US Stocks Rise; Norwegian Cruise Line Posts Q1 Results

U.S. stocks traded higher this morning, ahead of the Federal Reserve’s monetary policy meeting.

Following the market opening Monday, the Dow traded up 0.15% to 34,147.97, while the NASDAQ inched up 0.03% to 12,230.82 and the S&P 500 gaining 0.11% to 4,174.13.

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Leading and Lagging Sectors

Industrials shares rose by +0.68% on Monday. Meanwhile, top gainers in the sector included FuelCell Energy Inc FCEL, up 14.90% and RCM Technologies Inc RCM up 12.54%.

In trading on Monday, energy shares fell 0.63%.

Top Headline

Norwegian Cruise Line Holdings Ltd NCLH reported its first-quarter results before the opening bell on Monday.

The company met or exceeded its guidance on key parameters. Its total revenues came in at $1.8 billion, with GAAP net loss of $159.3 million or 38 cents per share. Norwegian Cruise Line’s adjusted EBITDA of $234 million and adjusted loss of 30 cents per share were better than the guidance of $195 million and 45 cents per share, respectively.

Equities Trading UP

• Nano-X Imaging Ltd NNOX shares shot up 54.82% to $9.46, after the company announced it had received 510(k) clearance from the FDA to market the Nanox.ARC as a stationary X-ray system intended to produce tomographic images of the human musculoskeletal system adjunctive to conventional radiography, on adult patients.
• Shares of Apollomics Inc APLM got a boost, shooting 23.67% to $5.7383, after declining around 3% on Friday.
• Ascendis Pharma’s ASND shares were also up, gaining 19.1% to $83.3242 after the company announced it had received a CRL for TransCon PTH in hypoparathyroidism over FDA concerns related to the manufacturing control strategy. No new preclinical studies, or Phase 3 clinical trials to evaluate safety or efficacy, were requested in the letter.

Equities Trading DOWN

• First Republic Bank FRC shares tumbled 62.69 to $2.31 on news of it being the third US bank failure of 2023. JPMorgan Chase & Co JPM agreed to acquire most of First Republic Bank.
• Shares of TOP Financial Group Ltd TOP were down 30.12% to $75.62, after spiking more than 600% on Friday amid discussions on popular subreddit WallStreetBets (WSB).
• Pliant Therapeutics Inc PLRX was down, falling 27.37% to $20.52, after the company announced long-term data from the INTEGRIS-IPF Phase 2a trial.

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Commodities

In commodity news, oil traded down 1.8% to $75.38, while gold fell 0.2% to $ 1,995.20.

Silver traded up 0.8% Monday to $25.435.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.03%, London’s FTSE 100 rose 0.50%, while Spain’s IBEX 35 Index declined 0.79%. The German DAX gained 0.77%, French CAC 40 rose 0.10% and Italy’s FTSE MIB Index climbed 0.30%.

Denmark’s Manufacturing PMI rose to 44.2 in April, from 43.2 in the previous month.

Economics

The US S&P Global Manufacturing PMI was revised lower to 50.2 in April, from a preliminary reading of 50.4. The figure was better than the 49.2 reported in March.

The ISM Manufacturing PMI rose to 47.1 in April, from 46.3 in the previous month.

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