Nasdaq Rises Over 1%; Hostess Brands Shares Spike Higher
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 1% on Monday.
The Dow traded up 0.29% to 34,676.52 while the NASDAQ rose 1.16% to 13,920.60. The S&P 500, also rose, gaining, 0.66% to 4,486.98.
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Leading and Lagging Sectors
Consumer discretionary shares jumped by 2.6% on Monday.
In trading on Monday, energy shares fell by 1.3%.
Top Headline
JM Smucker (NYSE:SJM) has announced an acquisition of Hostess Brands (NASDAQ:TWNK) that is expected to be completed April 30, 2024.
Under the terms of the agreement, JM Smucker has agreed to give Hostess Brands $5.60 billion in cash & stock in exchange for TWNK stock.
Equities Trading UP
Hostess Brands, Inc. (NASDAQ:TWNK) shares shot up 19% to $33.54 after J.M. Smucker announced it will acquire the company.
Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) got a boost, shooting 64% to $26.27 after the company's once-daily oral paltusotine achieved the primary and secondary endpoints in the Phase 3 PATHFNDR-1 study in acromegaly.
Avantax, Inc. (NASDAQ:AVTA) shares were also up, gaining 29% to $25.64 as the company agreed to be acquired by Cetera Holdings for $26 per share in cash.
Equities Trading DOWN
SigmaTron International, Inc. (NASDAQ:SGMA) shares dropped 50% to $3.78 after the company released first-quarter earnings.
Shares of Tenon Medical, Inc. (NASDAQ:TNON) were down 38% to $0.1551 after the company announced proposed public offering of common stock.
Granite Ridge Resources, Inc. (NYSE:GRNT) was down, falling 17% to $6.21. Granite Ridge Resources launched a secondary public offering of 7.1 million shares by selling stockholders.
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Commodities
In commodity news, oil traded up 0.1% to $87.52 while gold traded up 0.2% at $1,946.90.
Silver traded up 0.9% to $23.385 on Monday while copper rose 2.4% to $3.8060.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 gained 0.34% London’s FTSE 100 rose 0.25% while Spain’s IBEX 35 Index rose 0.75% The German DAX rose 0.39% French CAC 40 rose 0.52%, while Italy’s FTSE MIB Index rose 1.03%.
Industrial production in Italy fell 0.7% from a month ago in July versus a 0.5% growth in the prior month.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan’s Nikkei 225 falling 0.43%, Hong Kong’s Hang Seng Index fell 0.58% and China’s Shanghai Composite Index gaining 0.84%. India’s S&P BSE Sensex, meanwhile, rose 0.5%.
China's consumer prices increased by 0.1% year-over-year in August compared to market views of a 0.2% gain, while producer prices fell 3.0% year-over-year in August following a 4.4% decline a month ago. China's vehicle sales jumped by 8.4% year-over-year to 2.582 million units in August versus a 1.4% fall in the prior month, while total social financing increased to CNY 3.12 trillion in August from CNY 0.53 trillion a month ago. Japan's machine tool orders declined 17.6% year-over-year to JPY 114,746 million in August.
Economics
There were no major US economic releases Monday.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,296,300 cases with around 1,174,580 deaths. India confirmed a total of at least 44,997,710 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,108,160 cases of COVID-19 worldwide with more than 6,914,370 deaths.