Why Stocks Are Trading Slightly Lower; U.S. Manufacturing PMI Slips

U.S. stocks traded slightly lower this morning, after recording gains in the previous session.

Following the market opening Monday, the Dow traded down 0.28% to 32,752.14 while the NASDAQ fell 0.04% to 12,386.13. The S&P also fell, dropping, 0.37% to 4,115.00.

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Leading and Lagging Sectors

Consumer discretionary shares climbed 1.5% on Monday. Meanwhile, top gainers in the sector included Grove Collaborative Holdings, Inc. GROV, up 12% and Chico's FAS, Inc. CHS up 7%.

In trading on Monday, energy shares fell 3.2%.

Top Headline

The ISM manufacturing PMI fell to 52.8 in July from 53 in the previous month. However, analysts were expecting a reading of 52.

Equities Trading UP

Mobile Global Esports Inc. MGAM shares shot up 64% to $18.39 on post-IPO volatility following Friday's IPO, which was priced at $4 per share.

Shares of Virax Biolabs Group Limited VRAX got a boost, shooting 55% to $8.42 after declining 74% on Friday.

MediaCo Holding Inc. MDIA shares were also up, gaining 39% to $2.8698. MediaCo Holding 10% owner Soohyung Kim bought a total of 12,899,480 shares at an average price of $2.32.

Equities Trading DOWN

Kazia Therapeutics Limited KZIA shares tumbled 43% to $2.0751 after the company announced it's GBM AGILE pivotal study for paxalisib did not meet the pre-defined criteria for continuing to a second stage.

Shares of FiscalNote Holdings Inc. NOTE were down 26% to $6.23. FiscalNote closed its earlier-announced agreement to acquire Aicel Technologies.

Senti Biosciences, Inc. SNTI was down, falling 18% to $2.57.

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Commodities

In commodity news, oil traded down 6.1% to $92.64, while gold traded up 0.1% to $1,783.50.

Silver traded up 0.2% to $20.23 on Monday while copper fell 1.6% to $3.5160.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 slipped 0.1% while Spain’s IBEX 35 Index fell 0.6%. The German DAX gained 0.3%, French CAC 40 rose 0.2% and Italy’s FTSE MIB Index gained 0.8%.

The unemployment rate in the Eurozone came in unchanged at 6.6% for June, while manufacturing PMI fell to 49.8 in July from 52.1 in June. Retail sales in Germany declined 1.6% month-over-month in June versus a revised 1.2% increase in May, while the country’s manufacturing PMI rose to 49.3 in July from a preliminary level of 49.2.

The S&P Global/CIPS UK manufacturing PMI fell to 52.1 in July from a preliminary reading of 52.2, while Italian manufacturing PMI declined to 48.5 in July from 50.9 in June. The S&P Global manufacturing PMI for France dropped to 49.5 in July from 51.4 a month ago.

Economics

The S&P Global manufacturing PMI fell to 52.2 in July from a preliminary reading of 52.3.

The ISM manufacturing PMI fell to 52.8 in July from 53 in the previous month. However, analysts were expecting a reading of 52.

Construction spending dropped by 1.1% from the prior month to an annual rate of $1.76 trillion in June.

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

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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 93,082,190 cases with around 1,055,050 deaths. India confirmed a total of at least 44,036,270 cases and 526,390 deaths, while France reported over 33,859,570 COVID-19 cases with 151,980 deaths. In total, there were at least 582,459,460 cases of COVID-19 worldwide with more than 6,420,210 deaths.