U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining more than 1% on Monday.
The Dow traded up 1.02% to 38,373.22 while the NASDAQ rose 1.45% to 15,503.89. The S&P 500 also rose, gaining, 1.22% to 5,027.92.
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Leading and Lagging Sectors
Financial shares climbed by 1.3% on Monday.
In trading on Monday, materials shares rose by just 0.2%.
Top Headline
Shares of Zions Bancorporation, N.A. ZION gained around 4% on Monday after the company reported upbeat earnings for its first quarter.
The company posted a first-quarter FY24 revenue decline of 11.6% year-on-year to $742 million, missing the analyst consensus estimate of $743.481 million. Adjusted EPS of $1.03 beat the analyst consensus estimate of 98 cents.
Equities Trading UP
- Moolec Science SA MLEC shares shot up 63% to $2.26 after the company announced that it received USDA approval for plant-grown animal proteins.
- Shares of NewGenIvf Group Limited NIVF got a boost, surging 113% to $1.56 after the company signed a non-binding term sheet for a potential reverse merger with European Wellness Investment Holdings.
- Matterport, Inc. MTTR shares were also up, gaining 179% to $4.8550 after the company announced a deal to be acquired by online real estate marketplace provider CoStar Group.
Equities Trading DOWN
- Vaxxinity, Inc. VAXX shares dropped 46% to $0.2569 after the company announced its intention to voluntarily delist and deregister its Class A common stock.
- Shares of Hepion Pharmaceuticals, Inc. HEPA were down 28% to $1.51 after the company announced that it began wind-down activities in its Phase 2b “ASCEND-NASH Trial.
- Warrantee Inc. WRNT was down, falling 34% to $0.2798 after the company announced a receipt of a Nasdaq delisting determination and a plan to appeal.
Commodities
In commodity news, oil traded up 0.3% to $83.40 while gold traded down 2.9% at $2,343.90.
Silver traded down 5.7% to $27.21 on Monday, while copper fell 0.4% to $4.48.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.60%, London’s FTSE 100 rose 1.62% while Spain’s IBEX 35 Index climbed 1.50% The German DAX gained 0.70% French CAC 40 rose 0.38% while Italy’s FTSE MIB Index fell 0.58%.
Eurozone’s government deficit to GDP ratio fell to 3.6% in 2023 compared to a revised 3.7% in the prior year.
Asia Pacific Markets
Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 1%, Hong Kong’s Hang Seng Index gaining 1.77%, China’s Shanghai Composite falling 0.67% and India’s S&P BSE Sensex gaining 0.77%.
The People’s Bank of China maintained its key lending rates at the April fixing.
Economics
The Chicago Fed National Activity Index increased to +0.15 in March versus a revised reading of +0.09 in the previous month, topping market estimates of +0.09.