U.S. equities experienced a downward shift at the start of the trading week, as the Dow Jones Industrial Average dropped over 100 points on Monday. At market open, the Dow Jones receded by 0.25%, trading near 48,591.37 points. Simultaneously, the Nasdaq Composite Index edged down 0.55% to approximately 23,464.42, while the S&P 500 index decreased by 0.34%, settling at about 6,906.41.
Within the sector performances observed during Monday's session, energy shares demonstrated a 0.6% rise, contrasting with a 1.1% decrease in materials stocks. This contrast underscored the varying momentum across different industries within the market.
Of notable economic significance, U.S. pending home sales for November increased by 3.3% on a month-over-month basis. This followed a revised 2.4% rise recorded in October and outpaced market expectations which anticipated only a 1% gain. This metric provides insight into prospective home sales transactions, reflecting overall activity in the housing market.
Examining individual stock performances, CCSC Technology International Holdings Limited (NASDAQ:CCTG) saw its shares surge sharply, gaining 93% to close at $0.2516. Brand Engagement Network, Inc. (NASDAQ:BNAI) witnessed a 77% increase in its share price, reaching $2.12 following the company's completion of a Vendor Services Project Agreement with a notable global advertising agency. Society Pass Incorporated (NASDAQ:SOPA) also posted significant gains, climbing 58% to $2.88 after unveiling its launch of TMG Social.
Conversely, several stocks experienced marked declines attributed to unfavorable clinical trial outcomes and other developments. Mereo BioPharma Group plc (NASDAQ:MREO) faced an 89% drop in its shares to $0.2436 after announcing that its Phase 3 ORBIT and COSMIC studies for setrusumab in Osteogenesis Imperfecta did not meet primary endpoints concerning the annualized clinical fracture rate, neither compared to placebo nor bisphosphonates. Similarly, Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) saw its shares decline by 41% to $20.10 following the joint disclosure with partner Mereo Biopharma regarding the failure to achieve primary endpoints in the same Phase 3 studies.
In further stock movements, ECD Automotive Design, Inc. (NASDAQ:ECDA) shares declined 35% to $0.7521 amid the broader market shifts.
In commodities trading, oil prices advanced 2.5% to close at $58.13 per barrel, reflecting gains within the energy sector. Meanwhile, gold prices declined by 4.2% to $4,360.50 per ounce. Other metals experienced downward trends, with silver decreasing 6.8% to $71.945 and copper falling 4.6% to $5.5725.
Across international markets, European equity indices produced mixed results. The STOXX 600 for the Eurozone edged up 0.1%, accompanied by modest gains of 0.1% in Spain's IBEX 35 and France's CAC 40 indices. London's FTSE 100 also increased by 0.1%. Conversely, Germany's DAX 40 contracted by 0.1% during the same period.
In the Asia-Pacific region, market activity predominantly trended downward, with Japan's Nikkei 225 declining 0.44% and Hong Kong's Hang Seng Index falling 0.71%. In contrast, China's Shanghai Composite slightly increased by 0.04%, while India's BSE Sensex moved downward by 0.41%.