Nasdaq Down Over 100 Points; Alaska Air To Acquire Hawaiian Airlines

U.S. stocks traded lower this morning, with the Nasdaq Composite falling over 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.13% to 36,198.88 while the NASDAQ fell 0.96% to 14,167.63. The S&P 500 also fell, dropping, 0.56% to 4,569.05.

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Leading and Lagging Sectors

Consumer staples shares rose by 0.4% on Monday.

In trading on Monday, information technology shares fell by 1.7%.

Top Headline

Alaska Air Group Inc ALK penned an acquisition deal with Hawaiian Holdings Inc HA worth approximately $1.9 billion, including $0.9 billion of HA's net debt.

Equities Trading UP

EyePoint Pharmaceuticals, Inc. EYPT shares shot up 177% to $18.36 after the company announced the Phase 2 DAVIO 2 trial of EYP-1901 in wet AMD achieved all primary and secondary endpoints.

Shares of Hawaiian Holdings, Inc. HA got a boost, shooting 174% to $13.32 after Alaska Air Group, Inc. ALK announced plans to acquire the company in a deal worth $1.9 billion.

Alterity Therapeutics Limited ATHE shares were also up, gaining 162% to $4.3571 after the company announced that ATHE434 new data in a Parkinson's disease primate model were presented at the Future of Parkinson's Disease Conference 2023.

Equities Trading DOWN

U Power Limited UCAR shares dropped 42% to $0.90 after the company announced pricing of registered follow-on offering of 10 million units at a purchase price of $1.20 per unit.

Shares of Dune Acquisition Corporation DUNE were down 38% to $4.60.

NexImmune, Inc. NEXI was down, falling 34% to $3.97.

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Commodities

In commodity news, oil traded down 0.9% to $73.41 while gold traded down 1.1% at $2,066.20.

Silver traded down 2% to $25.34 on Monday while copper fell 1.8% to $3.8610.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index rose 0.3% The German DAX rose 0.1% French CAC 40 fell 0.3%, while Italy’s FTSE MIB Index fell 0.1%.

Germany’s trade surplus widened to EUR 17.8 billion in October versus a revised EUR 16.7 billion a month ago.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 falling 0.60%, Hong Kong’s Hang Seng Index falling 1.09% and China’s Shanghai Composite Index falling 0.29%. India’s S&P BSE Sensex, meanwhile, climbed 2.05%.

Retail sales in Australia fell by 0.2% month-over-month in October, while business inventories unexpectedly climbed by 1.2% quarter-over-quarter during the third quarter. The Melbourne Institute's Monthly Inflation Gauge increased 0.3% for November.

Economics

Data on factory orders will be released at 10:00 a.m. ET.

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