Nasdaq Surges Over 200 Points; Crude Oil Rises 2%
U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 200 points on Monday.
The Dow traded up 0.70% to 33,865.87 while the NASDAQ rose 2.09% to 10,790.16. The S&P 500 also rose, gaining, 1.25% to 3,943.66.
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Leading and Lagging Sectors
Information technology shares gained by 2.8% on Monday. Meanwhile, top gainers in the sector included Duck Creek Technologies, Inc. (NASDAQ:DCT), up 47%, and Bitfarms Ltd. (NASDAQ:BITF), up 34%.
In trading on Monday, health care shares fell by 0.4%.
Top Headline
Acuity Brands, Inc (NYSE:AYI) reported better-than-expected earnings and sales results for its first quarter.
Acuity Brands reported first-quarter FY23 net sales growth of 7.8% year-over-year to $997.9 million, beating the consensus of $984.5 million. Adjusted EPS of $3.29 beat the consensus of $3.00.
Equities Trading UP
- CinCor Pharma, Inc. (NASDAQ:CINC) shares shot up 143% to $28.68 after AstraZeneca announced it will acquire the company for $26 per share in cash.
- Shares of Amryt Pharma plc (NASDAQ:AMYT) got a boost, shooting 108% to $14.60 after Chiesi Farmaceutici announced it will acquire the company for $14.50 per ADS plus contingent value rights of up to an additional $2.50 per ADS.
- Albireo Pharma, Inc. (NASDAQ:ALBO) shares were also up, gaining 93% to $44.00 after Ipsen announced it will acquire the company for $42 per share plus a contingent value right of $10 per share.
Equities Trading DOWN
- Calithera Biosciences, Inc. (NASDAQ:CALA) shares tumbled 81% to $0.6801. Calithera Biosciences announced board approval of complete liquidation and dissolution.
- Shares of Cutera, Inc. (NASDAQ:CUTR) were down 20% to $32.31 after the company reported preliminary unaudited financial results for FY22. The company expects to report revenue in the range of $252 million to $253 million for FY22.
- Cerus Corporation (NASDAQ:CERS) was down, falling 23% to $2.9085. Cerus sees preliminary Q4 product revenues of $44 million, up 10% year over year.
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Commodities
In commodity news, oil traded up 2% to $75.24 while gold traded up 0.7% at $1,882.50.
Silver traded up 0.1% to $23.995 on Monday while copper rose 3.3% to $4.0390.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.88%, London’s FTSE 100 gained 0.33% while Spain’s IBEX 35 Index slipped 0.07%. The German DAX gained 1.25%, French CAC 40 climbed 0.68% and Italy’s FTSE MIB Index gained 0.81%.
The Eurozone’s unemployment rate came in unchanged at 6.5% for November from the prior month's all-time low level, while unemployment rate in Italy declined to 7.8% in November.
France’s current account deficit increased to EUR 6.8 billion in November versus a revised EUR 3.4 billion in the prior month, while trade deficit increased to EUR 13.8 billion in November. Industrial production in Germany rose 0.2% month-over-month in November.
Asia Pacific Markets
Asian markets closed higher on Monday, with the Hong Kong’s Hang Seng Index climbing 1.89%, and China’s Shanghai Composite Index adding 0.58%.
Private house approvals in Australia declined 2.2% month-over-month to 9,142 units in November, while building permits declined by 9% month-over-month to 13,898 units in November.
Economics
Data on consumer credit for November will be released at 3:00 p.m. ET.
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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 103,086,920 cases with around 1,121,090 deaths. India confirmed a total of at least 44,681,170 cases and 530,720 deaths, while France reported over 39,407,720 COVID-19 cases with 162,640 deaths. In total, there were at least 668,796,070 cases of COVID-19 worldwide with more than 6,714,170 deaths.