Dow Gains Over 300 Points; S&P 500 Up 1%

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining over 300 points on Monday.

The Dow traded up 1.01% to 34,211.29 while the NASDAQ rose 1.52% to 11,896.33. The S&P 500 also rose, gaining, 1.07% to 4,134.24.

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Leading and Lagging Sectors

  • Information technology shares rose by 1.9% on Monday. Meanwhile, top gainers in the sector included Fastly, Inc. FSLY, up 28%, and Pagaya Technologies Ltd. PGY, up 16%.
  • In trading on Monday, energy shares fell by 0.3%.

 

Top Headline

TreeHouse Foods Inc THS reported mixed results for its fourth quarter.

The company posted quarterly sales growth of 22% year-on-year to $996.20 million, missing the consensus of $1.02 billion. Adjusted EPS of $0.98 beat the analyst consensus of $0.92.

 

Equities Trading UP

  • Ocular Therapeutix, Inc. OCUL shares shot up 40% to $5.42 after the company announced interim 10-month data from an ongoing U.S. Phase 1 clinical trial evaluating OTX-TKI for the treatment of wet AMD.
  • Shares of Top Ships Inc. TOPS got a boost, shooting 41% to $1.8405 after the company entered into a time charter employment contract.
  • COMSovereign Holding Corp. COMS shares were also up, gaining 35% to $5.88 after the company announced an 80% year-over-year reduction of outstanding secured debt.

 

Equities Trading DOWN

  • Frequency Therapeutics, Inc. FREQ shares tumbled 82% to $0.71 after the company announced its FX-322-208 study failed to meet its primary endpoint.
  • Shares of G1 Therapeutics, Inc. GTHX were down 53% to $3.37 after the company announced it will discontinue its PRESERVE 1 colorectal trial.
  • Sorrento Therapeutics, Inc. SRNE was down, falling 59% to $0.3840 after the company filed for Chapter 11 bankruptcy. Sorrento and its subsidiary, Scintilla Pharmaceuticals, commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on Monday.

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Commodities

In commodity news, oil traded up 0.4% to $80.06 while gold traded down 0.6% at $1,863.40.

Silver traded down 1.1% to $21.84 on Monday while copper rose 0.8% to $4.05.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.9%, London’s FTSE 100 rose 0.83% while Spain’s IBEX 35 Index rose 1.02%. The German DAX climbed 0.58% French CAC 40 surged 1.11% and Italy’s FTSE MIB Index rose 0.63%.

The European Commission increased the growth outlook for this year to 0.9% in the 20 countries using the euro, up from 0.3% expected last November. Headline inflation in the Euro zone is expected to decline to 5.6% in 2023 compared to 8.4% in 2022, according to the European Commission.

 

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 dropping 0.88%, Hong Kong’s Hang Seng Index dropping 0.12% and China’s Shanghai Composite Index gaining 0.72%. India’s S&P BSE Sensex slipped 0.4%.

Singapore's non-oil domestic exports climbed by 3% year-over-year in 2022, versus a 12.1% increase in 2021. Singapore’s GDP grew by 2.1% from a year ago in Q4 versus the flash figure of 2.2%.

 

Economics

There were no major US economic releases Monday.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 104,766,850 cases with around 1,140,010 deaths. India confirmed a total of at least 44,684,200 cases and 530,750 deaths, while France reported over 39,564,780 COVID-19 cases with 164,530 deaths. In total, there were at least 677,609,790 cases of COVID-19 worldwide with more than 6,782,460 deaths.

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