Dow Jumps Over 300 Points; Goldman Sachs Posts Upbeat Earnings

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 300 points on Monday.

The Dow traded up 0.89% to 38,321.05 while the NASDAQ rose 0.70% to 16,288.03. The S&P 500 also rose, gaining, 0.80% to 5,164.30.

Check This Out: Best Buy, Box And 2 Other Stocks Insiders Are Selling

Leading and Lagging Sectors

Financial shares jumped by 1.5% on Friday.

In trading on Friday, real estate shares rose by just 0.3%.

Top Headline

Goldman Sachs Group Inc. GS reported better-than-expected first-quarter earnings on Monday.

Goldman Sachs reported revenue of $14.21 billion for the first quarter of 2024, beating the consensus of $12.92 billion. The U.S. financial services giant reported EPS of $11.58, beating the consensus of $8.60.

Equities Trading UP

Soligenix, Inc. SNGX shares shot up 98% to $0.7699 after the company announced that it was granted orphan drug designation to the active ingredient in MarVax for the prevention and post-exposure prophylaxis against MARV infection by the FDA.

Shares of Longeveron Inc. LGVN got a boost, surging 70% to $2.87 following insider buys from multiple company executives.

Organovo Holdings, Inc. ONVO shares were also up, gaining 23% to $1.2613 after the company announced Phase 2 results for FXR314. Study results demonstrated statistically significant reduction in liver fat content from baseline in patients receiving FXR314 compared to placebo.

Equities Trading DOWN

Marinus Pharmaceuticals, Inc. MRNS shares dropped 76% to $1.7680 after the company provided an update on the Phase 3 RAISE trial and reported preliminary Q1 financial results.

Shares of ProMIS Neurosciences, Inc. PMN were down 29% to $1.63.

PaxMedica, Inc. PXMD was down, falling 23% to $0.6501. PaxMedica, last week, announced the completed execution of three pivotal registration/validation batches of PAX-101.

Also Check This Out: Wall Street's Most Accurate Analysts' Views On 3 Tech Stocks With Over 4% Dividend Yields

Commodities

In commodity news, oil traded up 0.5% to $85.43 while gold traded down 0.8% at $2,353.50.

Silver traded down 0.6% to $28.075 on Friday, while copper rose 0.1% to $4.2580.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.8%, London’s FTSE 100 gained 0.1% while Spain’s IBEX 35 Index rose 0.6% The German DAX gained 1.4% French CAC 40 climbed 1.3% while Italy’s FTSE MIB Index jumped 1.5%.

Industrial production in the eurozone increased by 0.8% month-over-month in February.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 falling 0.74%, Hong Kong’s Hang Seng Index dropping 0.72%, China’s Shanghai Composite gaining 1.26% and India’s S&P BSE Sensex dipping 1.14%.

Indian merchandise trade deficit shrank to $15.6 billion in March versus a year-ago gap of $18.1 billion, while wholesale prices rose by 0.53% year-over-year in March versus a 0.20% gain in the prior month.

Economics

The NY Empire State Manufacturing Index climbed to -14.3 in April versus prior month’s reading of -20.9.

Retail sales increased 0.7% month-over-month in March following a revised 0.9% rise in February.

Now Read This: Bitcoin Surpasses $66,000; Core Emerges As Top Gainer