Market Overview

Mid-Day Market Update: Crude Oil Up Over 1%; Sol-Gel Technologies Shares Spike Higher

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Midway through trading Monday, the Dow traded down 0.46% to 26797.24 while the NASDAQ fell 0.83% to 8,094.37. The S&P also fell, dropping 0.52% to 2,974.90.

Leading and Lagging Sectors

Real estate shares rose 0.2% on Monday. Meanwhile, top gainers in the sector included Realogy Holdings Corp. (NYSE: RLGY), up 4%, and CBL & Associates Properties, Inc (NYSE: CBL), up 3%.

In trading on Monday, information technology shares fell 1%.

Top Headline

Deutsche Bank AG (NYSE: 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. (NASDAQ: TRNX) shares shot up 63% to $0.3404 after the company generated record MagneGas production.

Shares of Sol-Gel Technologies Ltd. (NASDAQ: SLGL) got a boost, shooting up 19% to $10.60 after announcing positive results from its Phase 3 program evaluating Epsolay microencapsulated benzoyl peroxide cream, 5%, made with the company’s proprietary microencapsulation technology, for the treatment of papulopustular rosacea.

Soliton, Inc. (NASDAQ: SOLY) shares were also up, gaining 27% to $14.50. Soliton will announce cellulite trial data for 26-week period on July 15, 2019.

Equities Trading DOWN

Intra-Cellular Therapies, Inc. (NASDAQ: ITCI) shares tumbled 24% to $10.23 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. . (NYSE: CTST) were down 19% to $4.0168 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.

Nano Dimension Ltd. (NASDAQ: NNDM) was down, falling 20% to $0.4179 after the company reported preliminary Q2 sales of $1 million to $1.2 million, which is below management's expectations. Nano Dimension announced it's conducting a review of strategic alternatives. The company states there can be no assurance that the exploration of strategic alternatives will result in a transaction.

Commodities

In commodity news, oil traded up 1.2% to $58.19, while gold traded down 0.1% to $1,399.30.

Silver traded up 0.4% Monday to $15.055, while copper rose 0.2% to $2.665.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.19%, the Spanish Ibex Index fell 0.55%, while Italy’s FTSE MIB Index dropped 0.12%. Meanwhile, the German DAX declined 0.29%, and the French CAC 40 fell 0.21% while UK shares fell 0.07%.

Economics

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.

Posted-In: News Eurozone Commodities Global Intraday Update Markets

 

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