U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 1% on Monday.
The Dow traded up 0.07% to 44,332.96 while the NASDAQ gained 1.06% to 19,729.75. The S&P 500 also rose, gaining, 0.55% to 6,059.14.
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Leading and Lagging Sectors
Energy shares surged by 1.8% on Monday.
In trading on Monday, financial shares fell by 1%.
Top Headline
Shares of ON Semiconductor Corp ON dipped around 8% on Monday after the company posted downbeat quarterly results.
The company reported a fiscal fourth-quarter 2024 revenue decline of 15% year-on-year to $1.72 billion, missing the analyst consensus estimate of $1.76 billion.
The adjusted EPS of $0.95 missed the analyst consensus estimate of $0.97.
Equities Trading UP
- SpringWorks Therapeutics, Inc. SWTX shares shot up 30% to $52.46 after announcing Merck KGaA is in advanced discussions to acquire the company.
- Shares of Biodexa Pharmaceuticals Plc BDRXgot a boost, surging 67% to $6.80 after the company announced it received FDA fast-track designation for eRapa.
- monday.com Ltd. MNDY shares were also up, gaining 29% to $334.00 after the company reported better-than-expected fourth-quarter financial results and first-quarter revenue outlook.
Equities Trading DOWN
- Pliant Therapeutics, Inc. PLRX shares dropped 61% to $3.0089. On Friday, Pliant Therapeutics announced it has voluntarily paused enrollment and dosing in the ongoing BEACON-IPF Phase 2b trial of bexotegrast in patients with idiopathic pulmonary fibrosis (IPF), a chronic lung disease that causes scarring and stiffening of the lung tissue.
- Shares of Ubiquiti Inc. UI were down 12% to $345.09. Barclays analyst Tim Long maintained Ubiquiti with an Underweight and lowered the price target from $236 to $222.
- Semtech Corporation SMTC was down, falling 31% to $37.62 after Needham cut its price target on the stock from $74 to $54.
Commodities
In commodity news, oil traded up 1.1% to $71.78 while gold traded up 1.7% at $2,937.40.
Silver traded up 0.7% to $32.670 on Monday, while copper rose 2.2% to $4.6875.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.60%, Germany's DAX 40 rose 0.61% and France's CAC 40 rose 0.36%. Spain's IBEX 35 Index rose 0.09%, while London's FTSE 100 rose 0.88%.
Asia Pacific Markets
Asian markets closed mostly higher on Monday, with Japan's Nikkei 225 gaining 0.04%, China's Shanghai Composite Index climbing 0.56%, Hong Kong's Hang Seng Index gaining 1.84% and India's BSE Sensex falling 0.70%.
Economics
Data on US consumer inflation expectations will be released today
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