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US Stocks Surge at Market Open; Kimco Realty Set to Acquire RPT Realty

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The U.S. stock market started the day with strong gains, as the Dow Jones rose over 250 points on Monday.

At the opening bell, the Dow surged 0.81% to reach 34,626.22, while the NASDAQ climbed 0.61% to 13,674.08. The S&P 500 also saw an increase, rising 0.61% to 4,432.51.

Check Out: Top 5 Tech Stocks That Could Decline This Quarter

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Leading and Lagging Sectors

Energy stocks experienced a notable gain of 1.4% on Monday.

Meanwhile, consumer discretionary shares only recorded a modest rise of 0.3%.

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Top Headline

Kimco Realty Corp KIM announced a merger agreement to acquire RPT Realty RPT in a deal worth approximately $2 billion, including the assumption of debt and preferred stock.

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Rising Equities

Mobile Infrastructure Corporation BEEP saw its shares skyrocket by 76% to $10.66.

Another notable gainer was GD Culture Group Limited GDC, with a 59% surge to $4.03 after the company announced the launch of a live-streaming e-commerce business on TikTok, a popular social media platform.

Hersha Hospitality Trust HT also had a substantial gain, rising 57% to $9.83 following the announcement of a merger with KSL Capital Partners LLC, an investor in the travel and leisure sector.

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Declining Equities

AgileThought, Inc. AGIL experienced a 37% drop to $0.1651. This decline followed a downgrade by Alliance Global Partners from Buy to Sell.

Shares of NovoCure Limited NVCR fell 32% to $20.25 after the company announced that its Phase 3 ENGOT-ov50 / GOG-3029 / INNOVATE-3 trial of TTFields with paclitaxel did not meet the primary endpoint.

Faraday Future Intelligent Electric Inc. FFIE declined 20% to $9.94 following the announcement of a 1-for-80 reverse stock split and authorized share reduction.

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Commodities

In commodity news, oil prices increased by 1.2% to $80.75, while gold rose 0.2% to $1,944.40.

Silver saw a slight gain of 0.1% to reach $24.24 on Monday, while copper climbed 0.2% to $3.7695.

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Euro Zone

European shares were mostly higher today. The STOXX 600 Index in the eurozone rose by 1%. London’s FTSE 100 recorded a minor increase of 0.1%, while Spain’s IBEX 35 Index soared by 1.7%. The German DAX and the French CAC 40 both posted gains of 1.1% and 1.5% respectively. Italy’s FTSE MIB Index surged by 1.4%.

M3 money supply in the Eurozone fell by 0.4% year-over-year to EUR 15.6 trillion in July 2023, compared to a growth of 0.6% in June. Bank lending to households in the Eurozone increased by 1.3% year-over-year to EUR 6.86 trillion in July.

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Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 1.73%, China’s Shanghai Composite Index climbing 1.13%, and Hong Kong’s Hang Seng Index rising 0.97%. India’s S&P BSE Sensex also experienced a modest increase of 0.3%.

The index of coincident economic indicators in Japan was revised slightly lower to 115.1 in June from the preliminary reading of 115.2, while the index of leading economic indicators was confirmed at 108.9 in June, compared to a final level of 109.1 a month ago. Profits earned by Chinese industrial firms declined by 15.5% from the previous year to CNY 3,943.98 billion during the first seven months of this year.

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Economics

No major economic reports are scheduled for release this morning.

Read Now: Bitcoin, Ethereum Move Lower; Pepe Becomes Top Loser

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COVID-19 Update

The United States has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,969,970 cases with approximately 1,173,390 deaths. India confirmed at least 44,996,960 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. Globally, there have been at least 694,215,410 cases of COVID-19, resulting in more than 6,910,770 deaths.

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Source: Benzinga.com

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