Stock Market Overview US Stock Market Sees Modest Gains as Amazon And iRobot Call Off Acquisition Deal

Published On: January 29, 2024 9:59 am

U.S. stocks saw a slight increase today, with the Dow Jones index climbing around 25 points this Monday.

As the market opened on Monday, The Dow gained 0.07% to reach 38,134.80, while the NASDAQ rose by 0.04% to 15,461.42. The S&P 500 also dropped by 0.04% to 4,893.17.

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Sector Performance

Consumer discretionary shares witnessed a 0.2% increase on Monday.

Conversely, communication services shares fell by 0.3% in today’s trading.

Amazon And iRobot Terminate Merger Deal

Amazon.Com Inc (AMZN) and iRobot Corp (IRBT) have mutually agreed to cancel their $1.7 billion acquisition deal.

This deal would have allowed Amazon to invest in iRobot’s continued innovation and support iRobot in reducing product prices.

Stocks on the Rise

Palisade Bio, Inc. (PALI) shares surged 132% to $1.23 after the company withdrew a recently filed registration statement and announced preclinical data of its lead program PALI-2108 at the 2024 Crohn’s & Colitis Congress.

Shares of OneMedNet Corporation (ONMD) also soared 91% to $1.0210 after the company announced its participation as an exhibitor at the 15ᵗʰ Annual SCOPE Summit. Additionally, Revelation Biosciences, Inc. (REVB) witnessed an 89% increase in its shares, rising to $18.64.

Declining Stocks

Panbela Therapeutics, Inc. (PBLA) witnessed a 67% drop to $1.43 after the company announced the pricing of a roughly $9 million public offering.

Furthermore, shares of Arrival (ARVL) dropped 24% to $0.56, and SMX (Security Matters) Public Limited Company (SMX) fell 21% to $0.3396 after gaining around 83% on Friday.

Commodities Market

In commodity news, oil decreased by 1.2% to $77.06, while gold increased by 0.6% to $2,030.10. Silver saw a 0.7% decline to $23.03, and copper rose by 0.1% to $3.8555 on Monday.

European and Asian Markets

European shares had a mixed performance, with the eurozone’s STOXX 600 and London’s FTSE 100 rising by 0.1%, while Spain’s IBEX 35 Index fell by 0.6%. The German DAX fell 0.4%, and French CAC 40 slipped 0.1%, while Italy’s FTSE MIB Index fell by 0.7%.

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 0.77%, Hong Kong’s Hang Seng Index increasing by 0.78%, and China’s Shanghai Composite Index falling by 0.92%. India’s S&P BSE Sensex, meanwhile, jumped 1.74%.