Dow Climbs 100 Points as Markets Rally Despite ISM Services PMI Drop
The Dow Jones Industrial Average gained around 100 points on Monday, leading a broader market rally. The Dow rose 0.20% to 51,277.22, while the NASDAQ surged 0.84% to 27,418.49 and the S&P 500 climbed 0.62% to 7,770.45. The materials sector saw the strongest performance, with shares jumping 1.2%, while real estate stocks dipped slightly by 0.1%.
Among individual stocks, Columbus Acquisition Corp (NASDAQ:SAIQ) shares skyrocketed 286% to $7.14 following the completion of its business combination with WISeQey Corp.’s subsidiary WISeSat.Space. Vaxcyte, Inc. (NASDAQ:PCVX) also saw a significant boost, with shares surging 40% to $79.00 after positive Phase 3 trial results for its pneumococcal vaccine. HeartBeam, Inc. (NASDAQ:BEAT) gained 70% to $0.7370 after receiving FDA breakthrough device designation for its heart attack assessment technology.
On the downside, Camping World Holdings Inc (NYSE:CWH) shares fell 10% to $4.52 after the company revised its FY26 adjusted EBITDA guidance downward. CH Robinson Worldwide Inc (NASDAQ:CHRW) dropped 11% to $140.19 following its announcement of acquiring RXO. Flux Power Holdings, Inc. (NASDAQ:FLUX) declined 23% to $0.4899 after rejecting an acquisition proposal from Solidion Technology, Inc. (NASDAQ:STI).
In commodities, oil prices dropped 1% to $90.17, while gold edged up 0.1% to $4,164.60. Silver rose 1.8% to $61.515, and copper gained 1% to $6.6130. European markets showed mixed results, with the STOXX 600 up 0.2% and France’s CAC 40 down 1.1%. Asian markets closed higher, led by Japan’s Nikkei 225, which surged 2.40%.
The ISM services PMI fell to 54.9 in September from 55.4 in the previous month, missing market estimates of 55. In contrast, the S&P Global services PMI climbed to 58.8, up from 56.5 in August, and the composite PMI surged to 58.4, matching preliminary readings.