Crude Oil Gains Over 2%; PaxMedica Shares Plunge

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining over 100 points on Monday.

The Dow traded up 0.34% to 35,064.42 while the NASDAQ rose 0.80% to 14,238.67. The S&P 500 also rose, gaining, 0.43% to 4,534.85.

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Leading and Lagging Sectors

Information technology shares surged by 0.8% on Monday.

In trading on Monday, utilities shares fell by 0.3%.

Top Headline

The index of leading economic indicators fell 0.8% in October.

Equities Trading UP

Iovance Biotherapeutics, Inc. IOVA shares shot up 11% to $5.60. Goldman Sachs initiated coverage on Iovance Biotherapeutics with a Buy rating and announced a price target of $12.

Shares of Cardio Diagnostics Holdings, Inc. CDIO got a boost, shooting 81% to $1.7905. Cardio Diagnostics announced breakthrough in coronary heart disease detection with PrecisionCHD Test, published in the Journal of the American Heart Association.

Cuentas Inc. CUEN shares were also up, gaining 60% to $1.52 after reporting a narrower quarterly loss.

Equities Trading DOWN

NanoString Technologies, Inc. NSTG shares dropped 47% to $0.6782. TD Cowen downgraded NanoString Technologies from Outperform to Market Perform and lowered the price target from $6 to $1.4.

Shares of PaxMedica, Inc. PXMD were down 38% to $1.09 after the company announced pricing of $7 million public offering of 5,384,615 shares and accompanying warrants at a price of $1.30 per unit.

Greenland Technologies Holding Corporation GTEC was down, falling 12% to $2.8950 following weak quarterly results.

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Commodities

In commodity news, oil traded up 2.5% to $77.80 while gold traded down 0.6% at $1,973.60.

Silver traded down 1.2% to $23.57 on Monday while copper rose 1.4% to $3.7890.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.11%, London’s FTSE 100 fell 0.05% while Spain’s IBEX 35 Index rose 0.85% The German DAX fell 0.11% French CAC 40 rose 0.27%, while Italy’s FTSE MIB Index rose 0.17%.

Construction output in the Eurozone fell by 0.3% year-over-year in September. Producer prices in Germany fell by 11.0% year-over-year in October following a 14.7% decline in September.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 falling 0.59%, Hong Kong’s Hang Seng Index gaining 1.86% and China’s Shanghai Composite Index gaining 0.46%. India’s S&P BSE Sensex, meanwhile, fell 0.21%.

The People's Bank of China kept lending rates unchanged at the November fixing. Malaysia’s trade surplus shrank to MYR 12.9 billion in October from MYR 18.6 billion in the year-ago month.

Economics

The index of leading economic indicators fell 0.8% in October.

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