US Stocks Mostly Higher; Dow Surges 250 Points

U.S. stocks traded mostly higher this morning, with the Dow Jones gaining more than 250 points on Monday.

The Dow traded up 0.80% to 32,118.05 while the NASDAQ fell 0.21% to 11,606.44. The S&P 500, also rose, gaining, 0.43% to 3,933.50.

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Leading and Lagging Sectors

• Materials shares rose by 1.6% on Monday. Meanwhile, top gainers in the sector included Aspen Aerogels, Inc. ASPN, up 13%, and Triple Flag Precious Metals Corp. TFPM, up 5%.
• In trading on Monday, information technology shares dipped by 0.7%.

Top Headline

Foot Locker Inc FL posted upbeat results for its fourth quarter.

The company reported a fourth-quarter FY22 sales decline of 0.30% year-on-year to $2.33 billion, beating the consensus of $2.15 billion. Adjusted EPS of $0.97 beat the analyst consensus of $0.51.

Equities Trading UP

• New York Community Bancorp, Inc. NYCB shares shot up 33% to $8.70 after Keefe, Bruyette & Woods upgraded the stock from Market Perform to Outperform.
• Shares of PacWest Bancorp PACW got a boost, shooting 17% to $10.85 after the company provided an update on its liquidity position.
• SuRo Capital Corp. SSSS shares were also up, gaining 16% to $3.3899. SuRo Capital will commence a modified Dutch Auction tender offer to repurchase up to 3 million shares of its common stock.

Equities Trading DOWN

• Credit Suisse Group AG CS shares tumbled 48% to $1.02 after UBS agreed to acquire the bank for $3.2 billion.
• Shares of PDD Holdings Inc. PDD were down 15% to $78.10 after the company reported worse-than-expected Q4 revenues and a decrease in revenues from merchandise sales.
• Aziyo Biologics, Inc. AZYO was down, falling 64% to $1.3800. Aziyo Biologics. On Mar. 16, received a not substantially equivalent determination from the FDA for CanGaroo RM antibacterial envelope submission.

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Commodities

In commodity news, oil traded down 0.4% to $66.47 while gold traded up 0.7% at $1,987.60.

Silver traded up 0.3% to $22.52 on Monday while copper rose 1.1% to $3.9370.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.6%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index rose 0.6%. The German DAX gained 0.7%, French CAC 40 climbed 0.9% and Italy’s FTSE MIB Index rose 0.8%.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan’s Nikkei 225 dropping 1.42%, Hong Kong’s Hang Seng Index dropping 2.65% and China’s Shanghai Composite Index declining 0.48%. India’s S&P BSE Sensex fell 0.6%.

Economics

There were no major US economic releases Monday.

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