Gold Down Over 3%; Rigetti Computing Shares Spike Higher

Author: Avi Kapoor | November 25, 2024 03:18pm

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 400 points on Monday.

The Dow traded up 0.95% to 44,718.05 while the NASDAQ rose 0.25% to 19,050.84. The S&P 500 also rose, gaining, 0.29% to 5,986.39.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 1.6% on Monday.

In trading on Monday, energy shares fell by 1.8%.

Top Headline

The Dallas Fed’s Texas manufacturing activity index rose to -2.7 in November compared to a reading of -3 in the previous month and versus market estimates of -2.4.

Equities Trading UP

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares shot up 19% to $27.80 after the company announced that the FDA approved Attruby to treat adults with ATTR-CM.
Shares of Quantum Computing Inc. (NASDAQ:QUBT) got a boost, surging 12% to $6.80 after AWS announced Quantum Embark program.
Rigetti Computing, Inc. (NASDAQ:RGTI) shares were also up, gaining 56% to $2.7211 after the company completed a $100 million at-the-market equity offering, with plans to use the proceeds for working capital, capital expenditures, and advancements in superconducting quantum computing technology.

Equities Trading DOWN

Cassava Sciences, Inc. (NASDAQ:SAVA) shares dropped 81% to $4.7301 after the company announced Simufilam did not show a significant reduction in cognitive or functional decline versus placebo in patients with mild-to-moderate Alzheimer’s disease in the ReThink-ALZ Phase 3 study.
Shares of Oncternal Therapeutics, Inc. (NASDAQ:ONCT) were down 46% to $0.6201 after the company announced that NASDAQ plans to delist its stock.
CareMax, Inc. (NASDAQ:CMAX) was down, falling 14% to $0.6205 after the company announced restructuring amidst its bankruptcy and delisting challenges.

Commodities

In commodity news, oil traded down 3.3% to $68.92 while gold traded down 3.4% at $2,621.10.

Silver traded down 3.4% to $30.265 on Monday, while copper rose 0.2% to $4.0925.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.06%, Germany's DAX gained 0.43% and France's CAC 40 rose 0.03%. Spain's IBEX 35 Index rose 0.47%, while London's FTSE 100 gained 0.36%.

The Ifo Business Climate indicator for Germany fell to 85.7 in November compared to 86.5 in October and down from market expectations of 86. Producer prices in Spain fell by 3.9% year-over-year in October.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei 225 gaining 1.30%, Hong Kong's Hang Seng Index falling 0.41%, China's Shanghai Composite Index falling 0.11% and India's BSE Sensex gaining 1.25%.

Economics

The Chicago Fed National Activity Index fell to -0.40 in October compared to -0.27 in the previous month and versus market estimates of -0.20.
The Dallas Fed’s Texas manufacturing activity index rose to -2.7 in November compared to a reading of -3 in the previous month and versus market estimates of -2.4.

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