Crude Oil Moves Higher; US New Home Sales Fall In February

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 100 points on Monday.

The Dow traded down 0.22% to 39,389.17 while the NASDAQ fell 0.15% to 16,410.10. The S&P 500 also fell, dropping, 0.16% to 5,226.01.

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Leading and Lagging Sectors

 

Energy shares jumped by 1% on Monday.

In trading on Monday, communication services shares fell by 0.5%.

 

Top Headline

 

Sales of new single-family houses in the U.S. fell by 0.3% from the prior month to an annualized rate of 662,000 in February, compared to market estimates of 675,000.

 

Equities Trading UP

 

Landos Biopharma, Inc. LABP shares shot up 170% to $21.62. AbbVie Inc. ABBV and Landos Biopharma, reported a definitive agreement under which AbbVie will acquire Landos.

Shares of Nkarta, Inc. NKTX got a boost, surging 24% to $11.04 after the company priced $240 million underwritten offering.

Altamira Therapeutics Ltd. CYTO shares were also up, gaining 57% to $2.70 after the company announced a collaboration with Univercells Group on nanoparticle-delivered mRNA vaccines.

 

Equities Trading DOWN

 

Sintx Technologies, Inc. SINT shares dropped 49% to $0.0472 after the company announced pricing of a $1.3 million public offering of common stock.

Shares of Akanda Corp. AKAN were down 39% to $0.1483 after the company announced pricing of underwritten public offering.

Fisker Inc. FSR was down, falling 28% to $0.0897 after the company announced it received notice from the large automaker with which the company had been in negotiations for a potential transaction that the automaker terminated the negotiations.

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Commodities

 

In commodity news, oil traded up 1.7% to $82.02 while gold traded up 0.8% at $2,177.40.

Silver traded up 0.4% to $24.95 on Monday, while copper rose 0.5% to $4.0275.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.13%, London’s FTSE 100 fell 0.07% while Spain’s IBEX 35 Index rose 0.30% The German DAX rose 0.41% French CAC 40 rose 0.12% while Italy’s FTSE MIB Index rose 0.85%.

Spanish industrial producer prices declined by 8.2% year-over-year in February versus a revised 3.9% decline in the prior month.

 

Asia Pacific Markets

 

Asian markets closed lower on Monday, with Japan’s Nikkei 225 dipping 1.16%, Hong Kong’s Hang Seng Index falling 0.16% and China’s Shanghai Composite Index falling 0.71%.

The index of leading economic indicators in Japan was revised lower to 109.5 in January versus a preliminary reading of 109.9, while index of coincident economic indicators was revised higher to 112.1 in January versus the flash reading of 110.2. The annual inflation rate in Malaysia accelerated to 1.8% in February from 1.5% a month ago.

 

Economics

 

The Chicago Fed National Activity Index rose to a three-month high level of 0.05 in February versus a revised reading of -0.54 in the prior month.

Sales of new single-family houses in the U.S. fell by 0.3% from the prior month to an annualized rate of 662,000 in February, compared to market estimates of 675,000.

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