Mid-Morning Market Update: Markets Edge Lower; Tesla Sets Deliveries Record In Q1

Following the market opening Monday, the Dow traded down 0.15 percent to 20,631.42 while the NASDAQ fell 0.02 percent to 5,910.31. The S&P also fell, dropping 0.13 percent to 2,359.58.

Leading and Lagging Sectors

Monday morning, the telecommunications services sector proved to be a source of strength for the market. Leading the sector was strength from Partner Communications Company Ltd (ADR) PTNR and China Unicom (Hong Kong) Limited (ADR) CHU.

In trading on Monday, utilities shares fell 0.34 percent. Meanwhile, top losers in the sector included Calpine Corporation CPN, down 3 percent, and Pampa Energia S.A. (ADR) PAM, down 2 percent.

Top Headline

Tesla Inc TSLA delivered over 25,000 vehicles in Q1, of which about 13,450 were Model S and about 11,550 were Model X. This was a new quarterly record and represents a 69 percent increase over Q1 2016.

Q1 production totaled 25,418 vehicles, also a new quarterly record.

Equities Trading UP

Novocure Ltd NVCR shares shot up 53 percent to $12.43 after the company disclosed that the two-year survival rate for GBM Patients increased from 30% to 43% for patients treated with Optune + temozolomide versus temozolomide alone at the AACR 2017.

Shares of Steadymed Ltd STDY got a boost, shooting up 40 percent to $8.10. Cardiome's partner SteadyMed received a favorable ruling in USPTO Inter Partes Review in validity of U.S. Patent No. 8,497,393.

Cyclacel Pharmaceuticals Inc CYCC shares were also up, gaining 36 percent to $4.99. Cyclacel announced the presentation demonstrating therapeutic potential of CYC065 in lung cancer at the AACR 2017.

Equities Trading DOWN

DryShips Inc. DRYS shares dropped 18 percent to $1.36 after the company disclosed that it has entered into a $226.4 million stock purchase agreement with Kalani Investments and agreed to acquire 6 vessels for a total gross price of $268 million.

Shares of Ekso Bionics Holdings, Inc. EKSO were down around 14 percent to $3.54 after the company reported the pricing of its $11.7 million financing.

Diffusion Pharmaceuticals Inc DFFN was down, falling around 6 percent to $3.76 as the company reported the closing of oversubscribed private placement.

Commodities

In commodity news, oil traded down 0.08 percent to $50.56 while gold traded down 0.12 percent to $1,249.70.

Silver traded down 0.06 percent Monday to $18.25, while copper rose 0.11 percent to $2.66.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 gained 0.05 percent, the Spanish Ibex Index fell 0.51 percent, while Italy’s FTSE MIB Index fell 0.16 percent. Meanwhile the German DAX gained 0.18 percent, and the French CAC 40 declined 0.28 percent while U.K. shares fell 0.13 percent.

Economics

The Markit manufacturing PMI declined to 53.30 in March, from a prior reading of 53.40. Economists were expecting a reading of 53.50.

The ISM manufacturing index slipped to 57.20 in March, versus a prior reading of 57.70. Economists projected a reading of 57.00.

U.S. construction spending rose 0.80 percent for February, versus economists’ expectations for a 1.00 percent growth.

New York Federal Reserve Bank President William Dudley is set to speak in New York at 10:30 a.m. ET.

Richmond Federal Reserve Bank President Jeffrey Lacker will speak in Lexington, Virginia at 5:00 p.m. ET.