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Gold Plunges Over 2% as Cidara Therapeutics Surges on Merck Acquisition

MarketDash Editorial Team
23 days ago
U.S. markets showed mixed performance Friday with the Dow dropping 200 points while tech stocks pushed higher. Cidara Therapeutics skyrocketed over 100% on a $9.2 billion Merck buyout, while gold tumbled and several stocks posted sharp declines on earnings disappointments and regulatory setbacks.

U.S. stocks couldn't quite agree on a direction Friday, with the Dow Jones sliding around 200 points while tech stocks marched higher. The Dow traded down 0.44% to 47,249.55, but the NASDAQ rose 0.59% to 23,004.91. The S&P 500 split the difference, gaining 0.27% to 6,755.73.

Sector Performance

Utilities shares eked out a 0.1% gain on Friday, while communication services stocks took the biggest hit, falling 1% to lead the laggards.

Top Story

Spire Inc (SR) shares dropped more than 2% after delivering a disappointing quarterly report. The company posted losses of 47 cents per share, missing analyst expectations of 42 cents in losses. Revenue also came up short at $334.1 million versus the consensus estimate of $422.1 million.

Big Movers Higher

Cidara Therapeutics Inc (CDTX) absolutely exploded, jumping 105% to $217.18 after Merck agreed to acquire the company for $221.50 per share in a $9.2 billion cash deal. That's the kind of premium that makes biotech investors dream at night.

Scholar Rock Holding Corp (SRRK) shares surged 28% to $38.50 following the company's announcement of a $200 million equity offering.

Amaze Holdings Inc (AMZE) climbed 61% to $0.61 after reporting third-quarter financial results.

Notable Declines

TSS Inc (TSSI) got hammered, dropping 41% to $9.05 after reporting a year-over-year decrease in third-quarter financial results.

Gauzy Ltd (GAUZ) shares fell 30% to $2.81. The company disclosed it won't be releasing its third-quarter 2025 financial results on November 14 as previously planned, which never inspires confidence.

enVVeno Medical Corp (NVNO) tumbled 39% to $0.40 after receiving an unfavorable appeal decision from the FDA for the VenoValve.

Commodities Roundup

Oil traded up 1.9% to $59.81, but precious metals took a beating. Gold fell 2.2% to $4,103.20, while silver got hit even harder, down 5% to $50.52. Copper declined 1.1% to $5.049.

International Markets

European markets closed broadly lower. The eurozone's STOXX 600 fell 1.54%, while Spain's IBEX 35 Index dropped 1.93%. London's FTSE 100 declined 1.57%, Germany's DAX 40 slipped 1.34%, and France's CAC 40 dipped 1.29%.

Asian markets mostly followed suit on Friday. Japan's Nikkei 225 fell 1.77%, Hong Kong's Hang Seng dropped 1.85%, and China's Shanghai Composite declined 0.97%. India's BSE Sensex bucked the trend, rising 0.10%.

Economic Data

The Baker Hughes oil rig count is scheduled for release today, providing insight into energy sector drilling activity.

Back to News

Gold Plunges Over 2% as Cidara Therapeutics Surges on Merck Acquisition

MarketDash Editorial Team
23 days ago
U.S. markets showed mixed performance Friday with the Dow dropping 200 points while tech stocks pushed higher. Cidara Therapeutics skyrocketed over 100% on a $9.2 billion Merck buyout, while gold tumbled and several stocks posted sharp declines on earnings disappointments and regulatory setbacks.

U.S. stocks couldn't quite agree on a direction Friday, with the Dow Jones sliding around 200 points while tech stocks marched higher. The Dow traded down 0.44% to 47,249.55, but the NASDAQ rose 0.59% to 23,004.91. The S&P 500 split the difference, gaining 0.27% to 6,755.73.

Sector Performance

Utilities shares eked out a 0.1% gain on Friday, while communication services stocks took the biggest hit, falling 1% to lead the laggards.

Top Story

Spire Inc (SR) shares dropped more than 2% after delivering a disappointing quarterly report. The company posted losses of 47 cents per share, missing analyst expectations of 42 cents in losses. Revenue also came up short at $334.1 million versus the consensus estimate of $422.1 million.

Big Movers Higher

Cidara Therapeutics Inc (CDTX) absolutely exploded, jumping 105% to $217.18 after Merck agreed to acquire the company for $221.50 per share in a $9.2 billion cash deal. That's the kind of premium that makes biotech investors dream at night.

Scholar Rock Holding Corp (SRRK) shares surged 28% to $38.50 following the company's announcement of a $200 million equity offering.

Amaze Holdings Inc (AMZE) climbed 61% to $0.61 after reporting third-quarter financial results.

Notable Declines

TSS Inc (TSSI) got hammered, dropping 41% to $9.05 after reporting a year-over-year decrease in third-quarter financial results.

Gauzy Ltd (GAUZ) shares fell 30% to $2.81. The company disclosed it won't be releasing its third-quarter 2025 financial results on November 14 as previously planned, which never inspires confidence.

enVVeno Medical Corp (NVNO) tumbled 39% to $0.40 after receiving an unfavorable appeal decision from the FDA for the VenoValve.

Commodities Roundup

Oil traded up 1.9% to $59.81, but precious metals took a beating. Gold fell 2.2% to $4,103.20, while silver got hit even harder, down 5% to $50.52. Copper declined 1.1% to $5.049.

International Markets

European markets closed broadly lower. The eurozone's STOXX 600 fell 1.54%, while Spain's IBEX 35 Index dropped 1.93%. London's FTSE 100 declined 1.57%, Germany's DAX 40 slipped 1.34%, and France's CAC 40 dipped 1.29%.

Asian markets mostly followed suit on Friday. Japan's Nikkei 225 fell 1.77%, Hong Kong's Hang Seng dropped 1.85%, and China's Shanghai Composite declined 0.97%. India's BSE Sensex bucked the trend, rising 0.10%.

Economic Data

The Baker Hughes oil rig count is scheduled for release today, providing insight into energy sector drilling activity.