U.S. stocks traded lower this morning, with the Dow Jones dropping around 70 points on Monday.
Following the market opening Monday, the Dow traded down 0.22% to 32,125.87 while the NASDAQ fell 0.23% to 11,777.64. The S&P also fell, dropping, 0.18% to 4,016.79.
Also check this: Executives Buy Around $1.6M Of 4 Penny Stocks
Leading and Lagging Sectors
Energy shares jumped by 2.3% on Monday. Meanwhile, top gainers in the sector included Rattler Midstream LP (NASDAQ:RTLR), up 17% and Tidewater Inc. (NYSE:TDW) up 12%.
In trading on Monday, consumer discretionary shares fell 0.8%.
Top Headline
The New York Empire State Manufacturing Index unexpectedly declined to -11.6 in May from 24.6 in April. Analysts, meanwhile, were expecting a reading of 17.
Equities Trading UP
Data Storage Corporation (NASDAQ:DTST) shares shot up 49% to $3.4350 after the company reported better-than-expected Q1 financial results.
Shares of Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) got a boost, shooting 25% to $3.0703. Faraday Future posted a FY22 loss of $2.21 per share, versus a loss of $0.94 per share in FY21.
iQIYI, Inc. (NASDAQ:IQ) shares were also up, gaining 24% to $3.68. JP Morgan upgraded iQIYI from Underweight to Overweight and raised the price target from $2 to $8.
Equities Trading DOWN
Chimerix, Inc. (NASDAQ:CMRX) shares tumbled 61% to $1.65. Emergent BioSolutions Inc (NYSE:EBS) agreed to acquire Chimerix’s exclusive worldwide rights to Tembexa (brincidofovir), the first FDA-approved antiviral for all age groups for smallpox.
Shares of Iris Energy Limited (NASDAQ:IREN) were down 36% to $4.97. The company recently posted downbeat quarterly sales.
Eliem Therapeutics, Inc. (NASDAQ:ELYM) was down, falling 33% to $2.94 after the company reported a Q1 loss of $0.50 per share.
Also check out: 4 Stocks Under $3 Insiders Are Aggressively Buying
Commodities
In commodity news, oil traded down 1% to $109.38, while gold traded down 0.3% to $1,802.60.
Silver traded up 0.7% to $21.15 on Monday while copper rose 0.1% to $4.1755.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 slipped 0.03% and Spain’s IBEX 35 Index rose 0.2%. The German DAX dropped 0.5%, French CAC 40 fell 0.2% and Italy’s FTSE MIB Index gained 0.3%.
The Eurozone reported a trade gap of €16.4 billion for March, versus a year-ago surplus of €22.5 billion.
Economics
The New York Empire State Manufacturing Index unexpectedly declined to -11.6 in May from 24.6 in April. Analysts, meanwhile, were expecting a reading of 17.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
The Treasury International Capital report for March will be released at 4:00 p.m. ET.
Check out this: Apple And 3 Other Stocks Insiders Are Selling
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 84,230,820 cases with around 1,026,670 deaths. India confirmed a total of at least 43,123,800 cases and 524,240 deaths, while Brazil reported over 30,688,390 COVID-19 cases with 664,960 deaths. In total, there were at least 521,354,660 cases of COVID-19 worldwide with more than 6,288,630 deaths.
