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Toward the end of trading Monday, the Dow traded down 0.90% to 28348.53 while the NASDAQ fell 0.92% to 11564.13. The S&P also fell, dropping 1.02% to 3,448.26.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,155,590 cases with around 219,670 deaths. India confirmed a total of at least 7,550,270 confirmed cases and 114,610 deaths, while Brazil reported over 5,224,360 COVID-19 cases with 153,670 deaths. In total, there were at least 40,076,180 cases of COVID-19 worldwide with over 1,113,960 deaths, according to data compiled by Johns Hopkins University.
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Leading and Lagging Sectors
Materials shares slipped by just 0.1% on Monday. Meanwhile, top gainers in the sector included Trinseo S.A. (NYSE:TSE), up 11%, and Lithium Americas Corp. (NYSE:LAC), up 10%.
In trading on Monday, energy shares tumbled 0.8%.
Top Headline
Halliburton Company (NYSE:HAL) reported better-than-expected earnings for its third quarter, while sales missed view.
Halliburton reported quarterly earnings of $0.11 per share, beating analysts’ estimates of $0.08 per share. The company posted sales of $2.98 billion, missing expectations of $3.09 billion.
Equities Trading UP
Kaixin Auto Holdings (NASDAQ:KXIN) shares shot up 281% to $7.88 after climbing over 55% on Friday. JP Morgan, last week, upgraded the company's stock from Neutral to Overweight.
Shares of BioSpecifics Technologies Corp. (NASDAQ:BSTC) got a boost, shooting 44% to $88.17 after the company agreed be acquired by Endo Pharmaceuticals for $88.50 per share in cash.
Front Yard Residential Corporation (NYSE:RESI) shares were also up, gaining 35% to $13.49 after the company agreed be acquired for $13.50 per share in cash..
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Equities Trading DOWN
Abraxas Petroleum Corporation (NASDAQ:AXAS) shares tumbled 25% to $2.1801 following effectiveness of 1-for-20 reverse split.
Shares of Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) were down 13% to $10.12 after Bank of America downgraded the stock from Neutral to Underperform and announced a price target of $9 per share.
American Equity Investment Life Holding Company (NYSE:AEL) was down, falling 18% to $26.62 after the company rejected an acquisition offer from Athene Holding and instead announced Brookfield Asset Management would acquire a 20% stake in the company at $37 per share.
Commodities
In commodity news, oil traded up 0.2% to $40.97, while gold traded down 0.4% to $1,913.50.
Silver traded up 1.4% Monday to $24.755 while copper rose 0.7% to $3.0895.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 slipped 0.28%, the Spanish Ibex Index rose 0.15%, while Italy’s FTSE MIB Index fell 0.08%. Meanwhile, the German DAX 30 slipped 0.42%, French CAC 40 fell 0.13% and London’s FTSE 100 fell 0.59%.
Eurozone construction output declined the least in six months, falling just 0.9% year-over-year in August.
Economics
The NAHB housing market index rose to 85 in October versus 83 in September.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.