Crude Oil Gains 2%; BioAge Labs Shares Plunge

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 100 points on Monday.

The Dow traded down 0.24% to 44,533.63 while the NASDAQ fell 0.44% to 19,772.99. The S&P 500 also fell, dropping, 0.45% to 6,063.09.

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Leading and Lagging Sectors

Energy shares jumped by 0.5% on Monday.

In trading on Monday, communication services shares fell by 1.2%.

Top Headline

U.S. wholesale inventories increased by 0.2% month-over-month to $905 billion in October, in- line with the preliminary reading and compared to a 0.2% decline in the previous month.

Equities Trading UP
                       

• LeddarTech Holdings Inc. LDTC shares shot up 308% to $1.27 after the company announced a collaboration with Texas Instruments for advanced driver assistance systems and autonomous driving solutions.
• Shares of Fangdd Network Group Ltd. DUO got a boost, surging 58% to $0.9169. Shares of US-listed Chinese stocks traded higher following reports suggesting Chinese officials would embrace a ‘moderately loose’ monetary policy.
• Pactiv Evergreen Inc. PTVE shares were also up, gaining 19% to $17.42 after the company announced it will merge with Novolex in which Pactiv shareholders will receive $18.00 per share in cash.

Equities Trading DOWN

• BioAge Labs, Inc. BIOA shares dropped 76% to $4.88 as the company announced that it will discontinue the ongoing STRIDES Phase 2 study of its investigational drug candidate, azelaprag.
• Shares of Universe Pharmaceuticals INC UPC were down 58% to $1.4401 after the company announced a definitive agreement with investors for the purchase and sale of 18.75 million ordinary shares, expecting gross proceeds of $15 million.
• Riot Platforms, Inc. RIOT was down, falling 11% to $11.53 after the company announced a $500 million offering of convertible senior notes.

Commodities

In commodity news, oil traded up 2% to $68.57 while gold traded up 1% at $2,686.30.

Silver traded up 3.4% to $32.645 on Monday, while copper rose 1.8% to $4.2725.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.14%, Germany’s DAX fell 0.19% and France’s CAC 40 rose 0.72%. Spain’s IBEX 35 Index fell 0.50%, while London’s FTSE 100 rose 0.52%.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 gaining 0.18%, Hong Kong’s Hang Seng Index gaining 2.76%, China’s Shanghai Composite Index falling 0.05% and India’s BSE Sensex falling 0.25%.

Economics

U.S. wholesale inventories increased by 0.2% month-over-month to $905 billion in October, in- line with the preliminary reading and compared to a 0.2% decline in the previous month.    

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