Dow Turns Higher; GDS Holdings Shares Climb

U.S. stocks traded mixed toward the end of trading, with the Dow Jones index turning higher on Monday.

The Dow traded up 0.08% to 38,753.49 while the NASDAQ fell 0.20% to 16,052.34. The S&P 500 also fell, dropping, 0.14% to 5,116.66.

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Leading and Lagging Sectors

Materials shares jumped by 0.9% on Monday.

In trading on Monday, industrials shares fell by 0.8%.

Top Headline

EQT Corporation EQT announced that it entered into a definitive merger agreement to acquire Equitrans Midstream Corporation ETRN.

Equities Trading UP

GDS Holdings Limited GDS shares shot up 22% to $7.80 following a report suggesting Hillhouse and Boyu are in talks to invest in the company's Southeast Asia data center business.

Shares of Fangdd Network Group Ltd. DUO got a boost, surging 20% to $0.7234 after the company announced its 2024 strategic layout with plans to enter the real estate stock asset services sector

Lexicon Pharmaceuticals, Inc. LXRX shares were also up, gaining 22% to $2.6550 after the company said it is preparing to resubmit its Sotagliflozin NDA for Type 1 diabetes following FDA feedback. Additionally, the company announced a securities purchase agreement expected to result in gross proceeds of around $250 million.

Equities Trading DOWN

Eltek Ltd. ELTK shares dropped 22% to $10.80 after the company announced downbeat quarterly earnings.

Shares of Genie Energy Ltd. GNE were down 10% to $16.98 following fourth-quarter results.

Ventyx Biosciences, Inc. VTYX was down, falling 20% to $7.89. Ventyx Biosciences reported clinical data for its NLRP3 inhibitor portfolio and issued pipeline updates at Virtual Investor Event.

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Commodities

In commodity news, oil traded down 0.2% to $77.84 while gold traded up 0.1% at $2,186.40.

Silver traded up 0.6% to $24.69 on Monday while copper rose 0.9% to $3.9275.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.35%, London’s FTSE 100 rose 0.12% while Spain’s IBEX 35 Index rose 0.19% The German DAX fell 0.38% French CAC 40 fell 0.10% while Italy’s FTSE MIB Index fell 0.27%.

Spanish retail trade rose by 0.3% year-over-year in January versus a revised 2.7% gain in the previous month.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 dipping 2.19%, Hong Kong’s Hang Seng Index gaining 1.43%, China’s Shanghai Composite Index gaining 0.74% and India’s S&P BSE Sensex falling 0.81%.

Chinese vehicle sales dipped by 19.9% year-over-year to 1.58 million units in February versus a 47.9% surge in the prior month. Japanese machine tool orders declined by 8% year-over-year to JPY 114,154 million in February. Japan's GDP expanded by 0.1% quarter-over-quarter in the fourth quarter versus a 0.8% contraction in the third quarter.

Economics

No economic report of significance is due for Monday

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