Nasdaq Moves Higher; US New Home Sales Fall In October – Anavex Life Sciences (NASDAQ:AVXL), Asset Entities (NASDAQ:ASST)

U.S. Stocks Trade Mixed Midway Through Trading: Nasdaq Composite Moves Higher

U.S. stocks traded with mixed results on Monday, with the Nasdaq Composite moving higher while the Dow and the S&P 500 experienced slight declines. The market remained cautious as investors continued to monitor various economic indicators and corporate news.

As of midday, the Dow Jones Industrial Average was down 0.23% at 35,310.40, while the Nasdaq Composite rose 0.21% to 14,280.12. The S&P 500 also fell, dropping 0.07% to 4,556.10.

Consumer discretionary shares rose by 0.5% on Monday, indicating a positive trend in consumer spending. However, energy shares fell by 0.7%, reflecting the volatility of the energy sector.

In terms of top headlines, U.S. new home sales declined by 5.6% to an annualized rate of 679,000 in October, falling short of market estimates. This data suggests a potential slowdown in the housing market, which could impact the overall economy.

Despite the mixed performance of the broader market, several individual stocks experienced significant movements. RedHill Biopharma Ltd. (RDHL) shares shot up 166% to $0.8397 after the company announced that the FDA had granted five years’ market exclusivity for its drug, Talicia. Biodexa Pharmaceuticals Plc (BDRX) also saw a boost, with shares rising 157% to $6.87 after the company entered into agreements to acquire an exclusive worldwide license to tolimidone. Asset Entities Inc. (ASST) shares were up 53% to $0.5355 after the company announced a stock repurchase program.

On the downside, Pagaya Technologies Ltd. (PGY) shares dropped 5.5% to $1.2950 after the company’s Chief Financial Officer stepped down. B. Riley Financial, Inc. (RILY) shares were down 7% to $19.41 following news of Impel Pharmaceuticals exploring strategic alternatives. Anavex Life Sciences Corp. (AVXL) also fell 8% to $6.48 after reporting its fourth-quarter financial results.

In commodities news, oil traded up 0.3% to $75.80 per barrel, while gold traded up 0.6% at $2,014.10 per ounce. Silver rose 1.9% to $24.80 per ounce, while copper fell 0.8% to $3.7575 per pound.

In the Eurozone, European shares were mostly lower, with the STOXX 600 falling 0.14%. Asian markets also closed lower, with Japan’s Nikkei 225 falling 0.53%, Hong Kong’s Hang Seng Index falling 0.20%, and China’s Shanghai Composite Index falling 0.30%.

Overall, the market remains cautious as investors navigate through various economic and corporate developments. As always, it is important for investors to stay updated on the latest news and trends in order to make informed investment decisions.