Following the market opening Monday, the Dow traded up 0.50% to 34,378.59 while the NASDAQ rose 1.18% to 13,629.81. The S&P also rose, gaining 0.83% to 4,190.35.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,117,920 cases with around 589,890 deaths. India confirmed a total of at least 26,752,440 cases and 303,720 deaths, while Brazil reported over 16,083,250 COVID-19 cases with 449,060 deaths. In total, there were at least 167,219,720 cases of COVID-19 worldwide with more than 3,464,790 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Information technology shares climbed 1.5% on Monday. Meanwhile, top gainers in the sector included MICT, Inc. MICT, up 4%, and Marathon Digital Holdings, Inc. MARA, up 4%.
In trading on Monday, utilities shares rose by just 0.1%.
Top Headline
Xeris Pharmaceuticals Inc XERS has agreed to acquire Strongbridge Biopharma plc SBBP for stock and contingent value rights (CVRs), valuing Strongbridge at approximately $267 million.
The transaction is expected to close early in the fourth quarter of 2021.
Equities Trading UP
Scopus BioPharma Inc. SCPS shares shot up 124% to $13.33 after the company reported the FDA approval of IND application for CpG-STAT3siRNA, its distinctive immuno-oncology RNA therapy for the treatment of multiple cancers.
Shares of MMA Capital Holdings, Inc. MMAC got a boost, shooting 58% to $27.09 after Fundamental Advisors announced plans to acquire the company in an all-cash transaction valued at $161.7 million.
Obalon Therapeutics, Inc. OBLN shares were also up, gaining 28% to $4.38 after climbing 30% on Friday. Obalon Therapeutics recommended stockholders vote for all proposals related to merger with ReShape Lifesciences.
Check out these big movers of the day
Equities Trading DOWN
NGM Biopharmaceuticals, Inc. NGM shares tumbled 41% to $16.70 after the company reported results from the 24-week Phase 2b ALPINE 2/3 study evaluating aldafermin in non-alcoholic steatohepatitis (NASH) patients with stage 2 or 3 liver fibrosis (F2/F3). The study did not meet its primary endpoint evaluating a dose-response improvement in liver fibrosis by more than 1 stage with no worsening of NASH at week 24 (p=0.55).
Shares of Puxin Limited NEW were down 12% to $2.24 after the company reported Q1 earnings.
Newegg Commerce, Inc. NEGG was down, falling 11% to $12.01.
Commodities
In commodity news, oil traded up 1.7% to $64.68, while gold traded up 0.3% to $1,882.60.
Silver traded up 1.1% Monday to $27.79 while copper rose 0.4% to $4.4965.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 slipped 0.1%, the Spanish Ibex Index rose 0.1% and the German DAX 30 gained 0.4%. Meanwhile, the London’s FTSE 100 gained 0.3%, French CAC 40 gained 0.1% and Italy’s FTSE MIB fell 0.4%.
Eurozone composite PMI climbed to 56.9 in May from 53.8 in April. German composite PMI climbed to 56.2 in May from 55.8 in the prior month, while French composite PMI surged to 57 from 51.6.
Economics
The Chicago Fed National Activity Index dropped to 0.24 in April from 1.71 in March.
Cleveland Fed President Loretta Mester will speak at 11:00 a.m. ET.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:00 p.m. ET.
Federal Reserve Bank of Kansas City President Esther George will speak at 5:30 p.m. ET.
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