Dow Surges Over 200 Points; Longboard Pharmaceuticals Shares Jump

Benzinga · 10/14 19:06

U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining around 0.8% on Monday.

The Dow traded up 0.53% to 43,092.98 while the NASDAQ rose 0.94% to 18,515.33. The S&P 500 also rose, gaining, 0.82% to 5,862.96.

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Leading and Lagging Sectors

Information technology shares jumped by 1.4% on Monday.

In trading on Monday, energy shares fell by 0.1%.

Top Headline

Trump Media & Technology Group Corp. (NASDAQ:DJT) announced the release of its Truth+ streaming service on the web.

Truth+ streaming service's content ranges from entertainment, news and faith-based programming to documentaries and weather. Apart from the web, users can access it via an Android app.

Equities Trading UP
                       

  • Tevogen Bio Holdings Inc. (NASDAQ:TVGN) shares shot up 161% to $0.9910. Tevogen Bio plans to share $1 billion + revenue potential of its pipeline portfolio beginning week of Oct. 14.
  • Shares of Verb Technology Company, Inc. (NASDAQ:VERB) got a boost, surging 70% to $13.40 after the CEO, in a letter to shareholders, highlighted the company's cash balance and implied the stock is undervalued. CEO Rory J. Cutaia started off the letter to shareholders highlighting key pieces of financial data related to Verb. Specifically, Cutaia highlighted the company's market cap of $3.8 million as October 10 and its cash balance of $17.2 million as of the its last Form 10-Q filing.
  • Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares were also up, gaining 51% to $58.83 after the company announced it will be acquired by Lundbeck.

Equities Trading DOWN

  • Molecular Templates, Inc. (NASDAQ:MTEM) shares dropped 75% to $0.3749 after the company announced it approved the liquidation and wind-up of the company.
  • Shares of Standard Lithium Ltd. (NYSE:SLI) were down 15% to $2.0450. The commodity has been weighed down this year by an oversupply.
  • Vicinity Motor Corp. (NASDAQ:VEV) was down, falling 34% to $0.0778 after the company announced it has not been successful renegotiating terms with Royal Bank of Canada or Export Development Canada.

Commodities

In commodity news, oil traded down 1.8% to $74.18 while gold traded down 0.4% at $2,666.00.

Silver traded down 1.2% to $31.36 on Monday, while copper fell 2.3% to $4.3920.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 gained 0.53%, Germany's DAX gained 0.69% and France's CAC 40 rose 0.32%. Spain's IBEX 35 Index rose 1.12%, while London's FTSE 100 rose 0.47%.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Hong Kong's Hang Seng Index falling 0.75%, China's Shanghai Composite Index gaining 2.07% and India's BSE Sensex gaining 0.73%.

Economics

No major economic reports are scheduled for release today.

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