Midway through trading Monday, the Dow traded up 0.33 percent to 21,903.31 while the NASDAQ declined 0.36 percent to 6,351.65.
The S&P also fell, dropping 0.04 percent to 2,471.22.
Leading and Lagging Sectors
Basic materials shares climbed by 0.27 percent in the US market on Monday. Top gainers in the sector included Cliffs Natural
Resources Inc (NYSE: CLF), and DRDGOLD Ltd. (ADR)
(NYSE: DRD).
In trading on Monday, technology shares fell 0.44 percent. Meanwhile, top losers in the sector included Ceragon Networks
Ltd (NASDAQ: CRNT), down 5 percent, and Mitek
Systems, Inc. (NASDAQ: MITK), down 4 percent.
Top Headline
Discovery Communications Inc. (NASDAQ: DISCA)
announced plans to acquire Scripps Networks Interactive, Inc. (NYSE: SNI) for $14.6 billion.
Discovery will pay $90 per share in cash and stock to buy Scripps. The transaction is projected to close by early 2018.
Equities Trading UP
Dynavax Technologies Corporation (NASDAQ: DVAX)
shares shot up 73 percent to $16.02 as the company announced that the Vaccines and Related Biological Products Advisory Committee
of the U.S. Food and Drug Administration voted 12-1 in support of the company’s Hepatitis B vaccine, HEPLISAV-B. RBC Capital
upgraded Dynavax from Sector Perform to Outperform.
Shares of CDI Corp. (NYSE: CDI) got a boost, shooting
up 32 percent to $8.20 as the company agreed to be acquired by AE Industrial Partners for $8.25 per share in cash.
Alliance Holdings GP, L.P. (NASDAQ: AHGP) shares
were also up, gaining 13 percent to $28.60 as the company reported quarterly financial results and raised its quarterly
distribution by 32.7 percent.
Equities Trading DOWN
Invivo Therapeutics Holdings Corp (NASDAQ: NVIV)
shares dropped 28 percent to $1.77 as the company issued an update on the INSPRE study. InVivo Therapeutics has implemented a
temporary enrollment halt on the trial due to patient who passed away suddenly at a rehab facility following discharge from
hospital.
Shares of Navigant Consulting, Inc. (NYSE: NCI) were
down 14 percent to $17.00 after the company posted downbeat quarterly results.
Hertz Global Holdings, Inc (NYSE: HTZ) was down,
falling around 13 percent to $15.11. Barclays downgraded Hertz from Equal-Weight to Underweight.
Commodities
In commodity news, oil traded down 0.84 percent to $49.29 while gold traded down 0.01 percent to $1,275.30.
Silver traded up 0.96 percent Monday to $16.855, while copper rose 0.61 percent to $2.8925.
Eurozone
European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.13 percent, the Spanish Ibex Index fell 0.29
percent, while Italy’s FTSE MIB Index gained 0.21 percent. Meanwhile the German DAX declined 0.51 percent, and the French CAC 40
slipped 0.70 percent while U.K. shares rose 0.08 percent.
Economics
The Chicago PMI declined to 58.90 in July, versus prior reading of 65.70. However, economists were expecting a reading of
60.00.
The pending home sales index increased 1.5 percent to 110.2 in June. However, economists projected a 0.7 percent rise in the
index.
The Dallas Fed manufacturing business index rose to 16.80 in July, versus previous reading of 15.00. Economists expected a
reading of 13.00.
Data on farm prices for June will be released at 3:00 p.m. ET.
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