Nasdaq Edges Higher; Macy's Shares Jump
U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining around 100 points on Monday.
The Dow traded up 0.26% to 36,341.44 while the NASDAQ rose 0.12% to 14,421.98. The S&P 500 also rose, gaining, 0.30% to 4,618.11.
Leading and Lagging Sectors
Industrials shares rose by 0.8% on Monday.
In trading on Monday, communication services shares fell by 1.5%.
Top Headline
Macy's Inc (NYSE:M) shares jumped more than 20% on Monday following a report suggesting an investor group made a $5.8 billion buyout offer for the company.
Equities Trading UP
Pasithea Therapeutics Corp. (NASDAQ:KTTA) shares shot up 92% to $0.59 after the company announced preclinical results from two in vivo studies evaluating the antitumor efficacy of PAS-004 in NRAS mutation cancer xenograft models.
Shares of MorphoSys AG (NASDAQ:MOR) got a boost, surging 24% to $8.76 as the company presented comprehensive results from the Phase 3 MANIFEST-2 study investigating pelabresib at 65th American Society of Hematology Annual Meeting.
The Cigna Group (NYSE:CI) shares were also up, gaining 16% to $300.05. Cigna has withdrawn from its proposed merger with Humana Inc. (NYSE:HUM).
Equities Trading DOWN
Cogent Biosciences, Inc. (NASDAQ:COGT) shares dropped 54% to $3.9993 after the company reported initial data from its ongoing Phase 2 SUMMIT trial and data from Part 1 of its ongoing Phase 2 APEX clinical at ASH 2023.
Shares of Green Giant Inc. (NASDAQ:GGE) were down 41% to $0.1510 after announcing a proposed public offering.
Near Intelligence, Inc. (NASDAQ:NIR) was down, falling 39% to $0.0926. Near Intelligence filed for Chapter 11 protection and entered into agreement to sell its business.
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Commodities
In commodity news, oil traded down 0.8% to $70.65 while gold traded down 1% at $1,994.40.
Silver traded down 1% to $23.045 on Monday while copper fell 1.3% to $3.7810.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.30%, London’s FTSE 100 fell 0.13% while Spain’s IBEX 35 Index fell 0.25% The German DAX gained 0.21% French CAC 40 gained 0.33%, while Italy’s FTSE MIB Index rose 0.07%.
Asia Pacific Markets
Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 1.50%, Hong Kong’s Hang Seng Index falling 0.81% and China’s Shanghai Composite Index gaining 0.74%. India’s S&P BSE Sensex, meanwhile, rose 0.15%.
Japan’s machine tool orders fell 13.6% year-over-year to JPY 115,884 million in November versus a 20.6% plunge in October. The business survey index of large manufacturing firms in Japan accelerated to 5.7% in the fourth quarter from 5.4% in the prior quarter.
China's producer prices fell by 3.0% year-over-year in November versus a 2.6% decline in the previous month, while consumer prices fell by 0.5% year-over-year in November.
Economics
There were no major US economic releases Monday.
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