Midway through trading Monday, the Dow traded up 0.14% to 34,092.01 while the NASDAQ rose 0.59% to 14,099.52. The S&P also rose, gaining 0.31% to 4,193.06.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,077,470 cases with around 572,200 deaths. India confirmed a total of at least 17,313,160 cases and 195,120 deaths, while Brazil reported over 14,340,780 COVID-19 cases with 390,790 deaths. In total, there were at least 147,238,540 cases of COVID-19 worldwide with more than 3,110,510 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Financial shares climbed by 1.1% on Monday. Meanwhile, top gainers in the sector included Jiayin Group Inc. JFIN, up 27%, and Flagstar Bancorp, Inc. FBC, up 8%.
In trading on Monday, consumer staples shares fell 0.9%.
Lennox International Inc. LII reported stronger-than-expected results for its first quarter.
Lennox reported quarterly earnings of $2.27 per share, beating analysts’ estimates of $1.31 per share. The company’s quarterly sales came in at $931.00 million, versus expectations of $790.95 million.
Lennox International raised FY21 adjusted EPS guidance from $10.55-$11.15 to $11.40-$12.00.
The company also raised sales growth guidance from 4-8% to 7-11%.
Equities Trading UP
Proofpoint, Inc. PFPT shares shot up 31% to $172.99. Private equity investment firm Thoma Bravo Advantage inked an agreement to acquire cybersecurity and compliance company Proofpoint in an all-cash transaction valuing Proofpoint at $12.3 billion. Proofpoint also reported better-than-expected Q1 results.
Shares of Reviva Pharmaceuticals Holdings, Inc. RVPH got a boost, shooting 50% to $6.41 after the company announced the full details of its Phase 2 trial evaluating its lead drug candidate, RP5063 (brilaroxazine), for Acute Schizophrenia. Brilaroxazine demonstrated high affinity and selectivity for key serotonin receptors (5-HT1A/2A/2B/7) through its combination of potent affinity and selectivity for target receptors implicated for schizophrenia and its comorbid symptoms.
Ocugen, Inc. OCGN shares were also up, gaining 24% to $11.94 after the White House announced it would immediately make available specific raw materials needed by India to make Covid-19 vaccines. Ocugen’s COVID-19 vaccine partner, India-based Bharat Biotech International Ltd., will charge as much as double its main rival AstraZeneca for its vaccines in India.
Equities Trading DOWN
Alliance Resource Partners, L.P. ARLP shares tumbled 8% to $6.03 after reporting quarterly financial and operating results.
Shares of Albertsons Companies, Inc. ACI were down 7% to $17.84 after the company issued weak FY21 earnings guidance.
Fortuna Silver Mines Inc. FSM was down, falling 15% to $6.57. Fortuna Silver Mines and Roxgold entered into a merger agreement.
In commodity news, oil traded down 0.7% to $61.68, while gold traded up 0.1% to $1,779.30.
Silver traded up 0.5% Monday to $26.21 while copper rose 2% to $4.4245.
European shares were higher today. The eurozone’s STOXX 600 rose 0.29%, the Spanish Ibex Index rose 0.87% and the German DAX 30 gained 0.12%. Meanwhile, the French CAC 40 rose 0.32% London’s FTSE 100 rose 0.37% and Italy’s FTSE MIB gained 0.52%.
German Ifo Business Climate indicator increased slightly to 96.8 in April from the previous month's level of 96.6. Spain's producer price inflation increased to 6.3% year-over-year in March.
US durable goods orders rose 0.5% for March.
The Dallas Fed manufacturing index increased 8.4 points to 37.3 in April.
The Treasury will auction 3-month bills and 5-year notes at 1:00 p.m. ET.
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