Market Overview

Mid-Morning Market Update: Markets Open Higher; IFF To Merge With DuPont's Nutrition Business

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Following the market opening Monday, the Dow traded up 0.61% to 28307.70 while the NASDAQ rose 0.90% to 8,813.25. The S&P also rose, gaining 0.75% to 3,192.62.

Leading and Lagging Sectors

Energy shares climbed 1.3% on Monday. Meanwhile, top gainers in the sector included Borr Drilling Ltd (NYSE: BORR), up 8%, and Range Resources Corp. (NYSE: RRC), up 6%.

In trading on Monday, real estate shares fell 0.3%.

Top Headline

International Flavors & Fragrances Inc (NYSE: IFF) announced plans to merge with DuPont's nutrition & biosciences business in a deal that will value the combined company at $45.4 billion on an enterprise value basis.

Equities Trading UP

Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) shares shot up 130% to $18.82 after the company announced it completed a successful pre-NDA meeting with the FDA for its Maralixibat.

Shares of Axsome Therapeutics, Inc. (NASDAQ: AXSM) got a boost, shooting up 61% to $75.30 after the company's phase 3 study to treat major depressive disorder met its primary endpoint.

SIFCO Industries, Inc. (NYSE: SIF) shares were also up, gaining 23% to $3.33 following Q4 results. SIFCO Industries posted Q4 earnings of $0.43 per share, versus a year-ago loss of $0.49 per share.

Equities Trading DOWN

Wave Life Sciences Ltd. (NASDAQ: WVE) shares tumbled 50% to $18.78 after the company announced it would discontinue the development of its Suvodirsen for Duchenne muscular dystrophy.

Shares of Gossamer Bio, Inc. (NASDAQ: GOSS) were down 37% to $15.91 after drug company Novartis discontinued development of a treatment that shares characteristics with Gossamer's lead candidate.

Tutor Perini Corporation (NYSE: TPC) was down, falling 15% to $13.35.

Commodities

In commodity news, oil traded down 0.1% to $60.06, while gold traded down 0.1% to $1,480.70.

Silver traded up 0.4% Monday to $17.075, while copper rose 0.9% to $2.8045.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.2%, the Spanish Ibex Index rose 0.9%, while Italy’s FTSE MIB Index rose 0.5%. Meanwhile, the German DAX gained 0.7%, and the French CAC 40 rose 1% while UK shares rose 2.2%.

Economics

The Empire State manufacturing index rose to 3.5 in December, versus prior reading of 2.9. However, analysts were expecting a reading of 3.5.

The IHS Markit composite PMI climbed to 52.2 in December, compared to 52 in the prior month. The services PMI jumped to 52.2 in December, versus 51.6 in the prior month.

The NAHB housing market index rose to 76 in December, versus a revised reading of 71 in November.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury International Capital report for October will be released at 4:00 p.m. ET.

 

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