U.S. stock markets exhibited mixed performance midway through Monday’s trading session. The Nasdaq Composite experienced a decline of around 1%, while the Dow Jones Industrial Average traded in the green, gaining 0.29% to reach 41,512.19. The S&P 500 also closed lower, dropping by 0.24% to 5,612.35.
Energy sector shares took the lead on Monday, demonstrating a strong surge of 1.1%. Conversely, information technology shares lagged behind, experiencing a decrease of 0.9%.
The NY Empire State Manufacturing Index emerged as a top headline, reporting a rise to 11.5 in September. This marks the highest level recorded since April 2022, significantly exceeding the previous month’s reading of -4.7 and beating market estimates of -3.9. This positive indicator suggests an uptick in manufacturing activity within the New York state region.
Among notable equities trading upwards, NuCana plc (NCNA) shares soared by a remarkable 151% to $6.36 following the announcement of final data from its Phase 2 NuTide:701 study, presented at the ESMO Congress. The study focused on NUC-7738, a promising drug candidate, in combination with pembrolizumab for patients with metastatic melanoma who had exhibited resistance to or relapse after previous PD-1 inhibitor therapy. This positive news fueled the surge in NCNA shares.
Another notable gainer was Ascendis Pharma A/S (ASND), whose shares surged by 17% to $139.84. This upward movement was fueled by the company’s announcement of topline data from its pivotal approach trial of Transcon CNP (Navepegritide). This positive development fueled investor confidence in ASND.
Nuvalent, Inc. (NUVL) shares also experienced a significant increase, gaining 28% to $111.60. This gain was fueled by the company’s presentation of results for its ROS1 and ALK-Positive NSCLC programs. Nuvalent also announced an accelerated development timeline, along with a $350 million public offering. Multiple firms raised their price targets on the stock, further boosting investor enthusiasm.
On the other side of the spectrum, Instil Bio, Inc. (TIL) shares faced a considerable decline, dropping 25% to $63.50. The company announced its global registrational strategy for the PD-L1xVEGF bispecific antibody SYN-2510/IMM2510 in combination with chemotherapy in front-line non-small cell lung cancer and front-line triple-negative breast cancer. This announcement did not resonate well with investors, leading to the share decline.
Sterling Bancorp, Inc. (SBT) shares were down 17% to $4.7723 after the company announced the sale of Sterling Bank and Trust F.S.B. to EverBank Financial Corp. Additionally, the company adopted a plan of dissolution and expects to wind down as quickly as possible following the sale. This news dampened investor sentiment, resulting in a significant decline in SBT shares.
iTeos Therapeutics, Inc. (ITOS) also saw a drop, falling 20% to $13.44. The company announced follow-up interim data from GALAXIES Lung-201, a clinical trial focused on cancer treatment. This news did not meet market expectations, leading to a decline in ITOS shares.
In commodity news, oil prices rose 1.4% to $69.66, while gold prices increased by 0.2% to $2,616.10. Silver also experienced an upward trend, rising 0.8% to $31.325, while copper prices climbed 1.1% to $4.2840.
Across the Atlantic, European shares experienced mostly negative trading activity on Monday. The eurozone’s STOXX 600 fell 0.21%, Germany’s DAX decreased by 0.42%, and France’s CAC 40 declined by 0.22%. In contrast, Spain’s IBEX 35 Index gained 0.07%, while London’s FTSE 100 experienced a slight dip of 0.06%.
The Eurozone recorded a trade surplus of EUR 21.2 billion in July, exceeding market estimates of EUR 14.9 billion. Wages in the Eurozone climbed by 4.5% year-over-year in the second quarter, while hourly labor costs increased by 4.7% year-over-year during the same period. Italy reported a trade surplus of EUR 6.743 billion in July, compared to a surplus of EUR 6.108 billion in the same month last year.
In the Asia Pacific region, markets closed mostly higher on Monday. Hong Kong’s Hang Seng Index gained 0.31%, and India’s BSE Sensex increased by 0.12%. Total passenger vehicle sales in India declined 1.6% year-over-year to 308,779 in August, following a 1.9% decline in the previous month.
The NY Empire State Manufacturing Index’s positive surge provides encouraging signals about the state’s manufacturing sector, contributing to a generally positive economic outlook. This positive trend is likely to influence investment decisions and market sentiment in the coming days.
