US Stocks Edge Higher; Goldman Sachs Downgrades Tesla To Neutral
Benzinga – U.S. stocks traded slightly higher this morning, with the Dow Jones gaining around 25 points on Monday.
Following the market opening Monday, the Dow traded up 0.08% to 33,753.64 while the NASDAQ rose 0.05% to 13,498.73. The S&P 500, also rose, gaining, 0.04% to 4,350.12.
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Top Headline
Goldman Sachs analyst Mark Delaney downgraded Tesla, Inc. (NASDAQ: TSLA) from Buy to Neutral. The firm, however, upped the price target for the stock from $185 to $248, citing higher estimates and increased valuation multiple.
The stock received back-to-back downgrades last week. Barclays analyst Dan Levy downgraded Tesla and Morgan Stanley analyst Adam Jonas lowered ratings from Overweight to Equal Weight. The former upped the price target from $220 to $260, and the latter from $200 to $250.
Equities Trading UP
- TRxADE HEALTH, Inc. (NASDAQ: MEDS) shares shot up 95% to $16.47. TRxADE HEALTH issued correction to press release announcing its anticipated combination with Superlatus, Inc.
- Shares of MoonLake Immunotherapeutics (NASDAQ: MLTX) got a boost, shooting 89% to $48.80 after the company’s Phase 2 study for Nanobody sonelokimabint met its primary endpoint in hidradenitis suppurativa.
- Acelyrin, Inc. (NASDAQ: SLRN) shares were also up, gaining 30% to $22.92.
Equities Trading DOWN
- Avalo Therapeutics, Inc. (NASDAQ: AVTX) shares dropped 84% to $0.70 after the company’s Phase 2 Peak trial For quisovalimab In patients With non-eosinophilic asthma missed its primary endpoint
- Shares of FibroGen, Inc. (NASDAQ: FGEN) were down 79% to $3.32 after the company’s Phase 3 ZEPHYRUS-1 trial of pamrevlumab failed to meet its primary endpoint in idiopathic pulmonary fibrosis patients
- Nauticus Robotics, Inc. (NASDAQ: KITT) was down, falling 15% to $1.96. Nauticus Robotics announced inclusion in Russell Microcap® Index.
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Commodities
In commodity news, oil traded down 0.3% to $68.98 while gold traded up 0.7% at $1,942.30.
Silver traded up 2% to $22.805 on Monday while copper fell 0.1% to $3.80.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.1% The German DAX dropped 0.2% French CAC 40 rose 0.2% and Italy’s FTSE MIB Index fell 0.3%.
The Ifo Business Climate indicator for Germany dropped for the second month in a row to a reading of 88.5 in June. Producer prices in Spain dropped 6.9% year-over-year in May.
Asia Pacific Markets
Asian markets closed lower on Monday, with Japan’s Nikkei 225 dropping 0.25%, Hong Kong’s Hang Seng Index falling 0.51%, China’s Shanghai Composite Index dropping 1.48%. India’s S&P BSE Sensex slipped 0.01%.
The index of leading economic indicators in Japan fell to 96.8 in April 2023 versus a preliminary reading of 97.6, while index of coincident economic indicators slipped to 97.3 in April 2023 versus a flash reading of 99.4.
Economics
The Dallas Fed manufacturing index will be released at 10:30 a.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,280,820 cases with around 1,167,760 deaths. India confirmed a total of at least 44,993,990 cases and 531,900 deaths, while France reported over 40,133,300 COVID-19 cases with 167,610 deaths. In total, there were at least 690,847,660 cases of COVID-19 worldwide with more than 6,894,410 deaths.
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