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Dow Edges Lower; Ventyx Biosciences Shares Plummet
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Dow Edges Lower; Ventyx Biosciences Shares Plummet
Jul 29, 2024 11:52 AM

U.S. stocks were mostly higher toward the end of trading, while the Dow Jones index traded slightly lower on Monday.

The Dow traded down 0.04% to 40,571.88 while the NASDAQ rose 0.16% to 17,385.52. The S&P 500 also rose, gaining, 0.16% to 5,467.66.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 1.8% on Monday.

In trading on Monday, energy shares fell by 1.2%.

Top Headline

The Dallas Fed Manufacturing index declined to -17.5 in July versus a reading of -15.1 in the prior month.

Equities Trading UP

                       

Lipella Pharmaceuticals Inc ( LIPO ). shares shot up 123% to $0.9265 after the company announced it commenced its Phase 2a trial for LP-310 in Oral Lichen Planus.

Shares of NLS Pharmaceutics AG ( NLSP ) got a boost, surging 38% to $0.2618 after the company announced a merger in which Kadimastem will become a wholly owned subsidiary of NLS.

Venus Concept Inc ( VERO ). shares were also up, gaining 26% to $0.8169 after the company received a medical device license from Health Canada to market its Venus Bliss MAX system.

Equities Trading DOWN

vTv Therapeutics Inc ( VTVT ). shares dropped 3251% to $15.92 after the company announced the FDA has placed a clinical hold on the cadisegliatin clinical program.

Shares of Cognition Therapeutics, Inc ( CGTX ). were down 35% to $1.5350. Cognition Therapeutics ( CGTX ) reported that participants in the proof-of-concept Phase 2 ‘SHINE' study who were treated with CT1812 for six months showed a consistent trend in cognitive improvement compared to placebo across all cognitive measures.

Ventyx Biosciences, Inc ( VTYX ). was down, falling 21% to $2.3350. The company released results from the Phase 2 trial of allosteric TYK2 inhibitor VTX958 in participants with moderately to severely active Crohn's disease, a type of inflammatory bowel disease that irritates and causes swelling in digestive tract.

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Commodities

In commodity news, oil traded down 2.2% to $75.50 while gold traded down 0.2% at $2,376.50.

Silver traded down 1% to $27.75 on Monday, while copper fell 1% to $4.0820.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.20%, Germany's DAX fell 0.53% and France's CAC 40 fell 0.98%. Spain's IBEX 35 Index fell 0.43%, while London's FTSE 100 rose 0.08%.

UK's net consumer credit increased by £1.2 billion over a month during June, a decline from the £1.5 billion gain recorded in May.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan's Nikkei 225 surging 2.13%, Hong Kong's Hang Seng Index gaining 1.28%, China's Shanghai Composite Index gaining 0.03% and India's S&P BSE Sensex rising 0.03%.

Singapore's Domestic Supply Price Index increased by 4.3% year-over-year in June, accelerating from a revised 2.7% gain in the prior month. Producer prices in Malaysia increased to 1.6% year-over-year for June. Profits earned by Chinese industrial firms climbed by 3.5% year-over-year to CNY 3,511.03 billion during the first six months of 2024.

Economics

The Dallas Fed Manufacturing index declined to -17.5 in July versus a reading of -15.1 in the prior month.

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