US Stocks Open Higher; Nasdaq Rises Over 50 Points

U.S. stocks traded higher this morning, with Nasdaq Composite gaining over 50 points on Monday.

Following the market opening Monday, the Dow traded up 0.21% to 33,948.78 while the NASDAQ rose 0.47% to 13,321.97. The S&P 500, also rose, gaining, 0.23% to 4,308.94.

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Leading and Lagging Sectors

• Information technology shares jumped by 0.9% on Monday. Meanwhile, top gainers in the sector included WeTrade Group, Inc. WETG, up 11%, and Kingsoft Cloud Holdings Limited KC, up 12%.
• In trading on Monday, energy shares fell by 0.6%.

Top Headline

Novartis agreed to acquire Chinook Therapeutics for $40 per share in cash.

Equities Trading UP

• Advanced Health Intelligence Ltd. AHI shares shot up 61% to $3.5028.
• Shares of Chinook Therapeutics, Inc. KDNY got a boost, shooting 56% to $37.46 after Novartis agreed to acquire the company for $40 per share in cash.
• Vera Therapeutics, Inc. VERA shares were also up, gaining 18% to $9.20.

Equities Trading DOWN

• Forza X1, Inc. FRZA shares dropped 44% to $1.74. Forza X1 reported pricing of $8 million public offering of 5,334,000 shares of common stock at a price of $1.50 per share.
• Shares of Blue Apron Holdings, Inc. APRN were down 16% to $7.49. Blue Apron reported closing of transaction with FreshRealm to execute its asset-light model and focus on its direct-to-consumer business.
• Twin Vee Powercats Co. VEEE was down, falling 16% to $ 1.85.

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Commodities

In commodity news, oil traded down 3.2% to $67.90 while gold traded down 0.3% at $1,971.00.

Silver traded down 1.2% to $24.11 on Monday while copper fell 1.2% to $3.7435.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index rose 0.4% The German DAX gained 0.9% French CAC 40 rose 0.7% and Italy’s FTSE MIB Index rose 0.8%.

The BNP Paribas Real Estate Construction PMI in Ireland climbed to 49.4 in May from 48.4 in April.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 0.52%, Hong Kong’s Hang Seng Index gaining 0.07% and China’s Shanghai Composite Index dropping 0.08%. India’s S&P BSE Sensex rose 0.2%.

Japanese machine tool orders dipped 22.2% year-over-year to JPY 119,316 million in May following a revised 14.4% decline in the prior month. Producer prices in Japan increased 5.1% year-over-year in May followed a revised 5.9% rise in April.

Economics

The U.S. Treasury budget report for May will be released at 2:00 p.m. ET.

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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 107,187,160 cases with around 1,166,660 deaths. India confirmed a total of at least 44,992,780 cases and 531,890 deaths, while France reported over 40,113,580 COVID-19 cases with 167,480 deaths. In total, there were at least 690,283,600 cases of COVID-19 worldwide with more than 6,890,400 deaths.