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US stocks look set to open higher Monday as investors look ahead to inflation data set to be released Tuesday, and another interest rate increase expected from the Federal Reserve at the conclusion of its two-day policy setting Federal Open Market Committee meeting Wednesday.
Although October core consumer prices eased by more than expected, the Econoday consensus estimate is for a 0.4% increase in November, while the annual rate is forecast to slow to 6.1%. Overall prices are expected to rise 0.3%, after increasing 0.4% in November for an annual rate of 7.3%, down from 7.7%.
The Federal Reserve begins its two-day meeting Tuesday, and while investors are anticipating another rate increase at the meeting’s conclusion Wednesday, it is not expected to be as large as previous interest rate increases.
Dow Jones Industrial Average futures were up 0.2%, S&P 500 futures were moving 0.2% higher, and Nasdaq futures were rising 0.2%.
Oil prices were mixed, with North Sea Brent crude down 0.2% and US West Texas Intermediate crude rising 0.4%.
In other world markets, Japan’s Nikkei was off 0.2%, Hong Kong’s Hang Seng tumbled 2.2% lower, and China’s Shanghai Composite was down 0.9%. Meanwhile in Europe’s early afternoon session, the UK’s FTSE 100 was down DAX 0.4%, while G and France’s CAC 40 were off 0.6% each.
On the winning side, shares of HTG Molecular Diagnostics (HTGM) shot up 180% in premarket activity Monday, after more than doubling on Friday. Aptevo Therapeutics (APVO) shares soared 101% after it reported positive data Monday from a phase 1b trial evaluating APVO436 in combination with venetoclax and azacitidine to treat acute myeloid leukemia. Shares of Tonix Pharmaceuticals (TNXP) jumped 39% after it said Monday that it received an exclusive license from Curia Global to develop three monoclonal-Covtrent-SA antibodies for to 2 infection, which causes COVID-19. Shares of Coupa Software Incorporated (COUP) climbed 27% higher after it said it agreed to be acquired by investment firm Thoma Bravo for $8 billion. And Bruush Oral Care (BRSH) shares rose 15% after it said Friday that it closed a private placement for gross proceeds of approximately $3 million.
On the losing side, shares of Adicet Bio (ACET) plunged 42%, after it reported Saturday that its investigational therapy ADI-001 showed a 75% overall response rate in a phase 1 study to treat relapsed or refractory B-cell non-Hodgkin’s lymphoma. Ambrx Biopharma (AMAM) shares tumbled 26% after skyrocketing more than 1,000% Friday. Shares of Affimed (AFMD) shed 21% after it reported topline data from a phase 2 study investigating AFM13 monotherapy in patients or age relapsed-advanced peripheral T cell lymphoma. Inotiv (NOTV) shares fell 23% after the company said it is delaying the release of its Q4 results scheduled for Monday. And shares of Baudax Bio (BXRX) lost 17% after rising 28% Friday.
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