Crude Oil Gains Over 1%; Relay Therapeutics Shares Spike Higher

Author: Avi Kapoor | September 09, 2024 02:16pm

U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining around 1% on Monday.

The Dow traded up 1.08% to 40,781.71 while the NASDAQ rose 0.76% to 16,818.23. The S&P 500 also rose, gaining, 0.95% to 5,459.48.

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Leading and Lagging Sectors

Consumer discretionary shares surged by 1.8% on Monday.

In trading on Monday, communication services shares rose by just 0.1%.

Top Headline

U.S. 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 versus a revised flat reading a month ago.

Equities Trading UP

Sintx Technologies, Inc. (NASDAQ:SINT) shares shot up 87% to $5.26 after the company announced it received a Notice of Allowance from the United States Patent and Trademark Office for patent application no. 17/634,141 entitled “Methods of Surface Functionalization of Zirconia-Toughed Alumina with Silicon Nitride Ceramic.”
Shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) got a boost, surging 40% to $2.2125 after the company announced preliminary fourth-quarter revenue results of $730K and FY24 revenue of $3.11 million.
Relay Therapeutics, Inc. (NASDAQ:RLAY) shares were also up, gaining 63% to $10.18 after the company reported interim data for its breast cancer treatment.

Equities Trading DOWN

Edgio, Inc. (NASDAQ:EGIO) shares dropped 80% to $1.22. Edgio launched a strategic financial restructuring to facilitate sale and strengthen operations.
Shares of Pineapple Energy Inc. (NASDAQ:PEGY) were down 64% to $0.2927 after the company entered into exchange agreements to swap Series A preferred stock and warrants for Series C preferred stock, convertible at $0.45 per share.
AMC Networks Inc. (NASDAQ:AMCX) was down, falling 10% to $8.12. CSW Industrials Inc. (NASD: CSWI) will replace AMC Networks in the S&P SmallCap 600.

Commodities

In commodity news, oil traded up 1.3% to $68.54 while gold traded up 0.2% at $2,529.60.

Silver traded up 1.6% to $28.62 on Monday, while copper rose 1.6% to $4.14.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.82%, Germany's DAX gained 0.77% and France's CAC 40 rose 0.99%. Spain's IBEX 35 Index rose 0.89%, while London's FTSE 100 rose 1.09%.

The BNP Paribas Real Estate Construction PMI in Ireland edged higher to 50.0 in August from 49.9 in July.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan's Nikkei 225 falling 0.48%, Hong Kong's Hang Seng Index declining 1.42%, China's Shanghai Composite Index falling 1.06% and India's BSE Sensex gaining 0.46%.

Foreign exchange reserves in Singapore declined to SGD 501.3 billion in August compared to SGD 506.4 billion a month ago. The gauge for Japan's service sector rose to 49.0 in August versus 47.5 in the prior month, while the country' economy expanded by 2.9% on an annualized basis during the second quarter.

China’s annual inflation rate accelerated to 0.6% in August from 0.5% in the prior month, while producer prices fell by 1.8% year-over-year in August.

Economics

The Manheim Used Vehicle Value Index rose 1.2% month-over-month in August compared to a 2.8% gain in July.
U.S. 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 versus a revised flat reading a month ago.

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