Market Overview

Mid-Afternoon Market Update: Dow Falls Over 50 Points; Select Income REIT Shares Spike Higher

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Toward the end of trading Monday, the Dow traded down 0.25 percent to 26,089.02 while the NASDAQ declined 0.94 percent to 7,935.08. The S&P also fell, dropping 0.32 percent to 2,895.69.

Leading and Lagging Sectors

Monday afternoon, the real estate shares rose 0.57 percent. Meanwhile, top gainers in the sector included Select Income REIT (NASDAQ: SIR) up 13 percent, and Farmland Partners Inc. (NYSE: FPI) up 5 percent.

In trading on Monday, consumer discretionary shares fell 0.74 percent.

Top Headline

Teva Pharmaceutical Industries Ltd (ADR) ADR (NYSE: TEVA) — has struggled amid sagging sales of its blockbuster multiple sclerosis treatment Capaxone due to a generic launch in 2017 and its debt burden following the purchase of Allergan plc (NYSE: AGN)'s generic unit — has received some relief from the FDA.

The Israeli drugmaker's migraine drug was approved late Friday. Teva said the FDA approved Ajovy, chemically a fremanezumab-vfrm injection, for the preventive treatment of migraine in adults.

Equities Trading UP

Cool Holdings, Inc. (NASDAQ: AWSM) shares shot up 33 percent to $6.871 following a press release highlighting the company's new OneClick Apple Premium Reseller store in the Dominican Republic.

Shares of Senomyx, Inc. (NASDAQ: SNMX) got a boost, shooting up 41 percent to $1.48 after Firmenich announced plans to acquire Senomyx for $1.50 per share in cash.

Select Income REIT (NASDAQ: SIR) shares were also up, gaining 13 percent to $22.6848. Government Properties Income Trust and Select Income REIT agreed to merge to create a real estate investment trust.

Equities Trading DOWN

Government Properties Income Trust (NYSE: GOV) shares dropped 22 percent to $13.14. Government Properties Income Trust and Select Income REIT agreed to merge to create a real estate investment trust.

Shares of Qutoutiao Inc. (NASDAQ: QTT) were down 30 percent to $11.17 after climbing 128.14 percent on Friday. Qutoutiao announced an initial public offering priced at $7 per share. In its first day on the Nasdaq, the company sold 12 million shares to raise about $84 million.

Principia Biopharma Inc. (NASDAQ: PRNB) was down, falling around 12 percent to $28.84 after rising 92.06 percent on Friday. Principia Biopharma priced its IPO at $17 per share on Friday.

Commodities

In commodity news, oil traded down 0.52 percent to $68.63 while gold traded up 0.51 percent to $1,207.20.

Silver traded up 0.76 percent Monday to $14.25, while copper rose 0.17 to $2.6505.

Eurozone

European shares closed mixed today. The eurozone’s STOXX 600 rose 0.12 percent, the Spanish Ibex Index rose 0.42 percent, while Italy’s FTSE MIB Index climbed 1.08 percent. Meanwhile the German DAX declined 0.23 percent, and the French CAC 40 fell 0.07 percent while U.K. shares fell 0.03 percent.

Economics

The Empire State manufacturing index declined to 19 points for September, compared to 25.6 in August. However, economists were projecting a reading of 23.

Posted-In: Mid-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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