U.S. Stocks Edge Lower; NY Empire State Manufacturing Index Drops In August

U.S. stocks traded slightly lower this morning, with the Dow Jones dropping around 40 points on Monday.

The Dow traded down 0.12% to 33,719.99 while the NASDAQ fell 0.28% to 13,011.21. The S&P also fell, dropping, 0.30% to 4,267.13.

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Leading and Lagging Sectors

Consumer staples shares climbed 0.7% on Monday. Meanwhile, top gainers in the sector included The Hershey Company HSY, up 2% and Constellation Brands, Inc. STZ up 1.2%.

In trading on Monday, energy shares fell by 3.8%.

Top Headline

The New York Empire State Manufacturing Index fell to -31.3 in August, notching the weakest reading since May 2020.


Equities Trading UP

Sunrise New Energy Co. Ltd. EPOW shares shot up 143% to $5.01. Sunrise New Energy said that the company changed its name from Global Internet of the People, Inc. to Sunrise New Energy effective as of August 10, 2022.

Shares of Viridian Therapeutics, Inc. VRDN got a boost, shooting 60% to $23.45 after the company reported better-than-expected Q2 sales results. The company also announced initial data from the 10mg/kg cohort in its ongoing Phase 1/2 trial of VRDN-001 for thyroid eye disease (TED), a rare autoimmune disease in which the body's immune system attacks the tissues around and behind the eyes.

Magic Empire Global Limited MEGL shares were also up, gaining 53% to $12.58 on volatility following the company's IPO earlier this month.

Equities Trading DOWN

IDEAYA Biosciences, Inc. IDYA shares tumbled 35% to $10.15 after the company reported a wider Q2 loss.

Shares of Treasure Global Inc. TGL were down 24% to $6.40. The company recently priced its IPO at $4 per share.

WeTrade Group, Inc. WETG was down, falling 23% to $8.70. WeTrade recently entered into a sales agreement with Parkway Medical Limited to sell monkeypox virus test kits and antigen tests for $50 million.

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In commodity news, oil traded down 4.3% to $88.12, while gold traded down 1.3% to $1,791.20.

Silver traded down 3% to $20.07 on Monday while copper fell 2.2% to $3.5885.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.1%. The German DAX declined 0.1%, while French CAC 40 fell 0.1%.

Wholesale prices in Germany rose by 19.5% year-over-year in July following a 21.2% increase in the prior month.




The New York Empire State Manufacturing Index fell to -31.3 in August, notching the weakest reading since May 2020.

The NAHB housing market index fell for an eighth consecutive month to 49 in August, recording the lowest reading since May 2020.

Federal Reserve Governor Christopher Waller is set to speak at 10:50 a.m. ET.

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 this: Ethereum Moves Lower But Remains Above 1,900; Here Are The Top Crypto Movers For Monday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 94,688,160 cases with around 1,062,340 deaths. India confirmed a total of at least 44,268,380 cases and 527,060 deaths, while France reported over 34,229,440 COVID-19 cases with 153,060 deaths. In total, there were at least 595,397,160 cases of COVID-19 worldwide with more than 6,454,880 deaths.

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