MannKind leaps, Dean Foods slumps
By Anora Mahmudova and Carla Mozee, MarketWatch
NEW YORK (MarketWatch) — The U.S. stock market opened higher on Monday, boosted by a calmer geopolitical scene as well as dovish remarks from a top Federal Reserve official.
The S&P 500 SPX +0.46% opened 6 points, or 0.3%, at 1,937.85, with all 10 sectors in positive territory. The Dow Jones Industrial Average DJIA +0.33% added 41 points, or 0.3%, to 16,593.13.
The Nasdaq Composite COMP +0.66% began the session with a gain of 18 points, or 0.4%, at 4,389.66.
The economic calendar is empty, and investors focused on a speech by Federal Reserve Vice Chairman Stanley Fischer.
In prepared comments for delivery at a conference in Stockholm, Fischer said rebounds across advanced economies have been disappointing, leading many observers, including the Fed, to reduce their long-term expectations for growth potential in the U.S. Also read: Fischer says Larry Summers could be right.
In geopolitical news, there was relative calm in Ukraine and the Middle East. On Saturday, rebel fighters in Ukraine said they were ready for a cease-fire. Meanwhile, Palenstians and Israelis agreed on a ceasefire in Gaza that was holding on Monday.
Also read: Is this stock market a Super Moon illusion, or should you buy the dips?
Stocks to watch
Shares of Mannkind MNKD +15.62% surged 21% after the company reached a licensing deal with Sanofi SNY -0.27% FR:SAN +0.18% to develop and sell inhaled insulin drug Afreeza in the U.S.
Shares of Dean Foods DF -6.39% slumped 8.3% after the milk and food company reported a wider-than-expected loss and withdrew its full-year outlook.
Kinder Morgan KMI +9.36% jumped 17% following plans to consolidate its oil-and-gas pipeline empire into a single company in a $44 billion deal. Read more about the day’s notable movers here.
In other markets, oil futures CLU4 +0.48% posted minor gains, but gold futures GCZ4 -0.08% inched lower. European stocks XX:SXXP +1.22% rose following last week’s losses, and Asian shares advanced, with Japan’s Nikkei Average JP:NIK +2.38% up 2.4%.
More must-reads from MarketWatch:
10 stocks with the biggest cuts in earnings estimates
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Why small-cap stocks will likely feel the most pain
Anora Mahmudova is a MarketWatch markets reporter based in New York.
Carla Mozee is a reporter for MarketWatch, based in London. Follow her on Twitter @MWMozee.
