Following the market opening Monday, the Dow traded up 0.97 percent to 26,713.54 while the NASDAQ climbed 0.72 percent to
8,104.27. The S&P also rose, gaining 0.75 percent to 2,935.75.
Leading and Lagging Sectors
Monday morning, the materials shares rose 1.39 percent. Meanwhile, top gainers in the sector included Valhi,
Inc. (NYSE: VHI) up 5 percent, and MAG Silver
Corp. (NYSE: MAG) up 5 percent.
In trading on Monday, utilities shares fell 0.53 percent.
Top Headline
Cal-Maine Foods Inc (NASDAQ: CALM)
reported weaker-than-expected results for its first quarter.
Cal-Maine posted quarterly adjusted earnings of $0.26 per share on sales of $340.6 million. However, analysts were expecting
earnings of $0.49 per share on sales of $350.5 million.
Equities Trading UP
Tesla, Inc. (NASDAQ: TSLA) shares shot
up 17 percent to $308.4391. Independent Research upgraded Tesla from Sell to Hold.
Shares of General Electric Company (NYSE: GE) got a boost, shooting up 13 percent to $12.72 after the company announced a CEO
replacement plan.
Tilray, Inc. (NASDAQ: TLRY) shares were
also up, gaining 11 percent to $159.425 after the company disclosed that its High Park Farms subsidiary received sales license from
Health Canada to sell cannabis under the access to cannabis for medical purposes regulations.
Equities Trading DOWN
Akorn, Inc. (NASDAQ: AKRX) shares
dropped 55 percent to $5.79. Delaware Court upheld Fresenius' termination of merger agreement with Akorn.
Shares of AVROBIO, Inc. (NASDAQ: AVRO)
were down 38 percent to $32.35. AVROBIO received no objection to clinical trial application from Health Canada for AVR-RD-02 gene
therapy for gaucher disease.
Infinera Corporation (NASDAQ: INFN) was
down, falling around 15 percent to $6.26. MKM Partners downgraded Infinera from Neutral to Sell and lowered the price target from
$10 to $5.50.
Commodities
In commodity news, oil traded up 0.16 percent to $73.37 while gold traded down 0.51 percent to $1,190.10.
Silver traded down 0.97 percent Monday to $14.57, while copper fell 1.41 to $2.7655.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 0.20 percent, the Spanish Ibex Index rose 0.58 percent, while
Italy’s FTSE MIB Index climbed 0.94 percent. Meanwhile the German DAX climbed 0.44 percent, and the French CAC 40 rose 0.20 percent
while U.K. shares rose 0.10 percent.
Economics
The Markit manufacturing PMI came in at 55.60 for September, versus economists’ estimates for a reading of 55.60.
The ISM manufacturing index declined to 59.80 for September, versus prior reading of 61.30. However, economists were expecting a
reading of 60.10.
U.S. construction spending rose 0.1 percent for August, versus economists’ expectations for a 0.4 percent increase.
Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Minnetonka, Minnesota at 11:00 a.m. ET.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
Boston Federal Reserve Bank President Eric Rosengren is set to speak in Boston at 12:15 p.m. ET.
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