Nasdaq Gains 100 Points; Biomerica Shares Spike Higher

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining over 100 points on Monday.

The Dow traded up 0.01% to 37,307.40 while the NASDAQ rose 0.71% to 14,919.07. The S&P 500 also rose, gaining, 0.54% to 4,744.58.

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Leading and Lagging Sectors

 

Communication services shares rose by 2.1% on Monday.

In trading on Monday, real estate shares fell by 0.3%.

 

Top Headline

 

ZimVie Inc. ZIMV disclosed an agreement to sell its spine business to H.I.G. Capital for $375 million.

 

Equities Trading UP

 

Invivyd, Inc. IVVD shares shot up 147% to $4.03 after the company announced initial results from its CANOPY Phase 3 trial of VYD222.

Shares of Biomerica, Inc. BMRA got a boost, surging 60% to $1.58. Biomerica received FDA 510(k) clearance for its Hp Detect Stool Antigen ELISA test, designed to detect the presence of the H. pylori bacteria.

ZimVie Inc. ZIMV shares were also up, gaining 43% to $16.02 after the company disclosed an agreement to sell its spine business to H.I.G. Capital for $375 million.

 

Equities Trading DOWN

 

Checkpoint Therapeutics, Inc. CKPT shares dropped 44% to $1.8574. The FDA has issued a Complete Response letter to Checkpoint Therapeutics' Cosibelimab Biologic License Application for metastatic or locally advanced cutaneous squamous cell carcinoma who are not candidates for curative surgery or radiation.

Shares of Structure Therapeutics Inc. GPCR were down 39% to $36.13 after the company announced a comprehensive development program update for GSBR-1290.

Ebix, Inc. EBIX was down, falling 65% to $1.7150 after the company and certain US affiliates filed for protection under Chapter 11 and reached a stalking horse agreement to sell its North American Life and Annuity assets to Zinnia.

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Commodities

 

In commodity news, oil traded up 0.9% to $72.10 while gold traded up 0.2% at $2,040.30.

Silver traded down 0.1% to $24.14 on Monday while copper fell 1.1% to $3.8475.

 

Euro zone

 

European shares closed mostly lower today. The eurozone’s STOXX 600 slipped 0.27%, London’s FTSE 100 gained 0.50% while Spain’s IBEX 35 Index fell 0.40% The German DAX fell 0.60% French CAC 40 fell 0.37%, while Italy’s FTSE MIB Index fell 0.44%.

The Ifo Business Climate indicator for Germany fell to a three-month low level of 86.4 in December versus a revised reading of 87.2 in November.

 

Asia Pacific Markets

 

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 falling 0.64%, Hong Kong’s Hang Seng Index declining 0.97% and China’s Shanghai Composite Index falling 0.40%. India’s S&P BSE Sensex, meanwhile, fell 0.24%.

Singapore's non-oil domestic exports rose by 1% year-over-year in November compared to a revised 3.5% decline in October.

 

Economics

 

The NAHB/Wells Fargo Housing Market Index in the U.S. rose to 37 in December from 34 in the prior month, and topping market estimates of 36.

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