Mid-Morning Market Update: Markets Open Lower; Deutsche Bank To Cut 18K Jobs

Following the market opening Monday, the Dow traded down 0.34% to 26830.36 while the NASDAQ fell 0.73% to 8102.20. The S&P also fell, dropping 0.36% to 2,979.55.

Leading and Lagging Sectors

Energy shares rose 0.4% on Monday. Meanwhile, top gainers in the sector included Fortem Resources Inc. FTMR, up 22%, and NCS Multistage Holdings, Inc. NCSM, up 9%.

In trading on Monday, information technology shares fell 1.1%.

Top Headline

Deutsche Bank AG DB confirmed over the weekend it will eliminate 18,000 jobs by 2022 to save 17 billion euros ($19 billion USD).

Deutsche Bank plans on eliminating its global equities sales and trading business and cut back its investment banking business to improve profitability. The restructuring plan will result in a net loss of 2.8 billion euros in the second quarter and is expected to cost 7.4 billion euros through 2022.

Equities Trading UP

Taronis Technologies, Inc. TRNX shares shot up 43% to $0.299 after the company generated record MagneGas production.

Shares of Oasmia Pharmaceutical AB OASM got a boost, shooting up 24% to $2.49. Oasmia Pharmaceutical shares surged over 63% Friday after the company announced that an agreement has been reached with its largest shareholder Arwidsro to solve its outstanding balances. Arwidsro increased its investment in Oasmia.

Soliton, Inc. SOLY shares were also up, gaining 20% to $13.73. Soliton will announce cellulite trial data for 26-week period on July 15, 2019.

Equities Trading DOWN

Intra-Cellular Therapies, Inc. ITCI shares tumbled 21% to $10.63 after the company released mixed study results from two Phase 3 clinical trials evaluating lumateperone as monotherapy in the treatment of major depressive episodes associated with bipolar depression.

Shares of CannTrust Holdings Inc. . CTST were down 17% to $4.0925 after Health Canada notified the company that its greenhouse facility in Ontario is not compliance with certain regulations and placed a hold on inventory from this until the company is in compliance.

Camber Energy, Inc. CEI was down, falling 17% to $2.44 after the company announced it received a deficiency letter from NYSE American stating that the company is not in compliance with continued listing standards.

Commodities

In commodity news, oil traded down 0.1% to $57.45, while gold traded up 0.5% to $1,406.60.

Silver traded up 0.8% Monday to $15.12, while copper rose 0.9% to $2.685.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index fell 0.2%, while Italy’s FTSE MIB Index gained 0.2%. Meanwhile, the German DAX declined 0.2%, and the French CAC 40 fell 0.1% while UK shares rose 0.1%.

Economics

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

The TD Ameritrade Investor Movement Index for June is schedule for release at 12:30 p.m. ET.

Data on consumer credit for May will be released at 3:00 p.m. ET.