US equity indexes displayed a mixed performance during midday trading on Monday as decreasing technology shares applied downward pressure on the Nasdaq Composite. The Nasdaq Composite experienced a slight decrease of 0.1%, settling at 19,264.8. In contrast, the S&P 500 traded 0.2% higher, reaching 6,005.9 after achieving a new intraday record high of 6,017.31.
The Dow Jones Industrial Average climbed 0.8% to land at 44,343.5, having previously hit an all-time peak of 44,486.70 earlier in the session. The consumer discretionary and financial sectors were the leading gainers throughout the day, while the technology and materials sectors faced the most significant losses. Treasury markets were closed on Monday in observance of the Veterans Day holiday. In corporate news, AbbVie ($ABBV) saw its shares fall by over 12% in intraday trading, marking it as the worst performer on the S&P 500, following the announcement that its two phase 2 trials evaluating emraclidine in adult patients with schizophrenia and acute psychotic symptom exacerbations did not meet their primary endpoints. Cigna Group ($CI) announced on Monday that it would not pursue a merger with Humana ($HUM), planning to relay this information to investors and analysts during meetings scheduled over the next few weeks.
The announcement had a positive impact on shares of Cigna, which surged 7.8%, placing it among the top performers on the S&P 500. Further market developments included West Texas Intermediate crude oil, which plummeted 3% to $68.24 a barrel. Additionally, gold prices sank 2.8%, reaching $2,620.00 per ounce, while silver also declined by 2.6%, settling at $30.64 per ounce..