Stocks look set to ride higher into new week as rate-hike expectations cool

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Wall Street

Wall St futures soar

U.S. stock futures crept higher early Monday morning, implying stocks would rise at the open bell, after recording solid gains last week following a key economic report that showed a record low in consumer confidence levels.

As of 5:30 a.m. ET, futures tied to the blue-chip Dow futures rallied 131 points, or 0.42% to 31,618.

S&P 500 futures rose 21.25 points, or 0.54% to 3,937.5 while the tech-heavy Nasdaq 100 futures jumped 82.25 points, or 0.68% to 12,222.75.

All three major U.S. indexes snapped three-week losing streaks on Friday, with the Dow ending the session with a gain of 823 points, or 2.7%. The S&P 500 and Nasdaq both rose by more than 3%.

Epizyme surges nearly 60% after confirming it will be acquired by Ipsen

Epizyme (EPZM) stock surged nearly 60% in the premarket trading session on Monday following news that the company has agreed to a proposal to be acquired by France-based Ipsen.

The companies announced in a press release that Ipsen will begin an all-cash tender offer to acquire all Epizyme outstanding shares for $1.45 each plus a CVR of $1 per share.

The deal values Epizyme at about 247 million and has unanimously been approved the company’s board of directors.

Ipsen said the primary focus of the acquisition is Epizyme’s lead drug Tazverik, which was granted accelerated approval by the FDA to treat certain patients with follicular lymphoma.

As of writing, Epizyme stock was marked higher 59.33% to a $1.52 a share.

Crude futures slide; G7 meeting in focus

Meanwhile, crude futures moved lower on Monday morning as traders kept a close eye on the ongoing meeting of the leaders of the G7 nations.

The leaders have gathered in Germany for a three-day summit that will focus on the Russia-Ukraine war, global inflation, energy, and China.

Media reports say the leaders are likely to discuss options for combating surging energy prices and replacing imports of Russian gas and oil.

As of 5:30 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were down 32 cents, or 0.3% to $107.3 a barrel. Global Brent crude futures dropped 21 cents, or 0.19% to $108.89 a barrel.

 

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