U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining more than 1% on Monday.
The Dow traded down 0.19% to 37,396.28 while the NASDAQ rose 1.20% to 14,698.88. The S&P 500 also rose, gaining 0.55% to 4,722.93.
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Market Performance
Information technology shares jumped by 2% on Monday.
In trading on Monday, energy shares fell by 2.2%.
Recent Business News
Commercial Metals Company (NYSE: CMC) posted upbeat earnings for its first quarter on Monday.
Commercial Metals posted adjusted earnings of $1.63 per share, beating market estimates of $1.45 per share. The company’s quarterly sales came in at $2.00 billion versus estimates of $1.89 billion.
Stocks Trending Upward
Harpoon Therapeutics, Inc. (NASDAQ: HARP) shares surged 112% to $22.40 after Merck announced it will acquire the company for $23 per share in cash.
Shares of Ambrx Biopharma Inc. (NASDAQ: AMAM) soared 100% to $27.32 after an announcement of an all-cash merger with Johnson & Johnson, valued at approximately $2 billion.
Spectaire Holdings Inc. (NASDAQ: SPEC) also experienced a 43% increase, reaching $2.41 per share.
Stocks Trending Downward
LumiraDx Limited (NASDAQ: LMDX) shares dropped 43% to $0.0195. LumiraDx announced its securities will be suspended from trading on Nasdaq at the open of business on Jan. 9th.
Shares of Dada Nexus Limited (NASDAQ: DADA) were down 37% to $1.9999 due to identified suspicious practices affecting certain revenues from the company’s online advertising and marketing services in 2023.
Solo Brands, Inc. (NYSE: DTC) fell 38% to $3.6850 after the company lowered its full-year 2023 revenue guidance below estimates.
Commodities and International Markets
In commodity news, oil traded down 4.9% to $70.23, while gold traded down 0.6% at $2,038.30. Silver traded up 0.3% to $23.38, and copper rose 0.3% to $3.8190 on Monday.
European shares were mostly higher today, with the eurozone’s STOXX 600 rising 0.38%, London’s FTSE 100 rising 0.06%, and Spain’s IBEX 35 Index rising 0.44%. The German DAX, French CAC 40, and Italy’s FTSE MIB Index also experienced gains.
Asian markets closed lower on Monday, with Hong Kong’s Hang Seng Index falling 1.88% and China’s Shanghai Composite Index falling 1.42%. India’s S&P BSE Sensex, meanwhile, fell 0.93%.
Chinese foreign exchange reserves increased to $3.238 trillion in December from $3.172 billion in the prior month.
Upcoming Economic Data
Data on consumer credit for November will be released at 3:00 p.m. ET.
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