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    Dow Gains Over 50 Points; Elevai Labs Shares Plummet

    Benzinga·09/23/2024 18:35:57
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    U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 50 points on Monday.

    The Dow traded up 0.15% to 42,125.80 while the NASDAQ rose 0.15% to 17,975.80. The S&P 500 also rose, gaining, 0.23% to 5,715.46.

    Check This Out: How To Earn $500 A Month From KB Home Stock Ahead Of Q3 Earnings

    Leading and Lagging Sectors

    Consumer discretionary shares jumped by 1.1% on Monday.

    In trading on Monday, health care shares fell by 0.2%.

    Top Headline

    The S&P Global manufacturing PMI declined to 47 in September from 47.9 in the prior month, versus market estimates of 48.5.

    The S&P Global flash composite PMI slipped to 54.4 in September compared to 54.6 in August, and versus market estimates of 54.3.

    Equities Trading UP
                           

    • Kaival Brands Innovations Group, Inc. (NASDAQ:KAVL) shares shot up 148% to $1.4350 after the company and Delta Corp Holdings entered a merger and share exchange agreement.
    • Shares of BitFuFu Inc. (NASDAQ:FUFU) got a boost, surging 15% to $3.9499 amid strength in Bitcoin prices.
    • Biohaven Ltd. (NASDAQ:BHVN) shares were also up, gaining 16% to $46.80 after the company announced its study of Troriluzole for the treatment of spinocerebellar ataxia in achieved the primary endpoint.

    Equities Trading DOWN

    • Elevai Labs Inc. (NASDAQ:ELAB) shares dropped 63% to $0.1036 after the company announced the pricing of an $8.0 million public offering.
    • Shares of Jin Medical International Ltd. (NASDAQ:ZJYL) were down 29% to $2.91.
    • MINISO Group Holding Limited (NASDAQ:MNSO) was down, falling 17% to $13.65 after B of A Securities downgraded the stock from Buy to Underperform. The company announced plans to acquire a stake in Yonghui Superstores, a leading Chinese retailer.

    Commodities

    In commodity news, oil traded down 0.9% to $70.34 while gold traded up 0.2% at $2,652.60.

    Silver traded down 1.4% to $31.06 on Monday, while copper rose 0.2% to $4.3535.

    Euro zone

    European shares were higher today. The eurozone's STOXX 600 rose 0.40%, Germany's DAX gained 0.68% and France's CAC 40 gained 0.10%. Spain's IBEX 35 Index rose 0.38%, while London's FTSE 100 rose 0.36%.

    The S&P Global UK composite PMI declined to 52.9 in September from 53.8 in August, and down from market estimates of 53.5. German composite PMI declined for a fourth consecutive month to 47.2 in September, while French composite PMI declined to 47.4 in September versus 53.1 in the earlier month.

    The HCOB Eurozone manufacturing PMI slipped to 44.8 in September from 45.8 in the prior month, while services PMI declined to 50.5 in September from 52.9 in August.

    Asia Pacific Markets

    Asian markets closed mostly higher on Monday, with Hong Kong's Hang Seng Index falling 0.06%, China's Shanghai Composite Index gaining 0.44% and India's BSE Sensex gaining 0.45%.

    The People's Bank of China unexpectedly cut the 14-day reverse repurchase rate by 10bps on Sept. 23.

    Economics

    • The Chicago Fed National Activity Index rose to +0.12 in August versus a revised reading of -0.42 in the previous month and better than market expectations of -0.20.
    • The S&P Global manufacturing PMI declined to 47 in September from 47.9 in the prior month, versus market estimates of 48.5.
    • The S&P Global flash composite PMI slipped to 54.4 in September compared to 54.6 in August, and versus market estimates of 54.3.

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