Dow Surges Over 100 Points; EyePoint Pharmaceuticals Shares Plunge

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 38,811.58 while the NASDAQ rose 0.95% to 16,309.74. The S&P 500 also rose, gaining, 0.82% to 5,169.93.

Leading and Lagging Sectors

Energy shares rose by 1.5% on Monday.

In trading on Friday, consumer staples shares fell by 0.4%.

Top Headline

Shares of Spirit Airlines, Inc. SAVE fell sharply during Monday’s session after reporting first-quarter results.

Spirit Airlines reported a first-quarter fiscal 2024 revenue decline of 6.2% Y/Y to $1.265 billion, marginally missing the consensus of $1.269 billion. Adjusted EPS loss was $(1.46), down from $(0.82), missing the consensus of $(1.45).

Equities Trading UP
                       

• Perficient, Inc. PRFT shares shot up 53% to $73.38 after the company disclosed an acquisition deal and first-quarter FY24 results.
• Shares of Strong Global Entertainment, Inc. SGE got a boost, surging 120% to $2.51  after FG Acquisition Corp. announced the proposed acquisition of Strong/MDI Screen Systems and the launch of Saltire Holdings.
• XBP Europe Holdings, Inc. XBP shares were also up, gaining 55% to $3.2680. XBP Europe Holdings was recently awarded a $40 million multi-year contract for a nationwide transformation project for His Majesty’s Passport Office.

Equities Trading DOWN

• Lyra Therapeutics, Inc LYRA shares dropped 87% to $3.2680 after the company announced the ENLIGHTEN 1 trial did not meet its primary endpoint.
• Shares of GlycoMimetics, Inc GLYC were down 82% to $0.3330 after the company announced topline results from its Phase 3 global pivotal study of uproleselan in relapsed/refractory acute myeloid leukemia (R/R AML).
• EyePoint Pharmaceuticals, Inc EYPT was down, falling 42% to $11.38 after the company’s Phase 2 PAVIA trial of DURAVYU did not meet its pre-specified primary endpoint.

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Commodities

In commodity news, oil traded up 0.6% to $78.56 while gold traded up 1.1% at $2,333.60.

Silver traded up 3.6% to $27.66 on Monday, while copper rose 1.1% to $4.6085.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.53%, Germany's DAX rose 0.96% and France's CAC 40 gained 0.49%. Spain's IBEX 35 Index rose 0.58%, while London's FTSE 100 rose 0.51%.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei falling 0.1%, Hong Kong's Hang Seng Index jumping 0.55% and India's S&P BSE Sensex rising 0.02%.

Economics

No major economic reports will be released today.

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