Nasdaq Rises 50 Points; Ciena Earnings Top Expectations

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 50 points on Monday.

The Dow traded up 0.16% to 33,444.91 while the NASDAQ rose 0.43% to 11,739.11. The S&P 500 also rose, gaining, 0.35% to 4,059.80.

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Leading and Lagging Sectors

• Information technology shares rose 1.2% on Monday. Meanwhile, top gainers in the sector included MariaDB plc MRDB, up 18%, and Viasat, Inc. VSAT, up 9%.
• In trading on Monday, materials shares fell by 1.3%.

Top Headline

Ciena Corp CIEN reported better-than-expected Q1 financial results.

Ciena reported a first-quarter FY23 revenue growth of 25.1% year-on-year to $1.057 billion, beating the consensus of $959.4 million. Non-GAAP EPS of $0.64 beat the consensus of $0.36.

Equities Trading UP

• BridgeBio Pharma, Inc. BBIO shares shot up 56% to $16.92 after the company announced positive data for its phase 2 study of Infigratinib in Achondroplasia.
• Shares of Azul S.A. AZUL got a boost, shooting 42% to $5.91 after the company announced a deal to reduce the immediate cash it must expend for leased property.
• Unicycive Therapeutics, Inc. UNCY shares were also up, gaining 155% to $1.25 after the company announced a private placement of up to $130 million in gross proceeds to commercialize and launch Renazorb.

Equities Trading DOWN

• Aclaris Therapeutics, Inc. ACRS shares tumbled 49% to $6.50 after the company announced its Phase 2A study of Zunsemetinib for Hidradentis Suppurativa did not meet its primary or secondary endpoints.
• Shares of Embark Technology, Inc. EMBK were down 32% to $2.60. On March 1, 2023, Embark Technology board approved a reduction in its current workforce by approximately 230 employees.
• Esperion Therapeutics, Inc. ESPR was down, falling 20% to $5.09 after the company published new data on its treatment to reduce cardiovascular risk.

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Commodities

In commodity news, oil traded up 0.6% to $80.16 while gold traded down 0.1% at $1,854.30.

Silver traded down 0.5% to $21.13 on Monday while copper rose 0.3% to $4.0805.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 fell 0.02%, London’s FTSE 100 fell 0.22% while Spain’s IBEX 35 Index rose 0.49%. The German DAX gained 0.48% French CAC 40 rose 0.34% and Italy’s FTSE MIB Index gained 0.45%.

Retail trade in the Eurozone rose by 0.3% from a month ago in January versus a revised 1.7% decline in December, while the S&P Global Eurozone construction PMI climbed to 47.6 in February from 46.1 a month ago.

The S&P Global/CIPS UK construction PMI climbed to 54.6 in February from 48.4 in the previous month, while UK new car registrations climbed by 26.2% from a year ago to 74,441 units in February. The S&P Global Italy construction PMI rose to 48.9 in February from 48.2 a month ago. The S&P Global German construction PMI rose to 48.6 in February of from 43.3 in January, while France construction PMI declined to 45.2 from 48.4.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 1.11%, Hong Kong’s Hang Seng Index rising 0.17% and China’s Shanghai Composite Index falling 0.19%. India’s S&P BSE Sensex climbed 0.7%.

Economics

US factory orders dropped 1.6% in January, versus market expectations for a 1.8% decline.

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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 105,396,810 cases with around 1,146,740 deaths. India confirmed a total of at least 44,688,100 cases and 530,770 deaths, while France reported over 39,638,150 COVID-19 cases with 165,030 deaths. In total, there were at least 680,690,500 cases of COVID-19 worldwide with more than 6,805,280 deaths.