Crude Oil Surges Over 2%; US Leading Economic Index Falls In December

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining around 150 points on Monday.

The Dow traded up 0.41% to 38,018.23 while the NASDAQ rose 0.30% to 15,356.67. The S&P 500 also rose, gaining, 0.25% to 4,851.78.

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Leading and Lagging Sectors

Real estate shares rose by 0.7% on Monday.

In trading on Monday, consumer discretionary shares fell by 0.5%.

Top Headline

US leading economic index fell 0.1% for December, versus analysts’ expectations for a 0.5% decline.

Equities Trading UP

Sagimet Biosciences Inc. SGMT shares shot up 94% to $13.24 after the company announced denifanstat in the Phase 2b FASCINATE-2 clinical trial achieved statistically significant results on the primary and multiple secondary endpoints.

Shares of Rail Vision Ltd. RVSN got a boost, surging 69% to $2.3201. Rail Vision said its main line system has successfully obtained formal certifications for critical European Union railway standards.

Digital World Acquisition Corp. DWAC shares were also up, gaining 26% to $33.18 after Ron DeSantis ended his presidential campaign. Digital World Acquisition Corp is the business combination partner of Trump Media & Technology Group.

Equities Trading DOWN

Virios Therapeutics, Inc. VIRI shares dropped 40% to $0.49. Virios Therapeutics announced plans to advance development of IMC-2 as treatment for symptoms associated with long-COVID.

Shares of Archer-Daniels-Midland Company ADM were down 20% to $54.90 amid the company placing its CFO on leave due to an investigation studying accounting practices and procedures related to the company's nutrition segment. ADM said it now expects an adjusted earnings per share of $6.90 for the fiscal year ended Dec. 2023.

Gilead Sciences, Inc. GILD was down, falling 10% to $78.98 after the company reported its phase 3 study in metastatic non-small cell lung cancer did not meet primary endpoints.

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Commodities

In commodity news, oil traded up 2.3% to $75.10 while gold traded down 0.1% at $2,026.60.

Silver traded down 1.7% to $22.325 on Monday while copper fell 0.8% to $3.7570.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.82%, London’s FTSE 100 rose 0.48% while Spain’s IBEX 35 Index rose 1.15% The German DAX rose 0.70% French CAC 40 rose 0.69% while Italy’s FTSE MIB Index fell 0.27%.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 gaining 1.62%, Hong Kong’s Hang Seng Index falling 2.27% and China’s Shanghai Composite Index declining 2.68%. India’s S&P BSE Sensex, meanwhile, fell 0.36%.

The annual inflation rate in Hong Kong eased to 2.4% in December from 2.6% in the prior month. The People's Bank of China kept its lending rates unchanged at the January fixing.

Economics

US leading index fell 0.1% for December, versus analysts’ expectations for a 0.5% decline.

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