Nasdaq Edges Lower; ContextLogic Shares Surge

U.S. stocks traded mostly higher toward the end of trading, while the Nasdaq Composite moved slightly lower on Monday.

The Dow traded up 0.52% to 38,873.28 while the NASDAQ fell 0.10% to 15,975.16. The S&P 500 also rose, gaining, 0.12% to 5,032.46.

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Leading and Lagging Sectors

Energy shares rose by 1.1% on Monday.

In trading on Monday, health care shares fell by 0.1%.

Top Headline

Martin Marietta Materials Inc MLM disclosed a deal to acquire 20 active operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (BWI Southeast) for $2.05 billion in cash.

Equities Trading UP

Beamr Imaging Ltd. BMR shares shot up 1,082% to $24.96 after the company announced it will present joint research relating to automated video modernization with Nvidia at the ACM Mile-High-Video 2024 conference.

Shares of ContextLogic Inc. WISH got a boost, surging 45% to $6.51 after the company announced an agreement to sell substantially all of its operating assets and liabilities to Qoo10 for approximately $173 million in cash.

Millennium Group International Holdings Limited MGIH shares were also up, gaining 509% to $6.28 after YC 1926 (BVI) Limited reported an 88.89% stake in the company in a 13G filing on Friday.

Equities Trading DOWN

AN2 Therapeutics, Inc. ANTX shares dropped 75% to $4.9950 after the company announced it will voluntarily pause enrollment in the Phase 3 part of the Phase 2/3 pivotal clinical trial evaluating epetraborole in treatment-refractory MAC lung disease.

Shares of TOP Financial Group Limited TOP were down 40% to $3.2085 after the company announced a $5 million registered direct offering of 2,000,000 shares and warrants at $2.50 per share and accompanying warrant.

Big Lots, Inc. BIG was down, falling 30% to $3.7650 after the company reported preliminary fourth-quarter results.

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Commodities

In commodity news, oil traded down 0.1% to $76.77 while gold traded down 0.3% at $2,032.00.

Silver traded up 0.7% to $22.755 on Monday while copper rose 1% to $3.7165.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.54%, London’s FTSE 100 rose 0.01% while Spain’s IBEX 35 Index rose 0.89% The German DAX rose 0.65% French CAC 40 rose 0.55% while Italy’s FTSE MIB Index gained 0.97%.

The BNP Paribas Real Estate Construction PMI in Ireland edged higher to 45.9 in January from December’s reading of 45.1.

Asia Pacific Markets

Asia Pacific markets closed lower on Monday, with India’s S&P BSE Sensex falling 0.60% and Australia’s S&P/ASX 200 falling 0.39%.

Economics

The U.S. Federal budget deficit shrank to $22 billion in January, compared to the $39 billion gap recorded in the year-ago period, the Treasury Department said.

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