U.S. stocks endured a minor setback in midday trading as the Dow Jones index witnessed a decline exceeding 100 points on Monday.
The Dow recorded a 0.22% decrease settling at 39,389.17, whereas the NASDAQ experienced a drop of 0.15% to 16,410.10. Simultaneously, the S&P 500 also faced a decline, edging down by 0.16% to 5,226.01.
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Energy Sector Embraces the Rally
Energy shares leaped by 1% on Monday, exhibiting a robust upward trend in the sector.
In contrast, communication services shares witnessed a 0.5% decline during trading hours.
New Home Sales Stumble
The new single-family home market in the U.S. experienced a 0.3% reduction in sales volume in February compared to the previous month, registering an annualized rate of 662,000, falling short of market expectations set at 675,000.
Stocks Making Moves
Landos Biopharma, Inc. LABP shares surged by an impressive 170% to $21.62 following an acquisition agreement with AbbVie Inc., which garnered significant investor attention.
Nkarta, Inc. NKTX observed a 24% surge to $11.04 post the pricing of a $240 million underwritten offering, sparking market enthusiasm.
Altamira Therapeutics Ltd. CYTO shares climbed 57% to $2.70 after unveiling a collaboration with Univercells Group focusing on mRNA vaccine delivery via nanoparticles.
Declining Stocks
Sintx Technologies, Inc. SINT shares plummeted by 49% reaching $0.0472 subsequent to announcing a public offering of common stock amounting to $1.3 million.
Akanda Corp. AKAN reported a 39% drop to $0.1483 following the pricing of an underwritten public offering, facing a downward momentum.
Fisker Inc. FSR witnessed a decline of 28% touching $0.0897 post receiving termination notice from a potential automaker transaction partner, leading to a significant setback.
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Commodities Activity
Oil experienced a 1.7% surge reaching $82.02, while gold traded higher by 0.8% at $2,177.40, manifesting notable movements in the commodities market.
Silver also observed a 0.4% uptick to $24.95 on Monday, along with copper rising by 0.5% to $4.0275, showcasing diverse activity within the commodity space.
European Market Dynamics
European shares depicted a mixed picture with STOXX 600 in the eurozone advancing by 0.13%, while the FTSE 100 in London experienced a marginal 0.07% decline. Concurrently, Spain’s IBEX 35 Index surged by 0.30%, and the German DAX noted a rise of 0.41%. Additionally, the French CAC 40 showcased a notable uptrend of 0.12%, while Italy’s FTSE MIB Index recorded a substantial 0.85% increase.
Spanish industrial producer prices indicated an 8.2% decline year-over-year in February, exhibiting a stark divergence from the revised 3.9% decrease seen in the prior month.
Developments in Asia Pacific Markets
Asian markets concluded on a lower note on Monday, with Japan’s Nikkei 225 witnessing a 1.16% dip, Hong Kong’s Hang Seng Index falling by 0.16%, and China’s Shanghai Composite Index experiencing a 0.71% downturn.
In financial data updates, Japan’s leading economic indicators were adjusted lower to 109.5 in January from the preliminary reading of 109.9. Conversely, the coincident economic indicators index was revised upward to 112.1 in January compared to the flash reading of 110.2. Moreover, Malaysia’s annual inflation rate accelerated to 1.8% in February from 1.5% in the previous month.
Economic Indicators Snapshot
The Chicago Fed National Activity Index soared to a three-month high level of 0.05 in February, reflecting a positive trend compared to the revised -0.54 reading in the prior month. Furthermore, sales of new single-family homes in the U.S. witnessed a 0.3% decline from the preceding month, clocking an annualized rate of 662,000 in February, falling slightly short of the market consensus pegged at 675,000.
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