Dow Gains Over 100 Points; Archer-Daniels-Midland Shares Plunge – Digital World Acq (NASDAQ:DWAC), Archer-Daniels Midland (NYSE:ADM)

rewrite this title Dow Gains Over 100 Points; Archer-Daniels-Midland Shares Plunge – Digital World Acq (NASDAQ:DWAC), Archer-Daniels Midland (NYSE:ADM)

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

The Dow traded up 0.27% to 37,967.81 while the NASDAQ rose 0.31% to 15,358.70. The S&P 500 also rose, gaining, 0.23% to 4,850.71.

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Leading and Lagging Sectors


Industrials shares rose by 0.7% on Monday.

In trading on Monday, utilities shares fell by 0.5%.


Top Headline


Archer-Daniels-Midland Company ADM placed its CFO on administrative leave and updated its FY23 outlook on Sunday. Also, the company has appointed Ismael Roig as its interim Chief Financial Officer.

The company now expects adjusted EPS of above $6.90 vs. consensus of $7.28.


Equities Trading UP


Sagimet Biosciences Inc. SGMT shares shot up 105% to $13.97 after the company announced denifanstat in the Phase 2b FASCINATE-2 clinical trial achieved statistically significant results on the primary and multiple secondary endpoints.

Shares of Rail Vision Ltd. RVSN got a boost, surging 50% to $2.06 after the company announced its Main Line system has successfully obtained formal certifications for critical European Union railway standards.

Digital World Acquisition Corp. DWAC shares were also up, gaining 47% to $38.78 after Florida Gov. Ron DeSantis ended his presidential campaign and endorsed former President Donald Trump. Digital World is a SPAC set to merge with the former President’s Trump Media & Technology Group.


Equities Trading DOWN


Virios Therapeutics, Inc. VIRI shares dropped 35% to $0.5301.

Virios Therapeutics announced plans to advance development of IMC-2 as treatment for symptoms associated with long-COVID.

Shares of Archer-Daniels-Midland Company ADM were down 22% to $53.48 amid the company placing its CFO on leave due to an investigation studying accounting practices and procedures related to the company’s nutrition segment. ADM said it now expects an adjusted earnings per share of $6.90 for the fiscal year ended Dec. 2023.

Gilead Sciences, Inc. GILD was down, falling 11% to $78.12 after the company reported its phase 3 study in metastatic non-small cell lung cancer did not meet primary endpoints.




In commodity news, oil traded up 2.6% to $75.31 while gold traded down 0.3% at $2,023.80.

Silver traded down 1.9% to $22.285 on Monday while copper fell 0.4% to $3.7705.


Euro zone


European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.77%, London’s FTSE 100 rose 0.35% while Spain’s IBEX 35 Index rose 1.11% The German DAX rose 0.77% French CAC 40 rose 0.56% while Italy’s FTSE MIB Index fell 0.33%.


Asia Pacific Markets


Asian markets closed mixed on Monday, with Japan’s Nikkei 225 gaining 1.62%, Hong Kong’s Hang Seng Index falling 2.27% and China’s Shanghai Composite Index declining 2.68%. India’s S&P BSE Sensex, meanwhile, fell 0.36%.

The annual inflation rate in Hong Kong eased to 2.4% in December from 2.6% in the prior month. The People’s Bank of China kept its lending rates unchanged at the January fixing.




US leading index fell 0.1% for December, versus analysts’ expectations for a 0.5% decline.