Nasdaq Turns Higher; Credit Suisse Shares Plummet

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 400 points on Monday.

The Dow traded up 1.27% to 32,267.56 while the NASDAQ rose 0.28% to 11,663.46. The S&P 500, also rose, gaining, 0.92% to 3,952.53.

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Leading and Lagging Sectors

• Energy shares rose by 2.5% on Monday. Meanwhile, top gainers in the sector included Talos Energy Inc. TALO, up 12%, and Tsakos Energy Navigation Limited TNP, up 9%.
• In trading on Monday, information technology shares slipped by 0.1%.

Top Headline

Foot Locker Inc FL posted upbeat results for its fourth quarter.

The company reported a fourth-quarter FY22 sales decline of 0.30% year-on-year to $2.33 billion, beating the consensus of $2.15 billion. Adjusted EPS of $0.97 beat the analyst consensus of $0.51.

Equities Trading UP

• New York Community Bancorp, Inc. NYCB shares shot up 35% to $8.81 after Keefe, Bruyette & Woods upgraded the stock from Market Perform to Outperform.
• Shares of PacWest Bancorp PACW got a boost, shooting 11% to $8.81 after the company provided an update on its liquidity position.
• SuRo Capital Corp. SSSS shares were also up, gaining 19% to $3.50. SuRo Capital will commence a modified Dutch Auction tender offer to repurchase up to 3 million shares of its common stock.

Equities Trading DOWN

• Credit Suisse Group AG CS shares tumbled 52% to $0.9710 after UBS agreed to acquire the bank for $3.2 billion.
• Shares of PDD Holdings Inc. PDD were down 13% to $80.00 after the company reported worse-than-expected Q4 revenues and a decrease in revenues from merchandise sales.
• Aziyo Biologics, Inc. AZYO was down, falling 55% to $1.76 after the company received a determination from the FDA indicating that the company's premarket notification for the CanGaroo RM Antibacterial Envelope is not substantially equivalent.

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Commodities

In commodity news, oil traded down 0.7% to $66.25 while gold traded up 0.4% at $1,981.20.

Silver traded up 0.7% to $22.625 on Monday while copper rose 1.8% to $3.9635.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.98%, London’s FTSE 100 rose 0.93% while Spain’s IBEX 35 Index rose 1.3%. The German DAX gained 1.12%, French CAC 40 climbed 1.27% and Italy’s FTSE MIB Index rose 1.59%.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan’s Nikkei 225 dropping 1.42%, Hong Kong’s Hang Seng Index dropping 2.65% and China’s Shanghai Composite Index declining 0.48%. India’s S&P BSE Sensex fell 0.6%.

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 105,735,650 cases with around 1,150,130 deaths. India confirmed a total of at least 44,692,710 cases and 530,790 deaths, while France reported over 39,675,450 COVID-19 cases with 165,260 deaths. In total, there were at least 682,048,540 cases of COVID-19 worldwide with more than 6,815,400 deaths.