In the lead-up to Monday's opening bell, US equity futures experienced a decline as investors adopted a risk-averse strategy during the second-to-last trading session of 2024. The Dow Jones Industrial Average futures saw a dip of 1%, while the S&P 500 futures dropped by 1.2%, and the Nasdaq futures fell by 1.3%.
Meanwhile, oil prices made gains, with North Sea Brent crude, a global benchmark, rising by 0.4% to reach $74.08 per barrel. Additionally, US West Texas Intermediate crude saw an increase of 0.5%, settling at $70.97 per barrel. Market watchers are anticipating the release of the Chicago Fed Purchasing Managers' index at 9:45 am ET, with expectations for an increase to 42.7 in December, up from the previous month's reading of 40.2.
Furthermore, pending home sales data is set to be unveiled at 10 am ET, with forecasts predicting a 0.9% increase in November, building on a 2% rise observed in October. Turning to global markets, Japan's Nikkei index closed 1% lower, while Hong Kong's Hang Seng index ended down 0.2%. In contrast, China's Shanghai Composite managed to finish 0.2% higher.
In Europe, the UK's FTSE 100 experienced a decline of 0.4%, with Germany's DAX index slipping 0.4% in the early afternoon session. On a brighter note within the equities sector, Polyrizon ($PLRZ) saw a remarkable 47% rise in its shares. This surge followed the company's announcement regarding the publication of a patent application related to its hydrogel nasal technologies by the US Patent and Trademark Office.
Conversely, on the losing side, shares of Traws Pharma ($TRAW) fell by 32% after the company revealed that it had secured equity financing totaling up to $72.6 million from significant institutional investors in the healthcare sector. This mix of economic indicators and corporate news sets the stage for a dynamic trading session ahead, as investors remain vigilant and adapt to the fluctuating market conditions..