U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 600 points on Monday.
The Dow traded up 2.06% to 31,904.39 while the NASDAQ rose 1.35% to 11,507.88. The S&P also rose, gaining, 1.88% to 3,974.89.
Leading and lagging sectors
Financials shares rose by 3.7% on Monday. Meanwhile, top gainers in the sector included Forge Global Holdings, Inc., up 20% and Ocwen Financial Corporation up 13%.
In trading on Monday, consumer discretionary shares rose by just 0.4%.
Top headline
Broadcom Inc is reportedly in discussions to take over cloud computing company VMWare Inc. The San Jose, California-based semiconductors and infrastructure software solutions company is looking to purchase VMWare, Bloomberg reported, citing people familiar with the matter.
Equities trading UP
TreeHouse Foods, Inc. shares shot up 13% to $41.50. Truist Securities upgraded Treehouse Foods from Hold to Buy and raised the price target from $35 to $50.
Shares of VMware, Inc. got a boost, shooting 21% to $115.66 following several reports Broadcom is in talks to acquire the company.
O2Micro International Limited shares were also up, gaining 33% to $3.90. O2Micro announced the receipt of an updated preliminary non-binding proposal to acquire the company.
Equities trading down
Evoke Pharma, Inc. shares tumbled 11% to $2.7362 after effect of 1:12 reverse stock split.
Shares of Inotiv, Inc. were down 31% to $12.69. Inotiv said on May 18, U.S. Department of Justice executed a search and seizure warrant on Cumberland, Virginia facility.
Foghorn Therapeutics Inc. was down, falling 12% to $12.69. Morgan Stanley maintained Foghorn Therapeutics with an Overweight and lowered the price target from $26 to $25.
Commodities
In commodity news, oil traded down 0.1% to $110.26, while gold traded up 0.7% to $1,854.60.
Silver traded up 0.7% to $21.835 on Monday while copper rose 1.6% to $4.3415.
Eurozone
European shares closed higher today. The eurozone’s STOXX 600 gained 1.26%, London’s FTSE 100 jumped 1.67% and Spain’s IBEX 35 Index rose 1.67%. The German DAX climbed 1.38%, French CAC 40 gained 1.17% and Italy’s FTSE MIB Index rose 0.17%.
The Ifo Business Climate indicator for Germany increased to a three-month high of 93 in May versus a revised reading of 91.9 in April.
Economics
The Chicago Fed National Activity Index rose to 0.47 points in April versus a three-month low reading of 0.36 points in the previous month.
Benzinga does not provide investment advice. All rights reserved.
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.