As the trading week commences, US stock markets are poised to open slightly higher following a remarkable weekly surge in the S&P 500, marking its largest gain of the year. Investors are eagerly awaiting an address from Federal Reserve Chairman Jerome Powell, set to take place during an economic symposium this coming Friday, which has heightened market interest and speculation. Futures indicated a positive start with the Dow Jones Industrial Average futures inching up by 0.1%.
Additionally, S&P 500 futures showed an increase of 0.2%, complemented by a similar rise of 0.2% in Nasdaq futures. In the commodities sector, oil prices experienced a decline. The front-month global benchmarks, namely Brent crude and West Texas Intermediate crude, both saw a drop of 0.6%, reflecting broader market adjustments. Turning to international markets, Japan's Nikkei index faced a setback, tumbling approximately 1.8%.
Adjacent to that, Hong Kong's Hang Seng managed a gain of 0.8%, while China's Shanghai Composite recorded a modest increase of 0.5%. Across the Atlantic, in Europe's early trading session, the UK's FTSE 100 saw a slight rise of 0.1%. Meanwhile, Germany's DAX and France's CAC indices rose 0.3% and 0.5% respectively, showcasing a mixed sentiment across markets. In stock-specific news, Alzamend Neuro ($ALZN) witnessed an extraordinary surge of 234% in premarket activity as the company disclosed that Massachusetts General Hospital would serve as its contract research organization for the upcoming phase 2 clinical study of AL001, aimed at treating post-traumatic stress disorder.
This news triggered significant investor interest and optimism regarding the company's future prospects. Virax Biolabs Group's ($VRAX) shares also soared by 137%, building on a notable 53% gain from the previous trading session. Likewise, Applied DNA Sciences ($APDN) saw their stock surge by 104%, extending a prior increase of 78%.
Tonix Pharmaceuticals ($TNXP) reported a narrower Q2 net loss per share alongside a boost in revenue compared to the previous year, resulting in a 47% jump in their shares. Additionally, SciSparc's ($SPRC) share price increased by 32% after the announcement of a patent license agreement with Polyrizon, allowing the company to out-license its SCI-160 program targeting pain treatment. On the flip side of the market, Liquidia's ($LQDA.US) shares plummeted by 37% following tentative FDA approval for Yutrepia, a treatment for pulmonary arterial hypertension.
However, the FDA indicated final approval would not occur until United Therapeutics’ Tyvaso DPI exclusivity expires. Lancaster Colony ($LANC) shares declined by 19% after a stagnant performance on Friday. Cingulate ($CING), which had soared 268% on Friday, saw a 13% drop thereafter. Similarly, shares of Perma-Pipe International ($PPIH) fell 13%, following a minimal gain in the preceding session.
Finally, B. Riley Financial's ($RILY) stock saw an 8% decline after Chairman and co-CEO Bryant Riley proposed an unsolicited offer to take the company private at $7 per share. This mixed performance across various stocks underscores the volatility and dynamic nature of the current market environment..