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Stock Market Takes a Hit but EyePoint Pharmaceuticals Shares Skyrocket

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The U.S. stocks market closed in the red today, with the Nasdaq Composite plummeting by over 1% on Monday.

During the course of trading, the Dow saw a decline of 0.17% to 36,182.82. The NASDAQ followed suit, taking a nosedive by 1.05% to 14,154.41. The S&P 500 also faced a setback, dropping 0.67% to 4,563.91.

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Rollercoaster Ride for Sectors


Utilities shares managed to eke out a 0.2% gain today.

On the flip side, information technology shares tumbled by 1.8% during todayโ€™s trading.


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U.S. factory orders took a downward turn, declining by 3.6% month-over-month in October in comparison to a revised 2.3% increase in September. This was contrary to market expectations of a 2.8% decline.


Rise and Shine for Equities


EyePoint Pharmaceuticals, Inc. EYPT shares skyrocketed by an extraordinary 189% to $19.08 after the companyโ€™s announcement about the Phase 2 DAVIO 2 trial of EYP-1901 in wet AMD, which achieved all primary and secondary endpoints.

Shares of Hawaiian Holdings, Inc. HA shot up by a remarkable 186% to $13.90 following the news of Alaska Air Group, Inc. ALK planning to acquire the company in a deal valued at $1.9 billion.

SilverSun Technologies, Inc. SSNT also witnessed a surge, with shares gaining 206% to $11.22 after the announcement of Jacobs Private Equity IIโ€™s plan to invest $1 billion ($900 million from JPE, $100 million from co-investors) in SilverSun.


Equities Take a Tumble


U Power Limited UCAR shares plunged by a massive 57% to $0.6569 after the company announced the pricing of a registered follow-on offering of 10 million units at a purchase price of $1.20 per unit.

Shares of Meta Materials Inc. MMAT nosedived by 31% to $0.0760. Meta Materials detailed a $6.0 million registered direct offering.

Virgin Galactic Holdings, Inc. SPCE also experienced a setback, with shares falling by 15% to $2.00 following reports suggesting founder Richard Branson will not inject any more funds into the business.

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Commodities on the Move


In commodity news, oil took a hit and slid by 1.4% to $73.06 while gold depreciated by 2.2% to $2,043.10.

Silver also decreased by 3.7% to $24.905 on Monday, while copper fell by 2.6% to $3.8305.


Euro zone Market Movement


European shares concluded with mixed results today. The eurozoneโ€™s STOXX 600 recorded a small 0.09% drop, Londonโ€™s FTSE 100 fell 0.22%, while Spainโ€™s IBEX 35 Index rose by 0.37%. The German DAX saw a minute 0.04% rise, and the French CAC 40 and Italyโ€™s FTSE MIB Index both experienced slight declines.

Germanyโ€™s trade surplus widened to EUR 17.8 billion in October from a revised EUR 16.7 billion a month prior.


Asia Pacific Market Reports


Asian markets did not fare well today, with Japanโ€™s Nikkei 225 showing a decline of 0.60%, Hong Kongโ€™s Hang Seng Index falling 1.09%, and Chinaโ€™s Shanghai Composite Index dipping by 0.29%. In contrast, Indiaโ€™s S&P BSE Sensex made an impressive climb of 2.05%.

Retail sales in Australia fell by 0.2% month-over-month in October, while business inventories made an unexpected climb of 1.2% quarter-over-quarter during the third quarter. The Melbourne Instituteโ€™s Monthly Inflation Gauge reported a 0.3% increase for November.


Economic Shifts


U.S. factory orders exhibited a downswing, dropping by 3.6% month-over-month in October versus a revised 2.3% increase in September, and compared to market estimates of a 2.8% decline.

Now Read This: Jim Cramer Likes This Industrial Stock โ€˜Even Up Here,โ€™ As For ImmunityBio? โ€˜Itโ€™s Riskyโ€™

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