U.S. stocks traded mostly lower this morning, with the Dow Jones tumbling around 100 points on Monday.
The Dow traded down 0.33% to 32,869.51 while the NASDAQ fell 0.01% to 12,333.71. The S&P also fell, dropping, 0.27% to 4,120.74.
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Leading and Lagging Sectors
Communication services shares climbed 1.7% on Monday. Meanwhile, top gainers in the sector included Redbox Entertainment Inc. (NASDAQ:RDBX), up 44% and Luokung Technology Corp. (NASDAQ:LKCO) up 16%.
In trading on Monday, real estate shares dipped by 1.2%.
Top Headline
The ISM manufacturing PMI dropped for a second straight month to 55.4 in April from 57.1 in March. However, analysts were expecting a reading of 57.6.
Equities Trading UP
SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 44% to $9.36 after tumbling 13% on Friday. SoundHound had their IPO on Thursday.
Shares of Redbox Entertainment Inc. (NASDAQ:RDBX) got a boost, shooting 48% to $8.83. Redbox recently reported CFO transition.
Blue Apron Holdings, Inc. (NYSE:APRN) shares were also up, gaining 31% to $3.9450 after the company announced a $70.5 million planned capital infusion through debt and equity financings.
Equities Trading DOWN
Global Cord Blood Corporation (NYSE:CO) shares tumbled 26% to $2.5466. Global Cord Blood will acquire Cellenkos Inc and the rights to develop and commercialize all of its existing and future products worldwide.
Shares of HUTCHMED (China) Limited (NASDAQ:HCM) were down 18% to $12.39 after the company announced it received a Complete Response Letter from the FDA for surufatinib for the treatment of advanced neuroendocrine tumors.
Vaxxinity, Inc. (NASDAQ:VAXX) was down, falling 17% to $5.78. Vaxxinity received FDA fast track designation for UB-311 for the treatment of Alzheimer's disease.
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Commodities
In commodity news, oil traded down 3.6% to $100.93, while gold traded down 1.9% to $1,876.40.
Silver traded down 1.8% Monday to $22.66 while copper fell 1.6% to $4.2935.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 1.3%, while Spain’s IBEX 35 Index fell 1.2%. The German DAX dipped 1.1%, French CAC 40 fell 1.8% and Italy’s FTSE MIB Index fell 1.5%.
The S&P Global Eurozone manufacturing PMI rose to 55.5 in April from an initial estimate of 55.3. The consumer confidence indicator in the Eurozone dropped to -22 in April, recording the worst since April 2020, while services confidence indicator fell to 13.5 in April from 13.6 in March. The economic sentiment indicator in the Eurozone dropped for a second straight month to 105 in April, notching the weakest reading since February 2021.
The unemployment rate in Italy fell to 8.3% in March from 8.5% in the prior month, while manufacturing PMI declined to 54.5 in April from 55.8 in the previous month. The S&P Global French manufacturing PMI increased to 55.7 in April from a five-month low level of 54.7 in March, while manufacturing PMI for Germany rose to 54.6 in April from a preliminary reading of 54.1.
Economics
The S&P Global manufacturing PMI was revised lower to 59.2 in April from a preliminary reading of 59.7, but remained above the March’s level of 58.8.
The ISM manufacturing PMI dropped for a second straight month to 55.4 in April from 57.1 in March. However, analysts were expecting a reading of 57.6.
US construction spending rose 0.1% for March.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,083,420 cases with around 1,020,850 deaths. India confirmed a total of at least 43,082,500 cases and 523,860 deaths, while Brazil reported over 30,454,490 COVID-19 cases with 663,560 deaths. In total, there were at least 513,670,100 cases of COVID-19 worldwide with more than 6,262,090 deaths.
