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Equity Correlations Rise as Wall Street Decline Widens

A stock market correlation index hit a nearly four-month high on Wednesday, signaling that investors expect stocks to swing higher in the coming days. The S&P 500 fell 0.58% on Wednesday, down nearly 5% from its record high in late March, while the Cboe 1-month implied correlation index rose as high as 21.79, the highest since late December. The Cboe Index, which measures the market's expectations for correlations among S&P 500 components, had recently hovered below 10 points in early April, a low rarely touched in the index's nearly 20-year history, according to LSEG.

Shares of Sage Therapeutics, which specializes in neurodegenerative diseases, fall after disappointing Parkinson's data

On Wednesday, Sage Therapeutics (NASDAQ Resonance: SAGE) announced preliminary results from the PRECEDENT Phase 2 study of dalzanemdor (SAGE-718) for the treatment of patients with mild cognitive impairment in Parkinson's Disease.The PRECEDENT study did not reach its primary endpoint of a significant difference in coded scores on the Wechsler Adult Intelligence Scale Fourth Edition-IV (WAIS-IV) (WAIS-IV) compared to baseline on the patients who were treated with dalzanemdor once daily on Day 42, as compared to patients who were treated with placebo. There was a statistically significant difference from baseline between patients treated with dalzanemdor and those treated with placebo on the coded test scores of the Wechsler Adult Intelligence Scale, Fourth Edition-IV (WAIS-IV), a measure that is

United Airlines Stock: Q1 Earnings Surge Versus Technical Red Flags Technical Red Flags

United Carpet Airways Holdings Inc (NASDAQ: UAL) announced impressive first-quarter results that beat market expectations. As of 10:30 a.m. EST Wednesday, the company's stock price had risen about 12%, driven by investors' optimism about its results. First-quarter beat drives stock price United Airlines reported first-quarter revenues of $12.5 billion, beating the consensus estimate of $12.4 billion. The company reported an adjusted quarterly loss of 15 cents per share.
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