Afternoon Market Update

Oil and gas stocks dropped, along with the wider equity market. The NYSE Arca Oil Index (XOI) fell about 0.49%, while the NYSE Arca Natural Gas Index (XNG) dropped about 0.63%. The Philadelphia Oil Service Sector Index (OSX) dipped about 1.16%. Crude-oil for February delivery dropped $0.65 to $90.86 per barrel on the New York Mercantile Exchange (NYMEX). Gold and copper moved up on Monday, as China lifted its lending and deposit rates. Gold for February delivery gained 0.12% to $1,382 an ounce. Copper for March delivery rose 0.54% to $428.15 per pound. Shares of pSivida Corp PSDV and Alimera Sciences ALIM dipped after the companies received a complete response letter (CRL) from US Food and Drug Administration for ILUVIEN drug. FDA declined to give approval to their drug, for treating diabetic macular edema. Shares of PSDV fell about 21%, while ALIM shares dropped about 9%. Read more from Benzinga's Markets.