S&P 500 Rises 0.8%; New York Community Bancorp Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 300 points on Monday.

The Dow traded up 1.04% to 32,192.75 while the NASDAQ rose 0.30% to 11,665.73. The S&P 500, also rose, gaining, 0.80% to 3,947.80.

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Leading and Lagging Sectors

• Energy shares rose by 2.2% on Monday. Meanwhile, top gainers in the sector included Talos Energy Inc. TALO, up 10%, and Hammerhead Energy Inc. HHRS, up 8%.
• In trading on Monday, consumer discretionary shares rose by just 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 $8.82 after the Federal Deposit Insurance Corporation (FDIC) announced NYCB subsidiary Flagstar Bank entered into a purchase agreement for Signature Bridge Bank. Multiple analysts upgraded the stock in the wake of the announcement.
• Shares of Allarity Therapeutics, Inc. ALLR got a boost, shooting 62% to $0.1702 after the company said it dosed the first patient in its trial studying advanced solid tumors.
• 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 $0.9660 after UBS agreed to acquire the bank for $3.2 billion.
• Shares of Bed Bath & Beyond Inc. BBBY were down 24% to $0.7820 after the company announced a special shareholder meeting to approve a 1-for-5 to 1-for-10 reverse stock split.
• Aziyo Biologics, Inc. AZYO was down, falling 59% to $1.60 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 0.6% to $66.36 while gold traded up 0.5% at $1,983.40.

Silver traded up 0.8% to $22.65 on Monday while copper rose 1.6% to $3.9565.

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 1.31%. 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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