US Stocks Open Higher; Dow Jumps 200 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining around 200 points on Monday.

Following the market opening Monday, the Dow traded up 0.59% to 34,069.23 while the NASDAQ rose 0.65% to 11,793.71. The S&P 500 also rose, gaining, 0.52% to 4,111.69.

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Leading and Lagging Sectors

• Information technology shares rose by 1.1% on Monday. Meanwhile, top gainers in the sector included Fastly, Inc. FSLY, up 21%, and Diebold Nixdorf, Incorporated DBD, up 12%.
• In trading on Monday, energy shares dipped by 1.1%.

 

Top Headline

TreeHouse Foods Inc THS reported mixed results for its fourth quarter.

The company posted quarterly sales growth of 22% year-on-year to $996.20 million, missing the consensus of $1.02 billion. Adjusted EPS of $0.98 beat the analyst consensus of $0.92.

 

Equities Trading UP

• Ocular Therapeutix, Inc. OCUL shares shot up 28% to $4.95 after the company announced interim 10-month data from an ongoing U.S. Phase 1 clinical trial evaluating OTX-TKI for the treatment of wet AMD.
• Shares of Fastly, Inc. FSLY got a boost, shooting 22% to $12.05 after B of A Securities upgraded the stock from Underperform to Buy and raised its price target from $10.50 to $16.
• COMSovereign Holding Corp. COMS shares were also up, gaining 17% to $5.10 after the company announced an 80% year-over-year reduction of outstanding secured debt.

 

Equities Trading DOWN

• Frequency Therapeutics, Inc. FREQ shares tumbled 79% to $0.83 after the company said its FX-322-208 study failed to meet primary endpoint, showing no significant separation in speech perception between FX-322 and placebo.
• Shares of G1 Therapeutics, Inc. GTHX were down 53% to $3.3350 after the company announced it will discontinue its PRESERVE 1 colorectal trial.
• United Insurance Holdings Corp. UIHC was down, falling 34% to $1.3450. United Insurance Holdings recently announced the sale of its Florida personal lines renewal rights to Slide Insurance, Inc.

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Commodities

In commodity news, oil traded down 0.4% to $79.38 while gold traded down 0.4% at $1,867.10.

Silver traded down 0.3% to $22.02 on Monday while copper rose 1% to $4.0560.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.7%, London’s FTSE 100 rose 0.6% while Spain’s IBEX 35 Index rose 0.8%. The German DAX climbed 0.6% French CAC 40 surged 0.9% and Italy’s FTSE MIB Index rose 0.5%.

The European Commission increased the growth outlook for this year to 0.9% in the 20 countries using the euro, up from 0.3% expected last November. Headline inflation in the Euro zone is expected to decline to 5.6% in 2023 compared to 8.4% in 2022, according to the European Commission.

 

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 dropping 0.88%, Hong Kong’s Hang Seng Index dropping 0.12% and China’s Shanghai Composite Index gaining 0.72%. India’s S&P BSE Sensex slipped 0.4%.

Singapore's non-oil domestic exports climbed by 3% year-over-year in 2022, versus a 12.1% increase in 2021. Singapore’s GDP grew by 2.1% from a year ago in Q4 versus the flash figure of 2.2%.

 

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 104,766,850 cases with around 1,140,010 deaths. India confirmed a total of at least 44,684,200 cases and 530,750 deaths, while France reported over 39,564,780 COVID-19 cases with 164,530 deaths. In total, there were at least 677,609,790 cases of COVID-19 worldwide with more than 6,782,460 deaths.