Mid-Morning Market Update: Markets Open Lower; Dow Drops 600 Points

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 600 points on Monday.

Following the market opening Monday, the Dow traded down 1.94% to 30,785.17 while the NASDAQ fell 3.06% to 10,992.52. The S&P also fell, dropping, 2.58% to 3,800.13.

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Leading and Lagging Sectors

Consumer staples shares fell by just 1.3% on Monday. Meanwhile, top gainers in the sector included The Real Good Food Company, Inc. RGF, up 3% and AppHarvest, Inc. APPH up 2%.

In trading on Monday, energy shares dipped by 4.8%.

Top Headline

Electro-Sensors, Inc ELSE and Mobile X Global, Inc, a connectivity-as-a-service company, agreed to merge and re-name the combined company Mobile X Global, Inc.

Mobile X Global, Inc will launch Mobile X, a new wireless brand positioned to disrupt the wireless industry.

Equities Trading UP

Day One Biopharmaceuticals, Inc. DAWN shares shot up 107% to $13.69 after the company announced initial data from the pivotal FIREFLY-1 trial of tovorafenib in relapsed pediatric low-grade glioma showed an overall response rate of 64%.

Shares of bluebird bio, Inc. BLUE got a boost, shooting 43% to $5.33. The FDA's Advisory Committee has unanimously backed Bluebird bio’s gene therapy for a rare blood disorder.

Redbox Entertainment Inc. RDBX shares were also up, gaining 36% to $17.93 after jumping more than 39% on Friday.

Equities Trading DOWN

NaaS Technology Inc. ADR NAAS shares tumbled 58% to $7.10.

Shares of Applied Blockchain, Inc. APLD were down 49% to $1.39.

Revlon, Inc. REV was down, falling 30% to $1.44. Shares dropped more than 50% to on Friday following a report the company was expected to file for bankruptcy.

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In commodity news, oil traded down 0.6% to $119.92, while gold traded down 2.2% to $1,834.10.

Silver traded down 3.6% to $21.14 on Monday while copper fell 2.1% to $4.2050.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.1%, London’s FTSE 100 dropped 1.7% while Spain’s IBEX 35 Index fell 2.1%. The German DAX dropped 2%, French CAC 40 fell 2.1% and Italy’s FTSE MIB Index dipped 2.3%.

The British economy contracted 0.3% month-over-month in April, following a 0.1% drop in March. The UK trade deficit shrank to GBP 8.5 billion in April from GBP 11.5 billion in the prior month, while industrial production dropped 0.7% from a month ago in April.


There were no major US economic releases Monday

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 87,321,700 cases with around 1,035,840 deaths. India confirmed a total of at least 43,232,000 cases and 524,770 deaths, while Brazil reported over 31,456,860 COVID-19 cases with 668,170 deaths. In total, there were at least 540,626,850 cases of COVID-19 worldwide with more than 6,331,680 deaths.

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning Market Update
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