Mid-Morning Market Update: Markets Open Lower; International Game Technology Earnings Miss Views

Following the market opening Monday, the Dow traded down 0.37 percent to 25669.21 while the NASDAQ fell 1.51 percent to 7,697.96. The S&P also fell, dropping 0.56 percent to 2,843.52.

Leading and Lagging Sectors
Utilities shares rose by 0.3 percent on Monday. Meanwhile, top gainers in the sector included Spark Energy Inc SPKE, up 3 percent, and Companhia Paranaense de Energia ELP, up 2 percent.

In trading on Monday, information technology shares fell by 1.6 percent.

Top Headline

International Game Technology PLC IGT reported downbeat results for its first quarter

International Game Technology reported quarterly earnings of $0.12 per share on sales of $1.145 billion. Wall Street analysts expected earnings of $0.24 per share on sales of $1.16 billion.

IGT reaffirmed FY19 adjusted EBITDA guidance of $1.7 billion to $1.76 billion.

Equities Trading UP

Can-Fite BioPharma Ltd. CANF shares shot up 42 percent to $7.31 after the company reported its Phase II Liver Cancer Data was selected for presentation at the International Liver Cancer Association Conference.

Shares of Biocept Inc BIOC got a boost, shooting up 50 percent to $1.23 after the company announced clinical validation and the commercial launch of its target Selector Multi-Gene liquid biopsy panel for lung cancer.

Outlook Therapeutics Inc OTLK shares were also up, gaining 35 percent to $2.84 on continued momentum after, on Thursday, Oppenheimer initiated an Outperform rating on the company's stock with a $12 price target.

Equities Trading DOWN

Pinduoduo Inc. PDD shares tumbled 12 percent to $20.00 after the company reported Q1 results.

Shares of Keysight Technologies, Inc KEYS were down 11 percent to $73.01. Baird downgraded Keysight Technologies from Outperform to Neutral.

DISH Network Corporation DISH was down, falling 9 percent to $32.18 after Echostar Corporation SATS disclosed an agreement to transfer BSS Business to DISH.

Commodities

In commodity news, oil traded down 0.1 percent to $62.68, while gold traded up 0.1 percent to $1,276.00.

Silver traded up 0.2 percent Monday to $14.41, while copper fell 0.6 percent to $2.721.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.3 percent, the Spanish Ibex Index dropped 1 percent, while Italy’s FTSE MIB Index declined 2.8 percent. Meanwhile, the German DAX declined 1.7 percent, and the French CAC 40 fell 1.7 percent while UK shares dropped 0.9 percent.

Economics

The Chicago Fed National Activity Index fell to a reading of -0.45 in April, compared to revised reading of +0.05 in March.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

New York Federal Reserve Bank President John Williams is set to speak n New York at 1:00 p.m. ET.

Federal Reserve Board of Governors Vice Chairman Richard Clarida will speak in New York at 1:00 p.m. ET.

Federal Reserve Chairman Jerome Powell is set to speak in Amelia Island, FL at 7:00 p.m. ET.