Crude Oil Surges 3%; Abercrombie & Fitch Shares Plunge

U.S. stocks traded mixed midway through trading, with the Dow Jones index gaining around 50 points on Monday.

The Dow traded up 0.13% to 41,992.95 while the NASDAQ dipped 1.42% to 18,888.78. The S&P 500 also fell, dropping, 0.70% to 5,786.44.

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Leading and Lagging Sectors

Energy shares rose by 2.2% on Monday.

In trading on Monday, utilities shares tumbled by 1.9%.

Top Headline

Sage Therapeutics, Inc. SAGE confirmed that Biogen Inc. BIIB submitted an unsolicited, nonbinding proposal to acquire all of the outstanding shares of Sage Therapeutics not already owned by Biogen for $7.22 per share.

Equities Trading UP

Phio Pharmaceuticals Corp. PHIO shares shot up 418% to $8.76 after the company reported promising results of second cohort from its ongoing clinical study of PH-762.
Shares of Salarius Pharmaceuticals, Inc. SLRXgot a boost, surging 277% to $5.87. Salarius Pharmaceuticals and Decoy Therapeutics announced a definitive merger agreement.
Intra-Cellular Therapies, Inc. ITCI shares were also up, gaining 35% to $127.72 after Johnson & Johnson agreed to acquire the company for $132.00 per share in cash for a total equity value of approximately $14.6 billion.

Equities Trading DOWN
Moderna, Inc. MRNA shares dropped 22% to $33.13 after the company updated its 2025 expected revenue range to $1.5 billion to $2.5 billion, below analyst estimates of $2.951 billion.
Shares of Abercrombie & Fitch Co. ANF were down 20% to $129.03 after issuing mixed fourth-quarter and FY24 guidance.
Comtech Telecommunications Corp. CMTL was down, falling 47% to $2.1901 after the company announced downbeat quarterly results.

Commodities

In commodity news, oil traded up 3.1% to $78.93 while gold traded down 1.1% at $2,685.60.

Silver traded down 3% to $30.37 on Monday, while copper rose 0.8% to $4.3365.

Euro zone

European shares were lower today. The eurozone's STOXX 600 declined 0.45%, Germany's DAX 40 fell 0.26% and France's CAC 40 dipped 0.11%. Spain's IBEX 35 Index fell 0.23%, while London's FTSE 100 slipped 0.19%.

Asia Pacific Markets

Asian markets closed lower on Monday, with China's Shanghai Composite Index falling 0.25%, Hong Kong's Hang Seng Index declining 1% and India's BSE Sensex falling 1.36%.

Economics

Data on consumer inflation expectations will be released today.

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