Dow Surges 100 Points; Cogent Biosciences Shares Plunge

U.S. stocks traded mixed midway through trading, with the Dow Jones index gaining more than 100 points on Monday.

The Dow traded up 0.28% to 36,349.22 while the NASDAQ fell 0.36% to 14,352.34. The S&P 500 also rose, gaining, 0.06% to 4,607.02.

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Leading and Lagging Sectors

 

Industrials shares rose by 0.9% on Monday.

In trading on Monday, communication services shares fell by 1.6%.

 

Top Headline

 

An investor consortium has tabled a $5.8 billion bid to acquire Macy's Inc. M, in an attempt to privatize the iconic department store chain.

This comes as Macy's grapples with mounting competition from digital retailers, which has significantly eroded its market value.

 

Equities Trading UP

 

Pasithea Therapeutics Corp. KTTA shares shot up 114% to $0.6527 after the company announced preclinical results from two in vivo studies evaluating the antitumor efficacy of PAS-004 in NRAS mutation cancer xenograft models.

Shares of MorphoSys AG MOR got a boost, shooting 27% to $8.93 as the company presented comprehensive results from the Phase 3 MANIFEST-2 study investigating pelabresib at 65th American Society of Hematology Annual Meeting.

The Cigna Group CI shares were also up, gaining 17% to $303.24. Cigna has withdrawn from its proposed merger with Humana Inc. HUM.

 

Equities Trading DOWN

 

Cogent Biosciences, Inc. COGT shares dropped 52% to $4.1101 after the company reported initial data from its ongoing Phase 2 SUMMIT trial and data from Part 1 of its ongoing Phase 2 APEX clinical at ASH 2023.

Shares of Green Giant Inc. GGE were down 42% to $0.1484 after announcing a proposed public offering.

Near Intelligence, Inc. NIR was down, falling 40% to $0.0911. Near Intelligence filed for Chapter 11 protection and entered into agreement to sell its business.

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Commodities

 

In commodity news, oil traded down 0.4% to $70.95 while gold traded down 0.8% at $ 1,997.90.

Silver traded down 1% to $23.045 on Monday while copper fell 1% to $3.7930.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.33%, London’s FTSE 100 fell 0.05% while Spain’s IBEX 35 Index fell 0.29% The German DAX gained 0.20% French CAC 40 gained 0.38%, while Italy’s FTSE MIB Index rose 0.20%.

 

Asia Pacific Markets

 

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 1.50%, Hong Kong’s Hang Seng Index falling 0.81% and China’s Shanghai Composite Index gaining 0.74%. India’s S&P BSE Sensex, meanwhile, rose 0.15%.

Japan’s machine tool orders fell 13.6% year-over-year to JPY 115,884 million in November versus a 20.6% plunge in October. The business survey index of large manufacturing firms in Japan accelerated to 5.7% in the fourth quarter from 5.4% in the prior quarter.

China's producer prices fell by 3.0% year-over-year in November versus a 2.6% decline in the previous month, while consumer prices fell by 0.5% year-over-year in November.

 

Economics

 

There were no major US economic releases Monday.

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