S&P 500 Edges Higher; ON Semiconductor Earnings Top Views

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 0.1% on Monday.

The Dow traded up 0.19% to 38,313.56 while the NASDAQ rose 0.13% to 15,948.81. The S&P 500 also rose, gaining, 0.10% to 5,105.25.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 1.9% on Monday.

In trading on Monday, communication services shares fell by 1.7%.

Top Headline

ON Semiconductor Corp ON reported better-than-expected first-quarter results.

ON Semiconductor reported a fiscal first-quarter 2024 revenue decline of 5% year-on-year to $1.86 billion, beating the consensus of $1.85 billion. The adjusted EPS of $1.08 beat the consensus of $1.04.

ON Semiconductor expects second-quarter adjusted revenue of $1.68 billion – $1.78 billion, below the consensus of $1.92 billion. The company sees adjusted EPS of $0.86 – $0.98 versus the consensus of $1.10.

Equities Trading UP
                       

• Deciphera Pharmaceuticals, Inc. DCPH shares shot up 73% to $25.29 after the company announced it will be acquired by ONO Pharmaceutical for $25.60 per share in cash.
• Shares of Collective Audience, Inc.  CAUD got a boost, surging 84% to $0.7356 after the company announced a strategic partnership with Insticator.
• Koninklijke Philips N.V.  PHG shares were also up, gaining 28% to $27.02 after the company announced $1.1 billion settlement for Respironics personal injury and medical monitoring litigation. The company also reported better than expected first-quarter earnings and reaffirmed guidance.

Equities Trading DOWN

• Clever Leaves Holdings Inc. CLVR shares dropped 61% to $1.60 after the company announced that it will voluntarily delist its common shares from the Nasdaq and deregister its Securities to terminate and suspend its reporting obligations.
• Shares of Addex Therapeutics Ltd ADXN were down 50% to $8.12 after the company announced the Phase 2 ADX71149 epilepsy study did not achieve statistical significance for the primary endpoint of time for patients to reach baseline seizure count when ADX71149 was added to standard of care.
• Annovis Bio, Inc. ANVS was down, falling 58% to $7.49 after the company announced data from its Phase II/III Alzheimer study of buntanetap in mild to moderate Alzheimer’s. Efficacy in the CGIC endpoint was not reached due to the limited number of patients and short trial duration.

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Commodities

In commodity news, oil traded down 0.8% to $83.17 while gold traded up 0.4% at $2,355.80.

Silver traded up 0.6% to $27.410 on Monday, while copper rose 2.1% to $4.67.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.07%, London's FTSE 100 rose 0.09% while Spain's IBEX 35 Index fell 0.48% The German DAX fell 0.24% French CAC 40 fell 0.29% while Italy's FTSE MIB Index rose 0.14%.

The services confidence indicator in the Eurozone fell by 0.4 points to 6.0 in April, while industry confidence indicator declined to -10.5 in April versus a revised level of -8.9 in the prior month. The consumer confidence indicator in the Eurozone increased by 0.2 points to -14.7 in April.

The seasonally adjusted industry confidence indicator in Spain increased by 0.8 points from the prior month to a reading of -3.9 in April. Spain’s consumer price inflation rate rose to 3.3% year-over-year in April.

Asia Pacific Markets

Asian markets closed higher on Monday, with Hong Kong's Hang Seng Index jumping 0.54%, China's Shanghai Composite climbing 0.79% and India's S&P BSE Sensex gaining 1.28%.

Profits earned by Chinese industrial firms climbed 4.3% year-over-year to CNY 1,505.5305 billion during the first three months of the year, compared to a 10.2% gain in the earlier period.

Economics

The Dallas Fed Manufacturing index fell slightly to -14.5 in April from March’s reading of -14.4.

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