HomeMarket NewsMicro Cap StocksCrude Oil Plummets, Impacting Apollomics Shares: Market Analysis

Crude Oil Plummets, Impacting Apollomics Shares: Market Analysis

Actionable Trade Ideas

always free

crude oil 4 logo

The market saw mixed trading on Monday, with the Nasdaq Composite outperforming other indices by gaining over 100 points. However, the Dow Jones Industrial Average declined by 0.19% to 33,062.85, while the S&P 500 rose 0.28% to 4,236.12. Energy shares took a hit, falling by 1.9%, while communication services shares experienced a 1.3% increase.

In the news, the Chicago Fed National Activity Index for September climbed to +0.02, showing improvement compared to the previous monthโ€™s reading of -0.22.

Among the top gainers, LumiraDx Limitedโ€™s shares surged by an impressive 282% to $0.3321 due to a strategic collaboration with AstraZeneca and Everton in the Community. INVO Bioscience, Inc. also experienced a significant boost of 295% to $2.1350 after announcing the acquisition of NAYA Biosciences. Akumin Inc. saw its shares rise by 149% to $0.3629 following an agreement with Stonepeak to become a private company.

On the other hand, Li-Cycle Holdings Corp. witnessed a 44% drop to $1.28 due to the companyโ€™s decision to halt construction work on its Rochester Hub project. Revolution Medicines, Inc. saw shares decline by 39% to $17.20 after announcing Phase 1/1b trial data. Apollomics, Inc. also experienced a significant decline of 43% to $1.00 after presenting data from the KUNPENG clinical trial at ESMO 2023.

Looking at commodity markets, oil prices fell by 2.6% to $85.79, gold declined by 0.3% to $1,987.60, silver dropped by 1.4% to $23.185, and copper rose by 0.6% to $3.5840.

In the European markets, the STOXX 600 fell 0.13%, the FTSE 100 dropped 0.37%, Spainโ€™s IBEX 35 Index fell 0.37%, while the German DAX rose 0.02% and the French CAC 40 gained 0.50%. Italyโ€™s FTSE MIB Index also saw a positive trend, rising by 0.74%.

In Asia, Japanโ€™s Nikkei 225 fell by 0.83%, Chinaโ€™s Shanghai Composite Index declined by 1.47%, and Indiaโ€™s S&P BSE Sensex dropped 0.8%. Singapore witnessed a rise in food prices, with a year-over-year increase of 4.3% in September.

Overall, the market exhibited notable fluctuations, with oil prices being a key driver of the dayโ€™s trading. Investors and traders should closely monitor these developments and consider their potential impacts on their portfolios.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.