Market Volatility Sees Nasdaq Rebound; Akanda Takes a Downturn Plunge

As the closing bell tolled on Monday, U.S. stocks displayed mixed fortunes, with the Nasdaq Composite staging a recovery amidst overall volatility.

The Dow lagged, down 0.37% to 39,331.42, while the NASDAQ clawed its way up by 0.06% to 16,439.38. Similarly, the S&P 500 stumbled, declining 0.12% to 5,227.95.

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Shifting Sectors Showcase Resilience and Weakness

 

Energy shares surged by 1% during Monday’s session.

On the flip side, industrial shares took a tumble, plunging by 0.5%.

 

Headline Highlights Market Trends

 

Sales of new single-family houses in the U.S. experienced a minor setback, falling by 0.3% from the previous month to an annualized rate of 662,000 in February, missing market estimates of 675,000.

 

Stocks on the Upswing

 

Landos Biopharma, Inc. LABP shares skyrocketed by 169% to $21.48. Noteworthy, AbbVie Inc. ABBV and Landos Biopharma revealed a definitive acquisition agreement, propelling shares.

Nkarta, Inc. NKTX shares surged by 23% to $10.93 post announcement of a $240 million underwritten offering.

Altamira Therapeutics Ltd. CYTO also saw an upswing, with shares climbing 30% to $2.23 following a collaboration announcement with Univercells Group for nanoparticle-delivered mRNA vaccines.

 

Stocks on the Downward Spiral

 

Sintx Technologies, Inc. SINT shares plummeted by 49% to $0.0474 following the announcement of pricing a $1.3 million public offering of common stock.

Similarly, Akanda Corp. AKAN nosedived by 33% to $0.1640 post announcement of an underwritten public offering. Fisker Inc. FSR also felt the blows, dropping 28% to $0.0897 after negotiations with a large automaker fell through.

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Commodity Market Movement

 

In commodity news, oil surged by 1.7% to $81.98 while gold rose by 0.7% to $2,174.60.

Silver witnessed a minor decline of 0.1% to $24.84 on Monday, with copper edging up by 0.1% to $4.0125.

 

European and Asian Markets Recap

 

Today, European shares painted a mixed picture as the Eurozone’s STOXX 600 saw a modest increase of 0.04%, while London’s FTSE 100 witnessed a minor fall of 0.17%. On the other hand, Spain’s IBEX 35 Index rose by 0.08%. Meanwhile, the German DAX exhibited strength, climbing by 0.30%, while the French CAC 40 experienced a marginal dip of 0.01%. Italy’s FTSE MIB Index was a standout gainer, rising by 0.86%.

Spanish industrial producer prices registered an 8.2% year-over-year decline in February compared to a revised 3.9% drop in the prior month.

 

Asia Pacific Economic Insights

 

Asian markets felt the pressure on Monday, with Japan’s Nikkei 225 slipping by 1.16%, Hong Kong’s Hang Seng Index falling by 0.16%, and China’s Shanghai Composite Index decreasing by 0.71%.

In Japan, the index of leading economic indicators for January was revised down to 109.5 from an initial reading of 109.9, while the index of coincident economic indicators was revised up to 112.1 from the flash reading of 110.2. Malaysia witnessed an acceleration in the annual inflation rate to 1.8% in February from 1.5% in the previous month.

 

Economic Indicators Reflect Market Activity

 

The Chicago Fed National Activity Index rose to a three-month high of 0.05 in February from a revised reading of -0.54 in the prior month.

Sales of new single-family houses in the U.S saw a modest decline of 0.3% from the previous month to an annualized rate of 662,000 in February, landing below market expectations of 675,000.

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