Crude Oil Moves Higher; Owens & Minor Shares Plummet

U.S. stocks traded lower toward the end of trading, with the S&P 500 falling around 0.5% on Monday.

The Dow traded down 0.09% to 44,506.60 while the NASDAQ dipped 0.91% to 19,449.55. The S&P 500 also fell, dropping, 0.53% to 6,008.22.

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Leading and Lagging Sectors

Consumer staples shares surged by 0.7% on Monday.

In trading on Monday, information technology shares fell by 1.4%.

Top Headline

U.S. construction spending increased by 0.5% month-over-month to an annual rate of $2,192 billion in December following a revised 0.2% gain in November.

Equities Trading UP
                       

• HCW Biologics Inc. HCWB shares shot up 131% to $0.6431 after the company announced FDA clearance for its Phase 1 trial of HCW9302.
• Shares of Triumph Group, Inc. TGIgot a boost, surging 34% to $25.14 after the company agreed to go private in a $3 billion deal backed by Warburg Pincus and Berkshire Partners.
• GH Research PLC GHRS shares were also up, gaining 81% to $19.17 after the company’s inhalable depression treatment GH001 met the primary endpoint in its Phase 2b trial, showing symptom reduction.

Equities Trading DOWN

• Owens & Minor, Inc. OMI shares dropped 32% to $9.68 after the company issued lower-than-expected fourth-quarter and FY24 preliminary revenue results.
• Shares of Napco Security Technologies, Inc. NSSC were down 29% to $26.11 following second-quarter results.
• Tonix Pharmaceuticals Holding Corp. TNXP was down, falling 55% to $0.1941. Tonix Pharmaceuticals announced a 1-for-100 reverse stock split, effective Feb. 5.

Commodities

In commodity news, oil traded up 0.6% to $72.95 while gold traded up 0.8% at $2,857.30.

Silver traded up 0.8% to $32.530 on Monday, while copper rose 1% to $4.3195.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.87%, Germany's DAX 40 dipped 1.40% and France's CAC 40 declined 1.20%. Spain's IBEX 35 Index fell 1.32%, while London's FTSE 100 fell 1.04%.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan's Nikkei 225 dipping 2.66%, Hong Kong's Hang Seng Index fell 0.04% and India's BSE Sensex falling 0.41%.

Economics

• U.S. construction spending increased by 0.5% month-over-month to an annual rate of $2,192 billion in December following a revised 0.2% gain in November.
• The ISM manufacturing PMI for the US climbed to 50.9 in January versus a revised reading of 49.2 in December and topping estimates of 49.8.
• The S&P Global manufacturing PMI rose to 51.2 in January, versus a preliminary reading of 50.1 and compared to 49.4 in December.

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