Crude Oil Gains Over 3%; Scholar Rock Shares Spike Higher

Author: Avi Kapoor | October 07, 2024 11:00am

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 200 points on Monday.

The Dow traded down 0.49% to 42,146.78 while the NASDAQ fell 0.36% to 18,073.37. The S&P 500 also fell, dropping, 0.32% to 5,732.84.

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Leading and Lagging Sectors

Energy shares jumped by 0.5% on Monday.

In trading on Monday, consumer discretionary shares dipped by 1.3%.

Top Headline

AstraZeneca plc (NASDAQ:AZN) entered into an exclusive license agreement with Hong Kong-based CSPC Pharmaceutical Group Ltd to advance the development of an early-stage, novel small-molecule lipoprotein (a) (Lp(a)) disruptor that has the potential to offer additional benefits for patients with dyslipidemia.

Equities Trading UP
                       

• Scholar Rock Holding Corporation (NASDAQ:SRRK) shares shot up 310% to $30.44 after the company announced topline results from the Phase 3 SAPPHIRE clinical trial evaluating the efficacy and safety of apitegromab in patients with SMA. The study achieved its primary endpoint.
• Shares of Arcadium Lithium PLC (NYSE:ALTM) got a boost, surging 41% to $4.34 after the company announced that it has been approached by Rio Tinto regarding a potential acquisition.
• Duckhorn Portfolio Inc (NASDAQ:NAPA) shares were also up, gaining 102% to $10.88 fter the company reported better-than-expected fourth-quarter financial results. Also, the company announced it into a definitive agreement to be acquired by private equity funds managed by Butterfly Equity.

Equities Trading DOWN

• Trevena, Inc. (NASDAQ:TRVN) shares dropped 48% to $2.4192 after the company announced it received a Nasdaq delisting notification.
• Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) were down 21% to $9.65.
• Universal Insurance Holdings, Inc. (NYSE:UVE) was down, falling 18% to $17.12.

Commodities

In commodity news, oil traded up 3.4% to $76.99 while gold traded down 0.2% at $2,662.50.

Silver traded down 1.1% to $32.025 on Monday, while copper fell 0.5% to $4.5535.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.26%, Germany's DAX fell 0.09% and France's CAC 40 climbed 0.48%. Spain's IBEX 35 Index rose 0.80%, while London's FTSE 100 rose 0.46%.

Retail sales in the Eurozone rose 0.2% month-over-month in August compared to a revised flat reading in the previous month. The Halifax House Price Index in the UK rose 4.7% year-over-year in September compared to a 4.3% gain in August. Factory orders in Germany declined by 5.8% month-over-month in August.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei 225 gaining 1.80%, Hong Kong's Hang Seng Index gaining 1.60% and India's BSE Sensex dipping 0.78%.

Foreign exchange reserves in Singapore fell to SGD 499.7 billion in September compared to SGD 501.3 billion a month ago. The index of leading economic indicators in Japan fell to 106.7 in August versus a final reading of 109.3 in the prior month, while index of coincident economic indicators declined to 113.5 in August compared to a final reading of 117.2 month ago.

Economics

Data on consumer credit for August will be released today.

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Posted In: ALTM AZN HRTG NAPA SRRK TRVN UVE