Nasdaq Down Over 1%; Crude Oil Rises Sharply
U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping more than 100 points on Monday.
The Dow traded down 0.53% to 32,110.90 while the NASDAQ fell 1.12% to 12,005.75. The S&P 500 also fell, dropping, 0.72% to 4,028.37.
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Leading and Lagging Sectors
Energy shares rose by 2.5% on Monday. Meanwhile, top gainers in the sector included American Resources Corporation (NASDAQ:AREC), up 13% and Centrus Energy Corp. (NYSE:LEU) up 14%.
In trading on Monday, information technology shares fell by 1.5%.
Top Headline
The Dallas Fed manufacturing index rose to -12.9 in August from -22.6 in the previous month.
Equities Trading UP
Advanced Human Imaging Limited (NASDAQ:AHI) shares shot up 100% to $1.3600. Advanced Human Imaging announced Sunday it signed a Master Services Agreement with Estonia-based Activate Health OÜ.
Shares of Hill International, Inc. (NYSE:HIL) got a boost, shooting 20% to $3.3621 following an updated merger agreement with Global Infrastructure Solutions which offers Hill shareholders $3.40 per share in cash versus $2.85 per share offered previously.
Pinduoduo Inc. (NASDAQ:PDD) shares were also up, gaining 19% to $68.24 after the company reported better-than-expected Q2 revenue results.
Equities Trading DOWN
SelectQuote, Inc. (NYSE:SLQT) shares tumbled 23% to $1.3850 after the company reported a decline in Q4 sales results and issued FY23 sales guidance below analyst estimates.
Shares of Azure Power Global Limited (NYSE:AZRE) were down 40% to $6.30 after the company announced the resignation of Harsh Shah as CEO.
PaxMedica, Inc. (NASDAQ:PXMD) was down, falling 19% to $3.97. PaxMedica priced its initial public offering of 1.55 million shares of common stock at $5.25 per share.
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Commodities
In commodity news, oil traded up 3.3% to $96.09, while gold traded up 0.2% to $1,753.00.
Silver traded down 0.5% to $18.65 on Monday while copper fell 2% to $3.6220.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.77%, while Spain’s IBEX 35 Index fell 0.87%. The German DAX declined 0.57%, French CAC 40 fell 0.80% and Italy’s FTSE MIB Index fell 0.23%.
Economics
The Dallas Fed manufacturing index rose to -12.9 in August from -22.6 in the previous month.
Federal Reserve Governor Lael Brainard will speak at 2:15 p.m. ET.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 96,011,850 cases with around 1,069,130 deaths. India confirmed a total of at least 44,415,720 cases and 527,790 deaths, while France reported over 34,478,790 COVID-19 cases with 153,850 deaths. In total, there were at least 606,081,240 cases of COVID-19 worldwide with more than 6,488,500 deaths.