Mid-Day Market Update: Nasdaq Dips Over 400 Points; Day One Biopharmaceuticals Shares Jump

U.S. stocks traded lower midway through trading, with the Nasdaq Composite tumbling by more than 400 points on Monday.

The Dow traded down 2.29% to 30,673.86 while the NASDAQ fell 3.81% to 10,908.22. The S&P also fell, dropping, 3.14% to 3,778.20.

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Leading and Lagging Sectors

Consumer staples shares fell by just 1.5% on Monday. Meanwhile, top gainers in the sector included The Real Good Food Company, Inc. RGF, up 3% and AppHarvest, Inc. APPH up 5%.

In trading on Monday, energy shares dipped by 5.3%.

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 126% to $14.93 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 27% to $4.75. The FDA's Advisory Committee has unanimously backed Bluebird bio’s gene therapy for a rare blood disorder.

Hillstream BioPharma, Inc. HILS shares were also up, gaining 77% to $1.4191 after it authorized a share repurchase program to acquire up to $1 million in common stock.

Equities Trading DOWN

TDH Holdings, Inc. PETZ shares tumbled 44% to $0.1538. TDH Holdings reported a 1-for-20 reverse stock split.

Shares of Electric Last Mile Solutions, Inc. ELMS were down 63% to $0.1890 after the company announced it plans to file for Chapter 7 bankruptcy.

Revlon, Inc. REV was down, falling 45% to $1.13. Shares dropped more than 50% to on Friday following a report the company was expected to file for bankruptcy.

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Commodities

In commodity news, oil traded down 1.9% to $118.34, while gold traded down 2.6% to $1,827.50.

Silver traded down 4.3% to $21.00 on Monday while copper fell 2.8% to $4.1735.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.67%, London’s FTSE 100 dropped 1.83% while Spain’s IBEX 35 Index fell 2.66%. The German DAX dropped 2.74%, French CAC 40 fell 2.85% and Italy’s FTSE MIB Index dipped 3.26%.

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.

Economics

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.