Toward the end of trading Monday, the Dow traded up 0.75% to 34,462.98 while the NASDAQ rose 1.64% to 13,691.64. The S&P also rose, gaining 1.25% to 4,207.76.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,117,920 cases with around 589,890 deaths. India confirmed a total of at least 26,752,440 cases and 303,720 deaths, while Brazil reported over 16,083,250 COVID-19 cases with 449,060 deaths. In total, there were at least 167,219,720 cases of COVID-19 worldwide with more than 3,464,790 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Information technology shares climbed 2% on Monday. Meanwhile, top gainers in the sector included OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), up 9%, and VIA optronics AG (NYSE: VIAO), up 10%.
In trading on Monday, utilities shares rose by just 0.01%.
Top Headline
Xeris Pharmaceuticals Inc (NASDAQ: XERS) has agreed to acquire Strongbridge Biopharma plc (NASDAQ: SBBP) for stock and contingent value rights (CVRs), valuing Strongbridge at approximately $267 million.
The transaction is expected to close early in the fourth quarter of 2021.
Equities Trading UP
Scopus BioPharma Inc. (NASDAQ: SCPS) shares shot up 131% to $13.75 after the company said the FDA vetted its investigational new drug application for CpG-STAT3siRNA, its immuno-oncology RNA therapy for the treatment of multiple cancers. The company said a Phase 1 study for B-cell non-Hodgkin lymphoma will be initiated at City of Hope.
Shares of MMA Capital Holdings, Inc. (NASDAQ: MMAC) got a boost, shooting 58% to $26.99 after Fundamental Advisors announced plans to acquire the company in an all-cash transaction valued at $161.7 million.
Veritiv Corporation (NYSE: VRTV) shares were also up, gaining 18% to $59.13 after the company announced it added $50 million to its buyback program, expanding to a total of $100 million.
Check out these big movers of the day
Equities Trading DOWN
NGM Biopharmaceuticals, Inc. (NASDAQ: NGM) shares tumbled 40% to $17.09 after the company reported results from the 24-week Phase 2b ALPINE 2/3 study evaluating aldafermin in non-alcoholic steatohepatitis (NASH) patients with stage 2 or 3 liver fibrosis (F2/F3). The study did not meet its primary endpoint evaluating a dose-response improvement in liver fibrosis by more than 1 stage with no worsening of NASH at week 24 (p=0.55).
Shares of Puxin Limited (NYSE: NEW) were down 21% to $2.0101 after the company reported Q1 earnings.
Meten EdtechX Education Group Ltd. (NASDAQ: METX) was down, falling 33% to $0.9570 after the company priced its $40 million underwritten public offering of ordinary shares. Meten EdtechX Education shares jumped 15% on Friday after the company said April gross billing for junior English-language teaching was up 1,900%year over year and student enrollment was up 758% year over year.
Commodities
In commodity news, oil traded up 3.7% to $65.95, while gold traded up 0.4% to $1,883.70.
Silver traded up 1.4% Monday to $27.87 while copper rose 1.1% to $4.5320.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.14%, the Spanish Ibex Index rose 0.02% and the German DAX 30 gained 0.44%. Meanwhile, the London’s FTSE 100 gained 0.48%, French CAC 40 gained 0.35% and Italy’s FTSE MIB fell 0.34%.
Eurozone composite PMI climbed to 56.9 in May from 53.8 in April. German composite PMI climbed to 56.2 in May from 55.8 in the prior month, while French composite PMI surged to 57 from 51.6.
Economics
The Chicago Fed National Activity Index dropped to 0.24 in April from 1.71 in March.
Federal Reserve Bank of Kansas City President Esther George will speak at 5:30 p.m. ET.
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