 0.2% to $2,529.60. Silver prices also rose, gaining 1.6% to $28.62, while copper prices increased 1.6% to $4.14.
European markets mirrored the positive sentiment seen in the U.S., with the eurozone’s STOXX 600 index gaining 0.82%. Germany’s DAX index climbed 0.77%, while France’s CAC 40 rose 0.99%. Spain’s IBEX 35 Index also saw an increase of 0.89%, while London’s FTSE 100 rose 1.09%. The BNP Paribas Real Estate Construction PMI in Ireland edged up to 50.0 in August from 49.9 in July.
Asian markets, however, closed mostly lower. 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 the exception, rising 0.46%.
Singapore’s foreign exchange reserves dipped to SGD 501.3 billion in August, down from SGD 506.4 billion the previous month. Japan’s service sector gauge improved to 49.0 in August 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% the previous month, while producer prices fell by 1.8% year-over-year in August.
The Manheim Used Vehicle Value Index rose 1.2% month-over-month in August, following a 2.8% gain in July.
