U.S. markets treaded water Monday afternoon, with the Dow Jones sliding more than 200 points in what shaped up to be a fairly sleepy session for the major indexes. But zoom in on individual stocks, particularly in biotech, and you'll find some absolutely wild swings.

The Dow traded down 0.46% to 47,733.58 while the NASDAQ fell 0.32% to 23,501.92. The S&P 500 also declined 0.46% to 6,838.69.

Sector Winners and Losers

Information technology shares provided a bright spot, jumping 0.6% on Monday. On the flip side, communication services stocks took the biggest hit, falling 2.1%.

Inflation Watch

The one-year-ahead median inflation expectations in the U.S. remained at 3.2% in November, suggesting consumers aren't getting more worried about price pressures in the near term.

Big Movers Higher

Structure Therapeutics Inc. (GPCR) shares shot up 100% to $68.95 after the company announced topline data from the ACCESS clinical program of aleniglipron for the treatment of people living with obesity and/or overweight with at least one weight related co-morbidity. That's the kind of data that doubles your stock in a day.

Shares of Wave Life Sciences Ltd. (WVE) got a boost, surging 124% to $16.77 after the company reported positive interim Phase 1 data showing its obesity drug WVE-007 delivered GLP-1-like fat loss at three months without muscle loss and was generally safe and well tolerated. The obesity drug space continues to be absolutely on fire.

Fulcrum Therapeutics, Inc. (FULC) shares were also up, gaining 63% to $14.50 after the company reported initial results from the 20 mg dose cohort of its Phase 1b PIONEER trial of Pociredir in sickle cell disease, showing a clear dose-response and robust fetal hemoglobin induction at week 6.

Big Decliners

SMX (Security Matters) Public Limited Company (SMX) shares dropped 57% to $141.56 after jumping 135% on Friday. What goes up dramatically can come down just as fast.

Shares of BiomX Inc. (PHGE) were down 33% to $3.4398 after the company discontinued its Phase 2b trial of BX004 in cystic fibrosis patients with chronic Pseudomonas aeruginosa infections.

Meihua International Medical Technologies Co., Ltd. (MHUA) was down, falling 38% to $8.66 after the company announced that it will be delisted from the Nasdaq.

Commodity Corner

In commodity news, oil traded down 1.6% to $59.14 while gold traded down 0.6% at $4,219.60. Silver traded down 1.1% to $58.395 on Monday, while copper fell 0.7% to $5.4225.

European Markets

European shares were mixed today. The eurozone's STOXX 600 fell 0.07%, while Spain's IBEX 35 Index rose 0.14%. London's FTSE 100 fell 0.23%, Germany's DAX 40 gained 0.07% and France's CAC 40 fell 0.08% during the session.

Asia Pacific Trading

Asian markets closed mixed on Monday, with Japan's Nikkei rising 0.18%, Hong Kong's Hang Seng dipping 1.23%, China's Shanghai Composite rising 0.54% and India's BSE Sensex declining 0.71%.