Crude Oil Moves Lower; NLS Pharmaceutics Shares Jump

U.S. stocks traded mostly higher midway through trading, with the Nasdaq Composite gaining around 0.4% on Monday.

The Dow traded up 0.02% to 40,598.43 while the NASDAQ rose 0.40% to 17,427.58. The S&P 500 also rose, gaining, 0.28% to 5,474.27.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 1% on Monday.

In trading on Monday, energy shares fell by 1.3%.

Top Headline

ON Semiconductor Corp ON reported better-than-expected second quarter financial results.

ON Semiconductor reported a fiscal second-quarter 2024 revenue decline of 17.2% year-on-year to $1.74 billion, beating the analyst consensus estimate of $1.73 billion. The adjusted EPS of 96 cents beat the analyst consensus estimate of 92 cents per share, according to data from Benzinga Pro.

Equities Trading UP
                       

• Lipella Pharmaceuticals Inc. LIPO shares shot up 127% to $0.9334 after the company announced it commenced its Phase 2a trial for LP-310 in Oral Lichen Planus.
• Shares of NLS Pharmaceutics AG NLSP got a boost, surging 54% to $0.2794 after the company announced a merger in which Kadimastem will become a wholly owned subsidiary of NLS.
• Venus Concept Inc. VERO shares were also up, gaining 16% to $0.75 after the company received a medical device license from Health Canada to market its Venus Bliss MAX system.

Equities Trading DOWN

• vTv Therapeutics Inc. VTVT shares dropped 31% to $14.65 after the company announced the FDA has placed a clinical hold on the cadisegliatin clinical program.
• Shares of Cognition Therapeutics, Inc. CGTX were down 35% to $1.5499 after the company reported Phase 2 results for Alzheimer’s drug.
• Ventyx Biosciences, Inc. VTYX was down, falling 25% to $2.22. The company released results from the Phase 2 trial of allosteric TYK2 inhibitor VTX958 in participants with moderately to severely active Crohn's disease, a type of inflammatory bowel disease that irritates and causes swelling in digestive tract.

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Commodities

In commodity news, oil traded down 1.9% to $75.71 while gold traded down 0.4% at $2,371.10.

Silver traded down 1.6% to $27.575 on Monday, while copper fell 1.4% to $4.0670.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.23%, Germany's DAX fell 0.58% and France's CAC 40 fell 0.99%. Spain's IBEX 35 Index fell 0.48%, while London's FTSE 100 rose 0.17%.

UK's net consumer credit increased by £1.2 billion over a month during June, a decline from the £1.5 billion gain recorded in May.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan's Nikkei 225 surging 2.13%, Hong Kong's Hang Seng Index gaining 1.28%, China's Shanghai Composite Index gaining 0.03% and India's S&P BSE Sensex rising 0.03%.

Singapore's Domestic Supply Price Index increased by 4.3% year-over-year in June, accelerating from a revised 2.7% gain in the prior month. Producer prices in Malaysia increased to 1.6% year-over-year for June. Profits earned by Chinese industrial firms climbed by 3.5% year-over-year to CNY 3,511.03 billion during the first six months of 2024.

Economics

The Dallas Fed Manufacturing index declined to -17.5 in July versus a reading of -15.1 in the prior month.

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