Nasdaq Surges Over 200 Points; Aaron's Shares Jump

Author: Avi Kapoor | June 17, 2024 02:40pm

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite surging over 200 points on Monday.

The Dow traded up 0.57% to 38,807.47 while the NASDAQ rose 1.22% to 17,904.35. The S&P 500 also rose, gaining, 0.95% to 5,483.45.

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Leading and Lagging Sectors

Consumer staples shares jumped by 1.5% on Monday.

In trading on Monday, real estate shares fell by 0.6%.

Top Headline

The NY Empire State Manufacturing Index rose to -6 in June versus a reading of -15.6 in May and coming in better than market expectations of -12.50.

Equities Trading UP

Mustang Bio, Inc. (NASDAQ:MBIO) shares shot up 352% to $0.5852 after the company announced safety and efficacy data from the complete Waldenstrom Macroglobulinemia cohort of its Phase 1/2 clinical trial of MB-106, showing an overall response rate of 90% with one patient remaining in complete remission at 31 months.
Shares of Allego N.V. (NASDAQ:ALLG) got a boost, surging 128% to $1.6750 after the company and its majority shareholder, Meridiam, announced a transaction framework agreement under which Meridiam will launch a tender offer for all issued and outstanding Allego shares not owned by Meridiam, with the option to tender shares for $1.70 per share in cash.
The Aaron’s Company, Inc. (NYSE:AAN) shares were also up, gaining 33% to $10.01 after the company announced that it entered into a definitive agreement to be acquired by IQVentures Holdings.

Equities Trading DOWN

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) shares dropped 93% to $2.1450. Aerovate Therapeutics released topline results from the Phase 2b portion of the IMPAHCT Phase 2b/3 trial of AV-101, a dry powder inhaled formulation of imatinib, for pulmonary arterial hypertension (PAH).
Shares of Workhorse Group Inc. (NASDAQ:WKHS) were down 29% to $2.1450 as the stock begins trading on a split-adjusted basis. Workhorse announced a 1-for-20 reverse stock split of its common stock last week after shareholders approved the move at the company's annual meeting of stockholders in May.
Ovid Therapeutics Inc (NASDAQ:OVID) was down, falling 70% to $0.9756 after Takeda’s Skyline study in Dravet syndrome missed its primary endpoint

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Commodities

In commodity news, oil traded up 1.8% to $79.89 while gold traded down 0.9% at $2,328.90.

Silver traded down 0.3% to $29.38 on Monday, while copper fell 1.2% to $4.4435.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 gained 0.09%, Germany's DAX rose 0.37% and France's CAC 40 gained 0.91%. Spain's IBEX 35 Index fell 0.30%, while London's FTSE 100 slipped 0.06%.

Wages in the Eurozone increased 5.3% year-over-year in the first quarter, while hourly labor costs climbed by 5.1% annually in the quarter.

Spain’s trade gap widened to EUR 4.7 billion in April from EUR 4.4 billion in the year-ago month. Italy's annual inflation rate came in unchanged at 0.8% in May.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan's Nikkei falling 1.83%, Hong Kong's Hang Seng Index declining 0.03% and China's Shanghai Composite Index dipping 0.55%.

China’s retail sales climbed by 3.7% year-over-year in May, while industrial production rose by 5.6% year-over-year in May. China's new home prices fell by 3.9% year-over-year during the month of May. The People's Bank of China kept the interest rate unchanged at 2.50% during its recent meeting. Japanese core machinery orders slipped l 2.9% month-over-month to 885.3 billion yen in April.

Economics

The NY Empire State Manufacturing Index rose to -6 in June versus a reading of -15.6 in May and coming in better than market expectations of -12.50.

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