Midway through trading Monday, the Dow traded down 2.28% to 33,896.40 while the NASDAQ fell 1.31% to 14,238.93. The S&P also fell, dropping 1.74% to 4,251.79.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 34,080,000 cases with around 609,020 deaths. India confirmed a total of at least 31,144,220 cases and 414,100 deaths, while Brazil reported over 19,376,570 COVID-19 cases with 542,210 deaths. In total, there were at least 190,467,680 cases of COVID-19 worldwide with more than 4,089,900 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Consumer staples shares slipped by just 0.6% on Monday. Meanwhile, top gainers in the sector included TDH Holdings, Inc. PETZ, up 14%, and The Kroger Co. KR, up 2%.
In trading on Monday, energy shares tumbled 4.1%.
AutoNation, Inc. AN reported stronger-than-expected earnings for its second quarter on Monday.
AutoNation reported quarterly adjusted earnings of $4.83 per share, beating analysts’ estimates of $2.58 per share. The company’s revenue came in at $6.98 billion, versus expectations of $6.02 billion. AutoNation also reported a $1 billion buyback plan.
Equities Trading UP
Cytokinetics, Incorporated CYTK shares shot up 48% to $28.51 after the company announced positive topline results from Cohorts 1 and 2 of REDWOOD-HCM Phase 2 trial of CK-3773274 (CK-274) in hypertrophic cardiomyopathy (HCM). The Company plans to initiate Phase 3 trial by the end of 2021.
Shares of NRx Pharmaceuticals, Inc. NRXP got a boost, shooting 37% to $11.64 after the company announced it presented evidence that its ZYESAMI helps prevent "Cytokine Storm" in patients with COVID-19.
Aehr Test Systems AEHR shares were also up, gaining 39% to $4.74 after the company won a $10.8 million single purchase order from its lead silicon carbide test and burn-in customer for multiple FOX-XP systems and complete sets of WaferPak Contactors to meet their increased production capacity needs.
Equities Trading DOWN
Red Cat Holdings, Inc. RCAT shares tumbled 46% to $3.7990 after the company priced 13.33 million shares at $4.5 per share to raise $60 million in a secondary public offering.
Shares of Moving iMage Technologies, Inc. MITQ were down 25% to $4.00. Moving iMage Technologies recently priced its initial public offering of 4.2 million common shares at $3 per share.
Aeva Technologies, Inc. AEVA was down, falling 10% to $8.73. Morgan Stanley initiated coverage on Aeva Technologies with an Equal-Weight rating and announced a price target of $11.
In commodity news, oil traded down 6.2% to $67.35, while gold traded up 0.1% to $1,815.30.
Silver traded down 1.7% Monday to $25.35 while copper fell 2.6% to $4.21.
European shares were lower today. The eurozone’s STOXX 600 fell 2.63%, the Spanish Ibex Index fell 2.76% and the German DAX 30 dropped 3.05%. Meanwhile, the London’s FTSE 100 fell 2.67%, French CAC 40 declined 3.08% and Italy’s FTSE MIB fell 3.64%.
Construction output in the Eurozone surged 13.6% year-over-year in May compared to a record 45.2% growth in the earlier month.
The NAHB housing market index dropped to 80 in July from 81 in the prior month, .
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.