S&P 500 Rises Over 1%; Zions Bancorp Shares Gain After Q1 Earnings

U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining more than 1% on Monday.

The Dow traded up 1.02% to 38,373.22 while the NASDAQ rose 1.45% to 15,503.89. The S&P 500 also rose, gaining, 1.22% to 5,027.92.

Check This Out: Alphabet To Rally Around 14%? Here Are 10 Top Analyst Forecasts For Monday

Leading and Lagging Sectors

Financial shares climbed by 1.3% on Monday.

In trading on Monday, materials shares rose by just 0.2%.

Top Headline

Shares of Zions Bancorporation, N.A. ZION gained around 4% on Monday after the company reported upbeat earnings for its first quarter.

The company posted a first-quarter FY24 revenue decline of 11.6% year-on-year to $742 million, missing the analyst consensus estimate of $743.481 million. Adjusted EPS of $1.03 beat the analyst consensus estimate of 98 cents.

Equities Trading UP
                       

• Moolec Science SA MLEC shares shot up 63% to $2.26 after the company announced that it received USDA approval for plant-grown animal proteins.
• Shares of NewGenIvf Group Limited NIVF got a boost, surging 113% to $1.56 after the company signed a non-binding term sheet for a potential reverse merger with European Wellness Investment Holdings.
• Matterport, Inc. MTTR shares were also up, gaining 179% to $4.8550 after the company announced a deal to be acquired by online real estate marketplace provider CoStar Group.

Equities Trading DOWN

• Vaxxinity, Inc. VAXX shares dropped 46% to $0.2569 after the company announced its intention to voluntarily delist and deregister its Class A common stock.
• Shares of Hepion Pharmaceuticals, Inc. HEPA were down 28% to $1.51 after the company announced that it began wind-down activities in its Phase 2b “ASCEND-NASH Trial.
• Warrantee Inc. WRNT was down, falling 34% to $0.2798 after the company announced a receipt of a Nasdaq delisting determination and a plan to appeal.

Also Check This Out: This Analyst With 85% Accuracy Rate Sees More Than 37% Upside In AMD – Here Are 5 Stock Picks For Last Week From Wall Street’s Most Accurate Analysts

Commodities

In commodity news, oil traded up 0.3% to $83.40 while gold traded down 2.9% at $2,343.90.

Silver traded down 5.7% to $27.21 on Monday, while copper fell 0.4% to $4.48.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.60%, London's FTSE 100 rose 1.62% while Spain's IBEX 35 Index climbed 1.50% The German DAX gained 0.70% French CAC 40 rose 0.38% while Italy's FTSE MIB Index fell 0.58%.

Eurozone's government deficit to GDP ratio fell to 3.6% in 2023 compared to a revised 3.7% in the prior year.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan's Nikkei 225 gaining 1%, Hong Kong's Hang Seng Index gaining 1.77%, China's Shanghai Composite falling 0.67% and India's S&P BSE Sensex gaining 0.77%.

The People’s Bank of China maintained its key lending rates at the April fixing.

Economics

The Chicago Fed National Activity Index increased to +0.15 in March versus a revised reading of +0.09 in the previous month, topping market estimates of +0.09.

Now Read This: Progressive, Q2 Holdings And 2 Other Stocks Insiders Are Selling