Following the market opening Monday, the Dow traded up 0.32% to 25,490.74 while the NASDAQ rose 0.15% to 8,580.26. The S&P also rose, gaining 0.23% to 2,960.97. Coronavirus cases continued to rise outside China. South Korea confirmed 123 new coronavirus cases today, while Italy reported a 50% increase in coronavirus cases. In Iran, total number of infections surged by 523.
Leading and Lagging Sectors
Consumer staples shares climbed 1.7% on Monday. Meanwhile, top gainers in the sector included Costco Wholesale Corporation (NASDAQ: COST), up 7%, and Nature's Sunshine Products, Inc. (NASDAQ: NATR), up 5%.
In trading on Monday, energy shares fell 1%.
Gilead said in a Monday press release that it has entered into a definitive agreement to acquire Menlo Park, California-based Forty Seven for $95.50 per share in cash. This per-share value represents a 96% premium to the $48.79 at which the stock closed Thursday, when speculation regarding the interest began building.
The boards of both companies approved the transaction.
Equities Trading UP
NuCana plc (NASDAQ: NCNA) shares shot up 105% to $8.43.
Shares of Daxor Corporation (NYSE: DXR) got a boost, shooting 87% to $16.09. Daxor said hospitals are using its blood volume analyzer to prevent coronavirus deaths.
Forty Seven, Inc. (NASDAQ: FTSV) shares were also up, gaining 62% to $93.79 after the company announced it will be acquired by Gilead Sciences for $95.50 per share.
Equities Trading DOWN
Allied Healthcare Products, Inc. (NASDAQ: AHPI) shares tumbled 32% to $16.40 after surging 54.6% on Friday.
Shares of Alpha Pro Tech, Ltd. (NYSE: APT) were down 22% to $16.32 after falling around 17% on Friday.
Novavax, Inc. (NASDAQ: NVAX) was down, falling 21% to $12.65 following news of a $150 million common stock offering via B. Riley FBR.
In commodity news, oil traded up 0.8% to $45.13, while gold traded up 2.5% to $1,605.30.
Silver traded up 2.5% Monday to $16.865, while copper rose 1% to $2.566.
European shares were lower today. The eurozone’s STOXX 600 fell 1.3% the Spanish Ibex Index dropped 1.6%, while Italy’s FTSE MIB Index declined 3.6% Meanwhile, the German DAX dropped 1.8%, and the French CAC 40 fell 1.5% while UK shares fell 0.9%.
The IHS Markit manufacturing PMI slipped to 50.7 in February, versus a preliminary reading of 50.8.
The ISM manufacturing PMI slipped to 50.1 in February, versus a reading of 50.9 in January.
U.S. construction spending rose 1.8% in January, versus a revised 0.2% gain in December.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.