Dow Turns Lower; Myomo Shares Jump
U.S. stocks traded mixed midway through trading, with the Dow Jones index turning lower on Monday.
The Dow traded down 0.19% to 39,301.00 while the NASDAQ rose 0.21% to 18,390.4. The S&P 500 also fell, dropping, 0.02% to 5,566.26.
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Leading and Lagging Sectors
Materials shares jumped by 0.4% on Monday.
In trading on Monday, communication services shares fell by 1.1%.
Top Headline
Eli Lilly And Co (NYSE:LLY) agreed to acquire Morphic Holding Inc (NASDAQ:MORF) for $57 per share in cash, an aggregate of approximately $3.2 billion.
Equities Trading UP
- Morphic Holding, Inc. (NASDAQ:MORF) shares shot up 75% to $55.76 after Eli Lilly agreed to buy the company for $57 per share in cash.
- Shares of Myomo, Inc. (NYSE:MYO) got a boost, surging 27% to $3.65. after the company issued preliminary second-quarter revenue guidance above estimates.
- SRIVARU Holding Limited (NASDAQ:SVMH) shares were also up, gaining 39% to $0.2196 after the company announced the deployment of advanced AI tools to manage its lead generation platform.
Equities Trading DOWN
- HilleVax, Inc. (NASDAQ:HLVX) shares dropped 87% to $1.8106 after the company announced the NEST-IN1 clinical study did not meet its primary or secondary efficacy endpoints, and the company will discontinue further development of HIL-214 in infants.
- Shares of Wetouch Technology Inc. (NASDAQ:WETH) were down 20% to $2.5250. Wetouch Technologies announced a $15 million stock buyback program to repurchase common stock.
- Inventiva S.A. (NASDAQ:IVA) was down, falling 10% to $2.6567 after the company issued an update on its NATiV3 clinical program evaluating lanifibranor in patients with MASH/NASH and its financial position.
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Commodities
In commodity news, oil traded down 0.6% to $82.66 while gold traded down 0.6% at $2,383.30.
Silver traded down 0.8% to $31.45 on Monday, while copper fell 0.1% to $4.6485.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 gained 0.19%, Germany's DAX rose 0.16% and France's CAC 40 fell 0.16%. Spain's IBEX 35 Index rose 0.23%, while London's FTSE 100 rose 0.02%.
German trade surplus widened to EUR 24.9 billion in May versus a revised EUR 22.2 billion in the prior month.
Asia Pacific Markets
Asian markets closed lower on Monday, with Japan's Nikkei falling 0.32%, Hong Kong's Hang Seng Index declining 1.55%, China's Shanghai Composite Index falling 0.93% and India's S&P BSE Sensex declining 0.05%.
The gauge for Japan's service sector climbed to 47.0 in June from 45.7 in May. Japanese current account surplus increased to JPY 2,849.9 billion in May from JPY 2,010.1 billion in the year-ago month. Foreign exchange reserves in Singapore increased to SGD 503.71 billion in June versus SGD 500.86 billion in the prior month, while Chinese foreign exchange reserves fell by $9.7 billion to $3.222 trillion for June.
Economics
Data on consumer credit for May will be released at 3:00 p.m. ET.
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