Nasdaq Edges Higher; Macy's Shares Jump

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining around 100 points on Monday.

The Dow traded up 0.26% to 36,341.44 while the NASDAQ rose 0.12% to 14,421.98. The S&P 500 also rose, gaining, 0.30% to 4,618.11.

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Leading and Lagging Sectors

Industrials shares rose by 0.8% on Monday.

In trading on Monday, communication services shares fell by 1.5%.

Top Headline

Macy's Inc M shares jumped more than 20% on Monday following a report suggesting an investor group made a $5.8 billion buyout offer for the company.

Equities Trading UP

Pasithea Therapeutics Corp. KTTA shares shot up 92% to $0.59 after the company announced preclinical results from two in vivo studies evaluating the antitumor efficacy of PAS-004 in NRAS mutation cancer xenograft models.

Shares of MorphoSys AG MOR got a boost, surging 24% to $8.76 as the company presented comprehensive results from the Phase 3 MANIFEST-2 study investigating pelabresib at 65th American Society of Hematology Annual Meeting.

The Cigna Group CI shares were also up, gaining 16% to $300.05. Cigna has withdrawn from its proposed merger with Humana Inc. HUM.

Equities Trading DOWN

Cogent Biosciences, Inc. COGT shares dropped 54% to $3.9993 after the company reported initial data from its ongoing Phase 2 SUMMIT trial and data from Part 1 of its ongoing Phase 2 APEX clinical at ASH 2023.

Shares of Green Giant Inc. GGE were down 41% to $0.1510 after announcing a proposed public offering.

Near Intelligence, Inc. NIR was down, falling 39% to $0.0926. Near Intelligence filed for Chapter 11 protection and entered into agreement to sell its business.

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Commodities

In commodity news, oil traded down 0.8% to $70.65 while gold traded down 1% at $1,994.40.

Silver traded down 1% to $23.045 on Monday while copper fell 1.3% to $3.7810.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.30%, London’s FTSE 100 fell 0.13% while Spain’s IBEX 35 Index fell 0.25% The German DAX gained 0.21% French CAC 40 gained 0.33%, while Italy’s FTSE MIB Index rose 0.07%.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 1.50%, Hong Kong’s Hang Seng Index falling 0.81% and China’s Shanghai Composite Index gaining 0.74%. India’s S&P BSE Sensex, meanwhile, rose 0.15%.

Japan’s machine tool orders fell 13.6% year-over-year to JPY 115,884 million in November versus a 20.6% plunge in October. The business survey index of large manufacturing firms in Japan accelerated to 5.7% in the fourth quarter from 5.4% in the prior quarter.

China's producer prices fell by 3.0% year-over-year in November versus a 2.6% decline in the previous month, while consumer prices fell by 0.5% year-over-year in November.

Economics

There were no major US economic releases Monday.

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