The US stock market is poised to open lower in Monday's trading session, with an air of cautious optimism as investors anticipate a year-end rally following a tumultuous week for equities. Futures for the Dow Jones Industrial Average dipped by 0.33%, while S&P 500 futures showed a modest decline of 0.03%, and Nasdaq futures edged down by 0.02%.
In the commodities sector, oil prices are decreasing, with the front-month global benchmarks witnessing notable declines: Brent crude is down by 0.45% and West Texas Intermediate crude by 0.50%. Globally, market dynamics present a mixed picture. Japan's Nikkei Index climbed by 1.19%, reflecting resilience in the Asian markets.
Similarly, Hong Kong’s Hang Seng rose by 0.82%. In contrast, China’s Shanghai Composite index faced challenges, declining by 0.50%. Meanwhile, in Europe, this mixed global sentiment is echoed; the UK's FTSE 100 saw a slight uptick of 0.09%, while notable declines were observed in Germany's DAX and France's CAC, falling 0.30% and 0.16%, respectively.
As the day progresses, all eyes will be on the non-profit research organization, the Conference Board, as it is set to release the latest readings of its consumer confidence index for December. Expectations are set for an increase to 112.9 from 111.7 in the prior month, as reported by Bloomberg. Turning to equities, noteworthy movements are observed among several companies: shares of Reliance Global Group ($RELI) soared a staggering 217% in the premarket session, recovering from the previous session's 1.6% loss.
Traws Pharma ($TRAW) saw its shares jump by 126% following successful indications from a phase 1 clinical trial that assessed the safety and tolerability of tivoxavir marboxil in treating H5N1 bird flu. Kidpik ($PIK) shares surged 71%, marking a continuation from the previous session's 15% gain. Additionally, shares of Phio Pharmaceuticals ($PHIO) rose 57%, following a slight 1.2% increase on Friday.
Rumble ($RUM) shares also witnessed a significant surge of 44% after announcing a $775 million strategic investment from cryptocurrency firm, Tether. Conversely, the market experienced significant losses as well: shares of iLearningEngines ($AILE) plummeted by 52% after the company announced that it voluntarily initiated Chapter 11 bankruptcy proceedings in the US.
Onfolio ($ONFO) shares fell by 19%, adding pressure following a 4.2% loss the preceding session. Psyence Biomedical ($PBM) shares dropped 20%, reversing some of Friday's impressive 29% gain. In a similar vein, shares of Design Therapeutics ($DSGN) retreated by 3% after seeing a 4.3% rise in the previous session..