Dow Gains Over 300 Points; S&P 500 Up 1%

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining over 300 points on Monday.

The Dow traded up 1.01% to 34,211.29 while the NASDAQ rose 1.52% to 11,896.33. The S&P 500 also rose, gaining, 1.07% to 4,134.24.

Check This Out: Top 5 Health Care Stocks That Could Blast Off This Month

 

Leading and Lagging Sectors

• Information technology shares rose by 1.9% on Monday. Meanwhile, top gainers in the sector included Fastly, Inc. FSLY, up 28%, and Pagaya Technologies Ltd. PGY, up 16%.
• In trading on Monday, energy shares fell by 0.3%.

 

Top Headline

TreeHouse Foods Inc THS reported mixed results for its fourth quarter.

The company posted quarterly sales growth of 22% year-on-year to $996.20 million, missing the consensus of $1.02 billion. Adjusted EPS of $0.98 beat the analyst consensus of $0.92.

 

Equities Trading UP

• Ocular Therapeutix, Inc. OCUL shares shot up 40% to $5.42 after the company announced interim 10-month data from an ongoing U.S. Phase 1 clinical trial evaluating OTX-TKI for the treatment of wet AMD.
• Shares of Top Ships Inc. TOPS got a boost, shooting 41% to $1.8405 after the company entered into a time charter employment contract.
• COMSovereign Holding Corp. COMS shares were also up, gaining 35% to $5.88 after the company announced an 80% year-over-year reduction of outstanding secured debt.

 

Equities Trading DOWN

• Frequency Therapeutics, Inc. FREQ shares tumbled 82% to $0.71 after the company announced its FX-322-208 study failed to meet its primary endpoint.
• Shares of G1 Therapeutics, Inc. GTHX were down 53% to $3.37 after the company announced it will discontinue its PRESERVE 1 colorectal trial.
• Sorrento Therapeutics, Inc. SRNE was down, falling 59% to $0.3840 after the company filed for Chapter 11 bankruptcy. Sorrento and its subsidiary, Scintilla Pharmaceuticals, commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on Monday.

Also Check This Out: Benzinga's Most Accurate Analysts Say Hold These 3 Real Estate Stocks Delivering High-Dividend Yields

 

Commodities

In commodity news, oil traded up 0.4% to $80.06 while gold traded down 0.6% at $1,863.40.

Silver traded down 1.1% to $21.84 on Monday while copper rose 0.8% to $4.05.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.9%, London’s FTSE 100 rose 0.83% while Spain’s IBEX 35 Index rose 1.02%. The German DAX climbed 0.58% French CAC 40 surged 1.11% and Italy’s FTSE MIB Index rose 0.63%.

The European Commission increased the growth outlook for this year to 0.9% in the 20 countries using the euro, up from 0.3% expected last November. Headline inflation in the Euro zone is expected to decline to 5.6% in 2023 compared to 8.4% in 2022, according to the European Commission.

 

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 dropping 0.88%, Hong Kong’s Hang Seng Index dropping 0.12% and China’s Shanghai Composite Index gaining 0.72%. India’s S&P BSE Sensex slipped 0.4%.

Singapore's non-oil domestic exports climbed by 3% year-over-year in 2022, versus a 12.1% increase in 2021. Singapore’s GDP grew by 2.1% from a year ago in Q4 versus the flash figure of 2.2%.

 

Economics

There were no major US economic releases Monday.

Now Read This: Fox, MGM Resorts And 3 Other Stocks Insiders Are Selling

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 104,766,850 cases with around 1,140,010 deaths. India confirmed a total of at least 44,684,200 cases and 530,750 deaths, while France reported over 39,564,780 COVID-19 cases with 164,530 deaths. In total, there were at least 677,609,790 cases of COVID-19 worldwide with more than 6,782,460 deaths.