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Black Monday: Stocks Tumble as Dow Takes a Nasty Spill

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The Dow Jones index took a whirlwind dive this Monday, shedding over 50 points as U.S. stocks traded lower in the morning.

As the market opened on Monday, the Dow plummeted by 0.18% to 35,328.05. The NASDAQ also stumbled, registering a 0.13% drop to 14,231.78. Meanwhile, the S&P 500 followed suit, sliding 0.25% to 4,548.14.

Check This Out: IO Biotech And 2 Other Stocks Under $2 Insiders Are Buying

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Sector Surges and Stumbles

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Communication services shares managed to eke out gains on Monday while energy shares plunged by 0.7%.

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Top News of the Day

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Shopify Inc SHOP merchants hit an all-time high with $4.1 billion in sales on Black Friday, marking a staggering 22% increase from the previous year.

Sales peaked at a mind-boggling $4.2 million per minute at 12:01 p.m. EST.

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Stocks on the Rise

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RedHill Biopharma Ltd. RDHL shares skyrocketed by a whopping 130% to $0.7241 after the FDA granted five yearsโ€™ market exclusivity for Talicia.

Shares of Biodexa Pharmaceuticals Plc BDRX surged by 75% to $4.69 following the companyโ€™s exclusive worldwide licensing agreements for tolimidone.

Tharimmune, Inc. THAR also saw its shares soar by 53% to $4.41 after releasing Phase 1 data on TH104 for chronic pruritis in primary biliary cholangitis.

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Sinking Stocks

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BioNexus Gene Lab Corp. BGLC saw its shares plummet by 21% to $0.71 after a 144% surge on Friday.

Shares of Impel Pharmaceuticals Inc. IMPL dropped by 14% to $0.73 after an 8% increase on Friday. The company recently announced exploration of strategic alternatives.

ProQR Therapeutics N.V. PRQR was down by 18%, falling to $1.21.

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Commodity Rollercoaster

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In commodity news, oil dipped by 0.3% to $75.34 while gold glimmered with a 0.5% increase, reaching $2,012.40.

Silver sparkled with a 2% uptick to $24.82 on Monday while copper stumbled by 0.8% to $3.7595.

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Euro Zone Drama

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European shares were mostly in a downward spiral today. The eurozoneโ€™s STOXX 600 fell by 0.1%, Londonโ€™s FTSE 100 took a 0.2% nosedive, while Spainโ€™s IBEX 35 Index managed to climb 0.3%. The German DAX fell by 0.2% and the French CAC 40 slipped 0.1%, with Italyโ€™s FTSE MIB Index rising by 0.1%.

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Asia Pacific Markets Tumble

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Asian markets faced a downward spiral on Monday, with Japanโ€™s Nikkei 225 falling by 0.53%, Hong Kongโ€™s Hang Seng Index witnessing a 0.20% tumble, and Chinaโ€™s Shanghai Composite Index taking a 0.30% dip. Indiaโ€™s S&P BSE Sensex, on the other hand, fell by 0.1%.

Hong Kongโ€™s trade deficit ballooned to $25.8 billion in October from $20.9 billion in the year-ago month. Profits earned by Chinese industrial firms took a staggering 7.8% year-over-year plunge to CNY 6,115.42 billion in the first ten months of 2023, compared to a 9.0 % decline in the previous period.

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Economic Uptick?

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Data on new home sales is set for release at 10:00 a.m. ET.

Now Read This: Wall Streetโ€™s Most Accurate Analysts Say Hold These 3 Health Care Stocks With Over 4% Dividend Yields

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