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The Rise of Crude Oil Amidst the Fall of US New Home Sales


Market Movement Overview

U.S. equities saw a downward trend in midday trading, with the Dow Jones index declining over 100 points on Monday.

The Dow was down 0.22% to 39,389.17, the NASDAQ slipped 0.15% to 16,410.10, and the S&P 500 dropped 0.16% to 5,226.01.

Sector Performance

Energy shares surged by 1% on Monday, while communication services shares fell by 0.5%.

New Home Sales Report

In February, sales of new single-family homes in the U.S. saw a 0.3% decline, reaching an annualized rate of 662,000, missing market estimates of 675,000.

Winners and Losers in Equities

Landos Biopharma, Inc. LABP shares surged 170% to $21.62, driven by a definitive agreement with AbbVie Inc. ABBV.

On the flip side, shares of Sintx Technologies, Inc. SINT plummeted 49% to $0.0472 after announcing a public offering, while Akanda Corp. AKAN and Fisker Inc. FSR also saw significant declines.

Commodity Market Updates

Oil prices climbed 1.7% to $82.02, with gold also rising 0.8% to $2,177.40. Silver and copper saw modest gains on Monday.

Regional Market Roundup

European shares displayed mixed results, with the eurozone’s STOXX 600 showing a slight rise. German and French markets posted gains, while industrial producer prices in Spain saw a decline.

Asia Pacific Market Movements

Asian markets closed lower on Monday, with Japan, Hong Kong, and China all experiencing declines. Economic indicators in Japan and Malaysia showed varied revisions.

Economic Indicators

The Chicago Fed National Activity Index rose to 0.05 in February, showcasing positive momentum. New single-family home sales in the U.S. dipped slightly in February, falling short of expectations.

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