Dow Surges Over 100 Points; Commercial Metals Posts Upbeat Q1 Results

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 100 points on Monday.

The Dow traded up 0.35% to 37,596.43 while the NASDAQ rose 1.89% to 14,799.21. The S&P 500 also rose, gaining, 1.11% to 4,749.41.

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Leading and Lagging Sectors

Information technology shares jumped by 2.1% on Monday.

In trading on Monday, energy shares fell by 2.1%.

Top Headline

Commercial Metals Company CMC posted upbeat earnings for its first quarter on Monday.

Commercial Metals posted adjusted earnings of $1.63 per share, beating market estimates of $1.45 per share. The company’s quarterly sales came in at $2.00 billion versus estimates of $1.89 billion.

Equities Trading UP

Harpoon Therapeutics, Inc. HARP shares shot up 112% to $22.40 after Merck announced it will acquire the company for $23 per share in cash.

Shares of Ambrx Biopharma Inc. AMAM got a boost, surging 101% to $27.43 after Johnson & Johnson announced it will acquire the company in an all-cash merger for a total equity value of approximately $2 billion.

Nkarta, Inc. NKTX shares were also up, gaining 48% to $8.96 after the company announced an updated corporate presentation to reflect certain business and strategic updates.

Equities Trading DOWN

LumiraDx Limited LMDX shares dropped 42% to $0.0198. LumiraDx announced its securities will be suspended from trading on Nasdaq at the open of business on Jan. 9th.

Shares of Dada Nexus Limited DADA were down 37% to $1.9950. Dada Nexus said in the course of its routine internal audit, certain suspicious practices were identified that may cast doubt on certain revenues from the company's online advertising and marketing services in 2023.

Solo Brands, Inc. DTC was down, falling 36% to $3.75 after the company lowered full year 2023 revenue guidance below estimates.

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Commodities

In commodity news, oil traded down 4.6% to $70.44 while gold traded down 0.8% at $2,034.30.

Silver traded up 0.1% to $23.32 on Monday while copper rose 0.3% to $3.8155.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.38%, London’s FTSE 100 rose 0.06% while Spain’s IBEX 35 Index rose 0.44% The German DAX rose 0.74% French CAC 40 rose 0.40% while Italy’s FTSE MIB Index rose 0.42%.

The consumer confidence indicator in the Eurozone increased by 1.9 points from the prior month to -15 in December, while economic sentiment indicator climbed to 96.4 in December from the revised reading of 94.0 in the earlier month. Retail sales in the Eurozone fell by 0.3% from the prior month in November versus a revised 0.4% increase in October.

Factory orders in Germany increased by 0.3% month-over-month in November, while Germany's trade surplus widened to EUR 20.4 billion in November versus a revised EUR 17.7 billion in the prior month.

Asia Pacific Markets

Asian markets closed lower on Monday, with Hong Kong’s Hang Seng Index falling 1.88% and China’s Shanghai Composite Index falling 1.42%. India’s S&P BSE Sensex, meanwhile, fell 0.93%.

Chinese foreign exchange reserves increased to $3.238 trillion in December from $3.172 billion in the prior month.