Crude Oil Falls Sharply; Dell Shares Spike Higher

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 350 points on Monday.

The Dow traded up 1.81% to 46,400.37 while the NASDAQ jumped 1.75% to 22,026.36. The S&P 500 also rose, gaining, 1.56% to 6,608.16.

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Leading and Lagging Sectors

Consumer discretionary shares climbed by 3.6% on Monday.

In trading on Monday, energy stocks rose by just 0.3%.

Top Headline

Dell Technologies (NYSE:DELL) shares gained 4% on Monday after the company announced new enhancements to help strengthen device trust, improve cyber resilience and detect threats in AI data platforms.

Also, B of A Securities maintained its Buy rating on the stock and raised its price target from $155 to $172.

Equities Trading UP
           

• Apogee Therapeutics Inc (NASDAQ:APGE) shares shot up 17% to $77.42 after the company announced 52-week maintenance data from Part A of its Phase 2 APEX clinical trial of zumilokibart, a potential best-in-class anti-IL-13 antibody, in patients with moderate-to-severe atopic dermatitis.
• Shares of Tower Semiconductor Ltd (NASDAQ:TSEM) got a boost, surging 9% to $178.26 after the company announced a breakthrough demonstration with Coherent of 400 Gbps per lane data transmission using a silicon modulator built in a production-ready silicon photonics process.
• urban-gro Inc (NASDAQ:UGRO) shares were also up, gaining 46% to $3.18 after the company announced that its merger with Sri Lanka’s Innovative Production Group, including its portfolio of T20 league commercial rights, has been completed.

Equities Trading DOWN

• Atlantic International Corp (NASDAQ:ATLN) shares dropped 13% to $3.86.
• Shares of Linkers Industries Ltd (NASDAQ:LNKS) were down 85% to $0.11 after the company announced a $16 million public offering.
• Valneva SE (NASDAQ:VALN) was down, falling 37% to $6.48. Pfizer (NYSE:PFE) and Valneva disclosed topline results from Phase 3 VALOR clinical trial of investigational 6-Valent OspA-based Lyme disease vaccine candidate PF-0730740.

Commodities

In commodity news, oil traded down 10.8% to $87.75 while gold traded down 2.1% at $4,480.90.

Silver traded up 1% to $70.335 on Monday, while copper rose 2.1% to $5.4890.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 1.47%, while Spain's IBEX 35 Index rose 1.94%. London's FTSE 100 rose 0.43%, Germany's DAX gained 2.01% and France's CAC 40 gained 1.57% during the session.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan's Nikkei 225 falling 3.48%, Hong Kong's Hang Seng index falling 3.54%, China's Shanghai Composite falling 3.63% and India's BSE Sensex falling 2.46%.

Economics

• The Chicago Fed National Activity Index declined to -0.11 in February versus a revised reading of +0.20 in the previous month.
• U.S. construction spending fell 0.3% month-over-month in January to an annual rate of $2.19 trillion, compared to a revised 0.8% gain in December.

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