Mid-Morning Market Update: Markets Open Higher; Devon Energy To Sell Non-Core Upstream Assets For Around $1 Billion

Following the market opening Monday, the Dow traded up 0.54 percent to 17,903.55 while the NASDAQ climbed 0.31 percent to 4,958.00. The S&P also rose, gaining 0.42 percent to 2,107.99.

Monday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from

and

. In trading on Monday, cyclical consumer goods & services shares rose by just 0.05 percent. Meanwhile, top losers in the sector included

, down 6 percent, and

, down 4 percent.

struck a definitive agreement with undisclosed parties to monetize nearly $1 billion of non-core upstream assets in east Texas, the Anadarko Basin and an overriding royalty interest in the northern Midland Basin. According to the company, these transactions were subject to customary terms and conditions and were expected to close in the third quarter of the current year. The Company sees incurring minimal taxes in connection with these transactions.

shares shot up 65 percent to $6.54 following positive VB-111 data. Shares of

got a boost, shooting up 25 percent to $4.60 after the company reported preliminary financial results for the first quarter. The company projects to report profit in the quarter.

shares were also up, gaining 10 percent to $3.40. Ability posted a Q1 loss of $0.01 per share on revenue of $6.5 million.

shares dropped 66 percent to $2.19 after the company reports interim data from Wolverine Phase 2 trial of PNT2258 in diffuse large B-cell lymphoma (DLBCL). The company discontinued the development of DLBCL. Shares of

were down 51 percent to $4.34 as the company revealed Monday it was advised by the FDA to expand its human study, as well as reliability student, i.e. product stress testing, to get its support for its NDA for Epinephrine injection. The medical regulator issued a complete response letter to it on Friday after the market closed.

was down, falling around 41 percent to $6.96 after the company reported Phase 3 clinical trial of DEXTENZA for allergic conjunctivitis. The trail did not meet primary endpoint.

In commodity news, oil traded up 2 percent to $49.59 while gold traded up 0.31 percent to $1,246.70. Silver traded up 0.37 percent Monday to $16.43, while copper rose 0.83 percent to $2.13.

European shares were higher today. The eurozone's STOXX 600 gained 0.32 percent, the Spanish Ibex Index gained 0.36 percent, while Italy's FTSE MIB Index climbed 0.57 percent. Meanwhile the German DAX gained 0.31 percent, and the French CAC 40 rose 0.13 percent, while U.K. shares rose 1.16 percent.

U.S. CB Employment Trends Index slipped to 126.81 for May, versus a prior reading of 128.30. The Treasury is set to auction 3-and 6-month bills today.