Following the market opening Monday, the Dow traded up 0.33 percent to 20,965.73 while the NASDAQ gained 0.37 percent to 6,144.03. The S&P also rose, gaining 0.40 percent to 2,400.41.
Leading and Lagging Sectors
Energy sector was the top gainer in the US market on Monday. Top gainers in the sector included Superior Energy Services, Inc. SPN, Pioneer Energy Services Corp PES, and Patterson-UTI Energy, Inc. PTEN.
In trading on Monday, telecommunications services shares rose by just 0.2 percent. Meanwhile, top losers in the sector included Internet Gold Golden Lines Ltd IGLD, down 5 percent, and PLDT Inc (ADR) PHI, down 3 percent.
Top Headline
Thermo Fisher Scientific Inc. TMO announced plans to acquire Patheon NV PTHN for $35 per share in cash.
The deal is projected to complete by the end of 2017.
Equities Trading UP
Cellular Biomedicine Group Inc CBMG shares shot up 55 percent to $8.22 after the company reported the addition of a second clinical site in expansion of chimeric antigen Phase 1 trial.
Shares of Patheon NV PTHN got a boost, shooting up 33 percent to $34.60 after Thermo Fisher Scientific Inc. TMO announced plans to acquire the company for $35 per share in cash.
Sorl Auto Parts, Inc. SORL shares were also up, gaining 25 percent to $5.68 after the company reported strong Q1 results and raised its guidance.
Equities Trading DOWN
Forterra Inc FRTA shares dropped 27 percent to $14.44. Forterra posted a Q1 loss of $0.35 per share on sales of $338.3 million.
Shares of Westmoreland Coal Company WLB were down around 22 percent to $7.62. Westmoreland reported a Q1 loss of $1.98 per share on revenue of $339 million.
Quorum Health Corp QHC was down, falling around 25 percent to $2.91. Quorum Health posted a Q1 loss of $0.99 per share on sales of $527.6 million.
Commodities
In commodity news, oil traded up 3.32 percent to $49.43 while gold traded up 0.64 percent to $1,235.50.
Silver traded up 2.21 percent Monday to $16.765, while copper rose 1.11 percent to $2.552.
Eurozone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.14 percent, the Spanish Ibex Index rose 0.12 percent, while Italy’s FTSE MIB Index climbed 0.26 percent. Meanwhile the German DAX dropped 0.14 percent, and the French CAC 40 declined 0.11 percent while U.K. shares rose 0.12 percent.
Economics
The Empire State manufacturing index dropped to negative 1 in May, compared to positive 5.2 in April. However, economists were projecting a reading of 7 for the month.
The NAHB housing market index increased 2 points to a reading of 70 for May. Economists expected a reading of 68 for the month.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
The Treasury International Capital data for March is schedule for release at 4:00 p.m. ET.
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