Mid-Morning Market Update: Markets Open Higher; Ant Financial Increases Bid For Moneygram

Following the market opening Monday, the Dow traded up 0.47 percent to 20,549.34 while the NASDAQ rose 0.59 percent to 5,839.16. The S&P also rose, gaining 0.48 percent to 2,340.23.

Leading and Lagging Sectors

Monday morning, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.

In trading on Monday, energy shares rose by just 0.2 percent. Meanwhile, top losers in the sector included PHI Inc. PHII, down 3 percent, and North American Energy Partners Inc.(USA) NOA, down 3 percent.

Top Headline

China's Ant Financial raised its bid for Moneygram International Inc MGI by 36 percent to $18 per share in cash.

The offer surpassed a bid from Euronet for $15.20 per share.

Equities Trading UP

Cleveland BioLabs, Inc. CBLI shares shot up 58 percent to $2.46. Cleveland BioLabs reported the start of in vivo biocomparability study and announced the European Medicines Agency positive opinion regarding the entolimod pediatric investigation plan.

Shares of MOCON, Inc. MOCO got a boost, shooting up 37 percent to $29.75 after AMETEK, Inc. AME announced plans to buy MOCON at $30 per share in cash.

Westport Fuel Systems Inc (USA) WPRT shares were also up, gaining 22 percent to $1.30 after the company reported the signing of a definitive agreement to sell its APU assets for $70 million.

Equities Trading DOWN

Vince Holding Corp VNCE shares dropped 23 percent to $1.00. Vince reported a delay in fiscal 2016 10-K filing.

Shares of Snyder's-Lance Inc LNCE were down around 20 percent to $31.92. Snyder's-Lance announced the retirement of its CEO and issued a weak forecast.

Oncomed Pharmaceuticals Inc OMED was down, falling around 20 percent to $3.89 as the company disclosed that its Phase 2 trial of tarextumab did not meet endpoints. OncoMed also reported that it will discontinue enrollment in Phase 1B clinical trial of brontictuzumab.

Commodities

In commodity news, oil traded down 0.13 percent to $53.11 while gold traded down 0.04 percent to $1,288.00.

Silver traded up 0.05 percent Monday to $18.52, while copper rose 0.82 percent to $2.5915.

Economics

The Empire State manufacturing index declined to 5.20 in April, versus a prior reading of 16.40. Economists were expecting a reading of 15.00.

The NAHB housing market index dropped 3 points to a reading of 68 in April.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury International Capital data for February is schedule for release at 4:00 p.m. ET.

Federal Reserve Vice Chairman Stanley Fischer is set to speak in New York City at 5:00 p.m. ET.