Stock Markets Mixed as US Shutdown Looms; Merus, Moonlake Shares Surge and Plummet
Stock markets experienced a mixed day on Monday, with the S&P 500 and Nasdaq 100 closing slightly higher, while the Dow Jones Industrial Average (DJIA) dipped slightly. Meanwhile, investors remained composed about the possibility of a US government shutdown, and Merus shares surged following an acquisition announcement by Genmab. However, Moonlake Immunotherapeutics' stock plummeted due to disappointing study results.
The S&P 500 inched up by 0.2 percent to 6,654 points, while the DJIA lost 0.1 percent, closing at 46,224 points. The Nasdaq 100, however, performed strongly, rising 0.5 percent to 24,617 points, nearing its record high. Investors appeared unfazed by the looming deadline for a US government shutdown, with an agreement on the budget needing to be reached by Wednesday to prevent it.
In corporate news, Merus shares soared around 36 percent after Genmab announced its acquisition of the company. On the other hand, Moonlake Immunotherapeutics' stock plummeted by approximately 90 percent following disappointing study results. Additionally, Electronic Arts (EA) confirmed a takeover agreement with a consortium led by the Saudi Public Investment Fund (PIF), Silver Lake, and Affinity Partners for around $55 billion in cash. EA shares responded positively, gaining 4.6 percent.
Several key economic indicators, such as ISM indices and employment data, are expected to be released throughout the week, which could influence market sentiment.
As the week progresses, investors will be closely watching the upcoming economic indicators and the developments surrounding the US government shutdown. Meanwhile, corporate news, including the acquisition of Merus by Genmab and the takeover agreement for EA, continues to shape market movements.
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