Crude Oil Down 1%; Charles Schwab Sales Top Estimates

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 100 points on Monday.

The Dow traded up 0.35% to 38,114.61 while the NASDAQ rose 0.07% to 16,187.02. The S&P 500 also rose, gaining, 0.26% to 5,136.94.

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Leading and Lagging Sectors

Health care shares jumped by 0.7% on Friday.

In trading on Friday, real estate shares fell by 1.1%.

Top Headline

Charles Schwab Corporation SCHW reported better-than-expected first-quarter earnings on Monday.

Charles Schwab reported a first-quarter 2024 adjusted net income decline of 17% Y/Y to $1.469 billion. Adjusted EPS fell 20% Y/Y to 74 cents, which came in line with the consensus. Revenue fell 7% to $4.74 billion, marginally beating the consensus of $4.71 billion.

Equities Trading UP

Soligenix, Inc. SNGX shares shot up 49% to $0.5802 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 52% to $2.5650 following insider buys from multiple company executives.

Snap One Holdings Corp. SNPO shares were also up, gaining 30% to $10.61 after the company announced that it will be acquired by Resideo Technologies.

Equities Trading DOWN

Marinus Pharmaceuticals, Inc. MRNS shares dropped 79% to $1.5792 after the company provided an update on the Phase 3 RAISE trial and reported preliminary first-quarter financial results.

Shares of Neumora Therapeutics, Inc. NMRA were down 14% to $11.67 after the FDA placed a clinical hold on the company's Phase 1 NMRA-266 study.

Ultragenyx Pharmaceutical Inc. RARE was down, falling 10% to $42.46 after the company revealed new data from the Phase 1/2 study of GTX-102 for Angelman syndrome, a genetic disorder causing developmental disabilities and nerve-related symptoms.

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Commodities

In commodity news, oil traded down 1.3% to $84.55 while gold traded down 0.5% at $2,362.00.

Silver traded up 0.8% to $28.55 on Friday, while copper rose 1.7% to $4.3315.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.06%, London’s FTSE 100 fell 0.48% while Spain’s IBEX 35 Index fell 0.11% The German DAX gained 0.39% French CAC 40 climbed 0.31% while Italy’s FTSE MIB Index jumped 0.45%.

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.

The NAHB/Wells Fargo Housing Market Index in came in unchanged at 51.0 in April.

Total business inventories increased by 0.4% month-over-month in February, versus market expectations of a 0.3% rise.

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