Crude Oil Edges Higher; Lexicon Pharmaceuticals Shares Jump

U.S. stocks traded lower midway through trading, with the Dow Jones index dipping over 50 points on Monday.

The Dow traded down 0.16% to 38,662.09 while the NASDAQ fell 0.26% to 16,043.75. The S&P 500 also fell, dropping, 0.27% to 5,110.11.

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Leading and Lagging Sectors

 

Materials shares jumped by 0.3% on Monday.

In trading on Monday, industrials shares fell by 1.1%.

 

Top Headline

 

EQT Corporation EQT announced that it entered into a definitive merger agreement to acquire Equitrans Midstream Corporation ETRN.

 

Equities Trading UP

 

GDS Holdings Limited GDS shares shot up 21% to $7.77 following a report suggesting Hillhouse and Boyu are in talks to invest in the company's Southeast Asia data center business.

Shares of Fangdd Network Group Ltd. DUO got a boost, surging 48% to $0.8952 after the company announced its 2024 strategic layout with plans to enter the real estate stock asset services sector

Lexicon Pharmaceuticals, Inc. LXRX shares were also up, gaining 19% to $2.5790 after the company said it is preparing to resubmit its Sotagliflozin NDA for Type 1 diabetes following FDA feedback. Additionally, the company announced a securities purchase agreement expected to result in gross proceeds of around $250 million.

 

Equities Trading DOWN

 

Eltek Ltd. ELTK shares dropped 21% to $11.05 after the company announced downbeat quarterly earnings.

Shares of Genie Energy Ltd. GNE were down 11% to $16.93 following fourth-quarter results.

Ventyx Biosciences, Inc. VTYX was down, falling 19% to $8.07. Ventyx Biosciences reported clinical data for its NLRP3 inhibitor portfolio and issued pipeline updates at Virtual Investor Event.

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Commodities

 

In commodity news, oil traded up 0.2% to $78.17 while gold traded up 0.2% at $2,189.80.

Silver traded up 0.3% to $24.615 on Monday while copper rose 0.4% to $3.9085.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.57%, London’s FTSE 100 fell 0.30% while Spain’s IBEX 35 Index rose 0.10% The German DAX fell 0.63% French CAC 40 fell 0.38% while Italy’s FTSE MIB Index fell 0.53%.

Spanish retail trade rose by 0.3% year-over-year in January versus a revised 2.7% gain in the previous month.

 

Asia Pacific Markets

 

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 dipping 2.19%, Hong Kong’s Hang Seng Index gaining 1.43%, China’s Shanghai Composite Index gaining 0.74% and India’s S&P BSE Sensex falling 0.81%.

Chinese vehicle sales dipped by 19.9% year-over-year to 1.58 million units in February versus a 47.9% surge in the prior month. Japanese machine tool orders declined by 8% year-over-year to JPY 114,154 million in February. Japan's GDP expanded by 0.1% quarter-over-quarter in the fourth quarter versus a 0.8% contraction in the third quarter.

 

Economics

 

No economic report of significance is due for Monday.

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