Mid-Afternoon Market Update: Confirm Stock Jump After Amazon Partnership News; Adtran Shares Fall

By the end of trading Monday, the Dow was up 0.02% to 35,462.17, while the NASDAQ rose 1.02% to 15,283.07. The S&P also rose, gaining 0.59% to 4,535.90.

The US has the highest number of coronavirus cases and deaths in the world, with a total of 38,798,960 cases with approximately 637,530 deaths. India confirmed a total of at least 32,737,930 cases and 438,210 deaths, while Brazil reported more than 20,741,810 COVID-19 cases with 579,300 deaths. In all, there were at least 216,465,710 cases of COVID-19 worldwide with more than 4,502,260 deaths, according to data collected by Johns Hopkins University.

Leading and lagging sectors

Information technology stocks gained 1.2% on Monday. Meanwhile, the toppers in the sector included Confirm Holdings, Inc. (NASDAQ: AFRM), up 42% and Support.com, Inc. (NASDAQ:SPRT) was up 38%.

In trading on Monday, financial stocks fell 1%.

top head

Catalent, Inc. (NYSE: CTLT) Friday reported weaker-than-expected second-quarter gains. The company also announced plans to acquire Bettera, a gummy manufacturer, for $1 billion.

Catalent posted an adjusted quarterly earnings of $1.16 per share, excluding market estimates of $1.03 per share. The company’s quarterly revenue came in at $1.19 billion, against estimates of $1.14 billion. Catalent said it sees revenue of $4.30 billion to $4.50 billion in FY22, compared to analyst estimates of $3.94 billion.

Stocks trading up

Vinco Ventures, Inc. (NASDAQ:BBIG) shares rose 46% to $7.74 at an abnormally high volume amid growing interest in the stock from retailers.

Shares of Global Star, Inc. (NYSE: GSAT) boosted, shooting 65% to $2.3622 after a note sent by Popular Apple Inc. (NASDAQ: AAPL) analyst Ming Chi-Kuo that the tech giant could partner with Globalstar to bring satellite communications functionality into low-Earth orbit in the highly anticipated iPhone 13

Confirm Holdings, Inc. (NASDAQ:AFRM) shares also rose, rising 42% to $96.42 after the company announced a partnership with Amazon.com Inc (NASDAQ: AMZN) allowing customers to purchase items with an installment plan.

Check out these great movers of the day

Trading Shares DOWN

Astra Space, Inc. (NASDAQ:ASTR) shares fell 17% to $9.73 after the company announced its LV0006 launch vehicle failed to launch properly.

Shares of 22nd Century Group, Inc. (NASDAQ: XXII) fell 12% to $3,4810. 22nd Century Group announced its entry into the global specialty hops market.

ADTRAN, Inc. (NASDAQ:ADTN) fell and fell 14% to $21.12. ADTRAN and ADVA announced the combination through a full equity transaction.

Raw materials

In commodity news, oil rose 0.5% to $69.10, while gold fell 0.4% to $1,812.20.

Silver fell 0.5% to $23.95 on Monday, while copper rose 1.1% to $4.3785.

Eurozone

European equities closed mostly higher today. The euro zone’s STOXX 600 rose 0.07%, the Spanish Ibex Index fell 0.61% and the German DAX 30 gained 0.22%. Meanwhile, London’s FTSE 100 was up 0.32%, France’s CAC 40 0.08% and Italy’s FTSE MIB 0.07%.

The euro-zone economic sentiment indicator fell to 117.5 in August from an all-time high of 119.0 a month ago, while the industry confidence indicator fell from 14.5 to 13. 7. The Eurozone consumer confidence indicator was confirmed at -5.3 for August. Spanish consumer price inflation rose to 3.3% yoy in August, from 2.9% in the previous month.

Economy

Pending home sales fell 8.5% year-on-year in July.

The Dallas Fed’s industry index fell to 9.0 from 27.3 a month earlier in August.

View the full economic calendar here

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