Wall Street Set to Open Slightly Higher Monday After Strongest Week of 2024

09:29 AM EDT, 08/19/2024 (MT Newswires) -- US stock markets look set to open slightly higher in Monday's trading session following the biggest weekly gain by the S&P 500 this year, and as investors await Federal Reserve Chairman Jerome Powell's speech at an economic symposium Friday.

The Dow Jones Industrial Average futures were up 0.1%, S&P 500 futures gained 0.2%, and Nasdaq futures rose 0.2%.

Oil prices were moving lower, with front-month global benchmarks Brent crude and West Texas Intermediate crude declining 0.6% each.

In other world markets, Japan's Nikkei tumbled about 1.8%, Hong Kong's Hang Seng was up 0.8%, and China's Shanghai Composite gained 0.5%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was rising 0.1%, while Germany's DAX and France's CAC were up 0.3% and 0.5% respectively.

In equities, shares of Alzamend Neuro (ALZN) skyrocketed 234% in Monday's premarket activity after the company said Massachusetts General Hospital will be its contract research organization to conduct a phase 2 clinical study of AL001 to treat patients with post-traumatic stress disorder.

Virax Biolabs Group's (VRAX) shares soared 137%, adding to a 53% gain on Friday. Applied DNA Sciences' (APDN) stock surged 104%, extending its 78% gain the previous session. Tonix Pharmaceuticals' (TNXP) shares jumped 47% after reporting a narrower Q2 net loss per share and higher revenue from a year earlier. Shares of SciSparc's (SPRC) rose 32% after the company said Friday that it signed a patent license agreement with Polyrizon to out-license its SCI-160 program to treat pain.

On the losing side, shares of Liquidia (LQDA) plunged 37% after the US Food and Drug Administration granted tentative approval of Yutrepia to treat pulmonary arterial hypertension and pulmonary hypertension, but said final approval won't be granted until the exclusivity of United Therapeutics' Tyvaso DPI expires. Lancaster Colony (LANC) stock was down 19% after it was flat on Friday. Cingulate's (CING) shares dropped 13% after it shot up 268% on Friday. Shares of Perma-Pipe International (PPIH) fell 13% following a marginal gain the previous session. Shares of B. Riley Financial (RILY) lost 8% after Chairman and co-Chief Executive Bryant Riley made an unsolicited proposal to take the company private for $7 per share.