US stock markets saw a dip on Monday. By the close in New York, the Dow Jones index was calculated at 49,442 points, a few points below the closing level from the previous Friday. A broader gauge, the S&P 500, was down 0.2 percent at around 7,110 points, while the technology-heavy Nasdaq 100 index registered approximately 26,590 points, also down 0.3 percent.
Market uncertainty remains due to the fragile ceasefire in the Iran conflict. However, the planned negotiations in Pakistan, if they proceed as announced for the middle of the week, are expected to provide some relief for Wall Street.
In corporate news, pharmaceutical company Eli Lilly announced an agreement to acquire Kelonia Therapeutics for $3.25 billion. The companies stated that the purchase price could increase up to $7 billion if Kelonia reaches certain clinical, regulatory, and commercial milestones. Previously, the Wall Street Journal had reported that the two entities were nearing such an agreement.
Additionally, media reports surfaced claiming that Spirit Aviation Holdings offered the US government an investment in the low-cost carrier to prevent a potential liquidation. Sources familiar with the situation indicated that the airline had sought a financial infusion from the US government amid rising kerosene prices.
On the currency front, the Euro strengthened on Monday evening, trading at 1.1786 US dollars, meaning a dollar was worth 0.8485 Euros. Gold prices softened, with a fine ounce priced at $4,816 by the evening, marking a 0.3 percent decrease. This translated to €131.36 per gram.
Oil prices, by contrast, increased significantly. A barrel of Brent crude oil from the North Sea cost $95.11 on Monday evening at approximately 10 PM German time, representing a 5.2 percent increase compared to the close of the previous trading day.