Gold Edges Higher; ISM Manufacturing PMI Falls In October

Benzinga
Nov 04

U.S. stocks traded mixed toward the end of trading, with the Dow Jones index falling more than 150 points on Monday.

The Dow traded down 0.41% to 47,369.42 while the NASDAQ rose 0.54% to 23,853.68. The S&P 500 also rose, gaining, 0.22% to 6,855.42.

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Leading and Lagging SectorsConsumer discretionary shares jumped by 1.8% on Monday.

In trading on Monday, materials stocks fell by 0.6%.

Top Headline

The ISM manufacturing PMI declined to 48.7 in October from 49.1 in the previous month, down from market estimates of 49.5.

Equities Trading UP           

  • Cipher Mining Inc. (NASDAQ:CIFR) shares shot up 22% to $22.82 after the company announced a $5.5 billion, 15-year lease agreement with Amazon Web Services to provide 300 MW of turnkey space and power for AI workloads.
  • Shares of Resolute Holdings Management, Inc. (NASDAQ:RHLD) got a boost, surging 88% to $138.76 after the company reported quarterly financial results.
  • Tharimmune, Inc. (NASDAQ:THAR) shares were also up, gaining 14% to $3.35 after the company entered into $540 million private placement to fund Canton Network Blockchain strategy.

Equities Trading DOWN

  • uniQure N.V. (NASDAQ:QURE) shares dropped 50% to $33.64 after the company received feedback from the FDA during pre-BLA meeting regarding AMT-130, investigational gene therapy for HD.
  • Shares of Alvotech (NASDAQ:ALVO) were down 33% to $5.13. The U.S. Food and Drug Administration (FDA) on Monday issued a complete response letter (CRL) for Alvotech's Biologics License Application (BLA) for AVT05, in a prefilled syringe and autoinjector presentations, a biosimilar candidate to Johnson & Johnson's (NYSE:JNJ) Simponi (golimumab), for moderately to severely active rheumatoid arthritis.
  • ALPS Group Inc (NASDAQ:ALPS) was down, falling 50% to $1.29 as the company announced the pricing of public offering.

CommoditiesIn commodity news, oil traded down 0.1% to $60.93 while gold traded up 0.4% at $4,011.80.

Silver traded down 0.5% to $47.905 on Monday, while copper fell 0.9% to $5.0420.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 gained 0.07%, while Spain's IBEX 35 Index rose 0.03%. London's FTSE 100 fell 0.16%, Germany's DAX 40 gained 0.73% and France's CAC 40 fell 0.14% during the session.

Asia Pacific Markets

Asian markets closed higher on Monday, with Hong Kong's Hang Seng gaining 0.97%, China's Shanghai Composite rising 0.55% and India's BSE Sensex gaining 0.05%.

Economics

  • The ISM manufacturing PMI declined to 48.7 in October from 49.1 in the previous month, down from market estimates of 49.5.
  • The S&P Global manufacturing PMI gained to 52.5 in October from 52.0 in September and compared to the preliminary reading of 52.2.

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Photo via Shutterstock

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