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RedHill Biopharma Shares Soar as Crude Oil Falls

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It was a rollercoaster ride on Wall Street today with mixed trading results. The Dow experienced a slight decline of 0.13% to reach 35,344.56, while the NASDAQ managed to rise by 0.11% to 14,266.69. The S&P 500 also saw a drop of 0.08%, ending at 4,555.47.

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Mixed Market Performance

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The real estate sector was the shining star of the day, experiencing a 0.5% rise. In contrast, energy shares suffered a 1.1% decline on Monday.

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New home sales in the United States took a hit, declining by 5.6% to an annualized rate of 679,000 in October, falling short of market estimates of 723,000.

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Notable Stock Movements

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RedHill Biopharma Ltd. RDHL stole the show, with its shares skyrocketing by 214% to $0.99 after the FDA granted a five-year market exclusivity for Talicia.

Additionally, Biodexa Pharmaceuticals Plc BDRX and Asset Entities Inc. ASST witnessed significant increases, rising by 131% to $6.17 and 80% to $0.63, respectively.

Stock Declines

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Pagaya Technologies Ltd. PGY shares dipped by 5.5% to $1.2950 after the resignation of their Chief Financial Officer, Michael Kurlander. Similarly, B. Riley Financial, Inc. RILY and Anavex Life Sciences Corp. AVXL observed declines of 9% to $19.08 and 8% to $6.53, respectively.

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Market Commodities

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Amidst the tumultuous market, crude oil took a hit, falling by 0.5% to $75.13, while gold saw a 0.5% increase to $2,013.50. Silver traded up 1.4% to $24.685, but copper experienced a 0.7% decline to $3.7610.

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Global Market Landscape

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European shares suffered a setback, with the Eurozone’s STOXX 600 declining by 0.34%, FTSE 100 falling by 0.37%, and the German DAX losing 0.39%.

In the Asia Pacific region, Japan’s Nikkei 225, Hong Kong’s Hang Seng Index, and China’s Shanghai Composite Index all saw declines on Monday.

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Economic Impact

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The repercussions of the day’s trading were felt in the economic sphere as well, with U.S. new home sales missing the mark, declining by 5.6% to an annualized rate of 679,000 in October versus market estimates of 723,000.

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