Market Overview

Mid-Day Market Update: Crude Oil Down Over 3%; Trevena Shares Spike Higher

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Midway through trading Monday, the Dow traded down 1.23 percent to 24,432.70 while the NASDAQ declined 1.27 percent to 7,074.24. The S&P also fell, dropping 1.14 percent to 2,634.34.

Leading and Lagging Sectors

On Monday, the real estate shares climbed 0.1 percent. Meanwhile, top gainers in the sector included Site Centers Corp (NYSE: SITC) up 2 percent, and Coeur Mining Inc (NYSE: CDR) up 2 percent.

In trading on Monday, information technology shares fell 1.7 percent.

Top Headline

Caterpillar Inc. (NYSE: CAT) reported weaker-than-expected earnings for its fourth quarter on Monday.

Caterpillar reported a bottom line of $2.55 against $2.99 estimates, with revenue of $14.3 billion falling shy of $14.33 forecasts.

Caterpillar projects EPS of $11.75 to $12.75 for the 2019 fiscal year. Consensus anticipates just $12.64.

 

Equities Trading UP

Trevena, Inc. (NASDAQ: TRVN) shares got a boost, shooting up 64 percent to $0.89 after the company announced a pathway to resolve concerns the FDA had with oliceridine.

Shares of Avalon GloboCare Corp. (NASDAQ: AVCO) shot up 48 percent to $6.27 after the company announced development of a saliva-based biomarker for oral cancer.

Milestone Scientific Inc. (NYSE: MLSS) shares were also up, gaining 35 percent to $0.54 after the New York Stock Exchange accepted the company's plan to regain compliance with exchange regulations.

Equities Trading DOWN

Dynagas LNG Partners LP (NYSE: DLNG) shares dropped 32 percent to $2.75 after the company cut its quarterly dividend from $0.25 per share to $0.0625 per share. The stock was also downgraded by B. Riley from Buy to Neutral with its price target cut from $10.50 to $2.65.

Shares of Vale S.A. (NYSE: VALE) were down 16 percent to $11.49 after the company announced plans to suspend dividends, buybacks and bonuses following Brazil Dam disaster.

Guess?, Inc. (NYSE: GES) was down, falling around 16 percent to $18.76 after the company disclosed that its CEO Victor Herrero is leaving the company.

Commodities

In commodity news, oil traded down 3.63 percent to $51.74 while gold traded up 0.27 percent to $1,307.70.

Silver traded up 0.13 percent Monday to $15.72, while copper fell 1.41 percent to $2.6905.

 

Eurozone

European shares were lower today. The eurozone’s STOXX 600 slipped 0.97 percent, the Spanish Ibex Index declined 1.4 percent, while Italy’s FTSE MIB Index dropped 1.05 percent. Meanwhile the German DAX dropped 0.65 percent, and the French CAC 40 slipped 0.85 percent while U.K. shares fell 0.83 percent.

Economics

The Chicago Fed National Activity Index rose to a reading of +0.27 in December, compared to +0.21 in November.

The Dallas Fed manufacturing index for January will be released at 10:30 a.m. ET.

The Treasury is set to auction 6-month bills and 2-year notes at 11:30 a.m. ET.

The Treasury will auction 3-month bills and 5-year notes at 1:00 p.m. ET.

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

 

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