Gold Down Over 3%; Rigetti Computing Shares Spike Higher

Health care stocks were higher Monday afternoon, with the NYSE Health Care Index rising 0.6% and the Health Care Select Sector SPDR Fund (XLV) adding 0.8%.

The iShares Biotechnology ETF (IBB) climbed 1.7%.

In corporate news, BridgeBio Pharma shares surged 18%. The firm said late Friday the US Food and Drug Administration approved Attruby for the treatment of the cardiomyopathy of wild-type or variant transthyretin-mediated amyloidosis in adults to reduce cardiovascular death and cardiovascular-related hospitalization.

Intellia Therapeutics shares popped 4% after the company said Monday that the US Food and Drug Administration has granted regenerative medicine advanced therapy designation to nexiguran ziclumeran for the treatment of hereditary transthyretin amyloidosis with polyneuropathy.

Cassava Sciences shares plunged past 82% after the company said its late-stage trial of simufilam in mild-to-moderate Alzheimer's disease didn't meet the co-primary endpoints of cognitive and functional improvement.

Tech stocks were mixed Monday afternoon with the Technology Select Sector SPDR Fund (XLK) easing 0.1% and the SPDR S&P Semiconductor ETF (XSD) rising 3%.

The Philadelphia Semiconductor index added 0.8%.

In corporate news, most quantum computing stocks gained after Amazon.com's Amazon Web Services announced the launch of the Quantum Embark Program, which is designed to help businesses prepare for quantum computing adoption. Shares of Quantum more than doubled, Rigetti Computing soared 53% and Quantum Computing jumped 12%. Meanwhile, D-Wave Quantum fell 2.9% by midday.

Brightcove shares surged 35% after the company said Monday it signed a definitive agreement to be acquired by Bending Spoons for $233 million in cash, or $4.45 per share.

POET Technologies shares rose 5.5%. The company said Monday it plans to expand its optical engine production capacity in Malaysia and has signed a deal to assume control of its Super Photonics Xiamen

joint venture with Quanzhou Sanan Optical Communication Technology.

Health care stocks were higher Monday afternoon, with the NYSE Health Care Index rising 0.6% and the Health Care Select Sector SPDR Fund (XLV) adding 0.7%.

The iShares Biotechnology ETF (IBB) climbed 1.7%.

In corporate news, BridgeBio Pharma shares surged 18%. The firm said late Friday the US Food and Drug Administration approved Attruby for the treatment of the cardiomyopathy of wild-type or variant transthyretin-mediated amyloidosis in adults to reduce cardiovascular death and cardiovascular-related hospitalization.

U.S. stocks traded mostly higher midway through trading, with the Dow Jones index gaining over 250 points on Monday.

The Dow traded up 0.63% to 44,574.37 while the NASDAQ rose 0.08% to 19,018.98. The S&P 500 also rose, gaining, 0.12% to 5,976.72.

Check This Out: Jim Cramer Says This Stock Is A Bitcoin Play And He Prefers To Own Bitcoin

Leading and Lagging Sectors

Real estate shares jumped by 1.5% on Monday.

In trading on Monday, energy shares fell by 0.7%.

Top Headline

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.

Equities Trading UP

• BridgeBio Pharma, Inc. shares shot up 29% to $30.14 after the company announced that the FDA approved Attruby to treat adults with ATTR-CM.
• Shares of Quantum Computing Inc.   got a boost, surging 36% to $8.28 after AWS announced Quantum Embark program.
• Rigetti Computing, Inc. shares were also up, gaining 91% to $3.3300 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. shares dropped 85% to $3.9900 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. were down 31% to $0.7689 after the company announced that NASDAQ plans to delist its stock.
• CareMax, Inc. was down, falling 32% to $0.4887 after the company announced restructuring amidst its bankruptcy and delisting challenges.

Commodities

In commodity news, oil traded down 3% to $69.11 while gold traded down 2.9% at $2,634.20.

Silver traded down 3.3% to $30.295 on Friday, while copper rose 0.7% to $4.1125.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.16%, Germany's DAX gained 0.49% and France's CAC 40 rose 0.11%. Spain's IBEX 35 Index rose 0.81%, while London's FTSE 100 gained 0.48%.

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.

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