Crude Oil Moves Lower; M&T Bank Earnings Miss Views

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 150 points on Monday.

The Dow traded up 0.43% to 40,384.20 while the NASDAQ gained 0.33% to 16,778.86. The S&P 500 also rose, gaining, 0.55% to 5,392.71.

Check This Out: How To Earn $500 A Month From Bank of America Stock Ahead Of Q1 Earnings

Leading and Lagging Sectors

Information technology shares surged by 2% on Monday.

In trading on Monday, consumer discretionary shares rose by just 0.6%.

Top Headline

M&T Bank Corporation MTB posted weaker-than-expected earnings for its first quarter.

M&T Bank reported quarterly earnings of $3.38 per share which missed the analyst consensus estimate of $3.40 per share. The company reported quarterly sales of $2.31 billion which missed the analyst consensus estimate of $2.34 billion.

Equities Trading UP
                       

• Longevity Health Holdings, Inc. XAGE shares shot up 67% to $0.2251 after the company announced its merger agreement with 20/20 Biolabs. The closing equity value of the combined companies is $99 million.
• Shares of USA Rare Earth, Inc. USARgot a boost, surging 40% to $11.64.
• Theratechnologies Inc. THTX shares were also up, gaining 39% to $2.7049 after receiving an acquisition proposal from Future Pak. Soleus Capital has issued a letter to shareholders stating that the deal is in their best interest.

Equities Trading DOWN

• Ironwood Pharmaceuticals, Inc. IRWD shares dropped 34% to $0.6215. Ironwood said feedback from the FDA indicates that confirmatory Phase 3 trial is needed to seek approval of Apraglutide for patients with SBS with intestinal failure.
• Shares of Mixed Martial Arts Group Limited MMA were down 28% to $1.0996. Mixed Martial Arts Group shares jumped 92% on Friday after the company announced it had entered into a non-dilutive and unsecured $2 million revolving loan agreement.
• MarineMax, Inc. HZO was down, falling 8% to $17.36. Truist Securities analyst Michael Swartz maintained MarineMax with a Buy and lowered the price target from $38 to $26.

Commodities

In commodity news, oil traded down 0.8% to $60.99 while gold traded down 0.8% at $3,219.90.

Silver traded up 0.3% to $32.020 on Monday, while copper rose 1.3% to $4.5830.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 jumped 2.52%, Germany’s DAX 40 gained 2.80% and France’s CAC 40 climbed 2.40%. Spain’s IBEX 35 Index surged 2.30%, while London’s FTSE 100 rose 2.00%.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 1.18%, China’s Shanghai Composite gaining 0.76% and Hong Kong’s Gang Seng index rising 2.40%.

Economics

Data on consumer inflation expectations will be released today.

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