Nasdaq Rises 75 Points; Tower Semiconductor Posts Upbeat Q1 Results

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 75 points on Monday.

The Dow traded up 0.07% to 33,325.35 while the NASDAQ rose 0.62% to 12,360.60. The S&P 500, also rose, gaining, 0.27% to 4,135.07.

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Leading and Lagging Sectors

• Materials shares rose by 0.5% on Monday. Meanwhile, top gainers in the sector included Trinseo PLC TSE, up 10%, and Ivanhoe Electric Inc. IE, up 10%.
• In trading on Monday, utilities shares fell 1.4%.

Top Headline

Tower Semiconductor Ltd TSEM posted upbeat results for its first quarter.

Tower Semiconductor reported a revenue decline of 15.6% year-on-year to $355.6 million, beating the consensus of $352.4 million. EPS of $0.64 beat the consensus of $0.47.

Equities Trading UP

• NeoGames S.A. NGMS shares shot up 112% to $27.20 as the company agreed to be acquired by Aristocrat Leisure Limited for $29.50 per share in cash.
• Shares of 1847 Holdings LLC EFSH got a boost, shooting 49% to $0.82 after the company reported a 27.6% increase in revenue to $15.4 million and achieved profitability for the first quarter.
• Ohmyhome Limited OMH shares were also up, gaining 122% to $40.94. Ohmyhome reported signing of Memorandum of Understanding with Ohmyhome Property Inc. to officially expand into the Philippines market.

Equities Trading DOWN

• Larimar Therapeutics, Inc. LRMR shares dropped 29% to $3.60 after the company reported preliminary top-line data from the Phase 2 trial's 25 mg cohort. The company also reported Q1 financial results.
• Shares of Jaguar Health, Inc. JAGX were down 18% to $0.8001. Jaguar Health posted a first-quarter loss of $2.39 per share.
• Athenex, Inc. ATNX was down, falling 64% to $0.4140 after the company announced it voluntarily filed Chapter 11 proceedings.

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Commodities

In commodity news, oil traded up 1.6% to $71.19 while gold traded up 0.3% at $2,024.90.

Silver traded up 0.6% to $24.295 on Monday while copper rose 0.5% to $3.7480.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 gained 0.25%, London’s FTSE 100 rose 0.30% while Spain’s IBEX 35 Index fell 0.35% The German DAX rose 0.02%, French CAC 40 gained 0.05% and Italy’s FTSE MIB Index fell 0.37%.

Industrial production in the Eurozone fell 4.1% month-over-month in March. German wholesale prices dropped 0.5% year-over-year in April, recording the first drop since Dec. 2020.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 0.81%, Hong Kong’s Hang Seng Index climbing 1.75% and China’s Shanghai Composite Index gaining 1.17%. India’s S&P BSE Sensex rose 0.5%.

Indian wholesale prices fell by 0.92% year-over-year in April following a 1.34% growth in the earlier month, while total passenger vehicle sales in India jumped by 13.4% from a month ago to 313,278 in April. Japanese machine tool orders declined 12.7% year-over-year to JPY 132,673 million in March versus a 15.2% decline in the prior month, while producer prices rose by 5.8% year-over-year in April.

Economics

The NY Empire State Manufacturing Index fell to -31.8 in May from 10.8 in the previous month, recording the lowest reading in four months. Analysts, meanwhile, were expecting a reading of -3.75.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,792,470 cases with around 1,162,700 deaths. India confirmed a total of at least 44,981,470 cases and 531,770 deaths, while France reported over 40,044,970 COVID-19 cases with 166,970 deaths. In total, there were at least 688,306,630 cases of COVID-19 worldwide with more than 6,874,390 deaths.