Mid-Morning Market Update: Markets Open Lower; Empire State Manufacturing Index Dips In August

Following the market opening Monday, the Dow traded down 0.40% to 35,372.03 while the NASDAQ fell 1.27% to 14,634.24. The S&P also fell, dropping 0.57% to 4,442.47.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 36,680,110 cases with around 621,630 deaths. India confirmed a total of at least 32,225,510 cases and 431,640 deaths, while Brazil reported over 20,364,090 COVID-19 cases with 569,050 deaths. In total, there were at least 207,273,290 cases of COVID-19 worldwide with more than 4,364,400 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Utilities shares rose 1.3% on Monday. Meanwhile, top gainers in the sector included Genie Energy Ltd. GNE, up 2% and Huaneng Power International, Inc. HNP up 2%.


In trading on Monday, energy fell 1.4%.


Top Headline

The New York Empire State Manufacturing Index dropped to 18.3 in August from a record high level of 43 in the previous month. Analysts, meanwhile, were expecting a reading of 29.


Equities Trading UP


NanoVibronix, Inc. NAOV shares shot up 33% to $3.3450 after the company announced plan to expand product portfolio with introduction of Painshield relief for over-the-counter use and plans for future product launch.


Shares of Eliem Therapeutics, Inc. ELYM got a boost, shooting 25% to $18.05. The company recently reported closing of initial public offering with exercise in full of the underwriters’ option to purchase additional shares.


Travere Therapeutics, Inc. TVTX shares were also up, gaining 19% to $18.42 after the company announced its PROTECT study met its interim primary efficacy endpoint.

Check out these big movers of the day


Equities Trading DOWN

Sesen Bio, Inc. SESN shares tumbled 36% to $1.3499 after the FDA issued a Complete Response Letter to the company's bladder cancer candidate Vicineum. HC Wainwright & Co. downgraded the stock from Buy to Neutral.

Shares of China Finance Online Co. Limited JRJC were down 36% to $5.17 after the company received a delisting notice from Nasdaq.

ESSA Pharma Inc. EPIX was down, falling 29% to $8.51 after the company reported a loss for its third quarter.

 

Commodities


In commodity news, oil traded down 1.5% to $67.39, while gold traded down 0.2% to $1,775.20.


Silver traded down 1.3% Monday to $23.46 while copper fell 1.6% to $4.3195.


Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.5%, the Spanish Ibex Index fell 0.6% and the German DAX 30 declined 0.4%. Meanwhile, the London’s FTSE 100 dropped 0.9%, French CAC 40 fell 0.8% and Italy’s FTSE MIB slipped 0.3%.


Economics


The New York Empire State Manufacturing Index dropped to 18.3 in August from a record high level of 43 in the previous month. Analysts, meanwhile, were expecting a reading of 29.


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


The Treasury International Capital report for June will be released at 4:00 p.m. ET.

Check out the full economic calendar here

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