Dow Falls Over 200 Points After Friday's Plunge

Dow Falls Over 200 Points After Friday's Plunge

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 200 points on Monday.

The Dow traded down 0.74% to 32,045.89 while the NASDAQ fell 0.64% to 12,063.73. The S&P 500 also fell, dropping, 0.61% to 4,033.08.

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Leading and Lagging Sectors


Energy shares rose by 2.7% on Monday. Meanwhile, top gainers in the sector included Uranium Energy Corp. UEC, up 10% and Ur-Energy Inc. URG up 7%.


In trading on Monday, financials shares fell by 0.9%.


Top Headline

 

Jerome Powell, on Friday, said the Federal Reserve’s goal remains getting inflation back down to a goal of 2%. “Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy,” Powell said. “Without price stability, the economy does not work for anyone.”


Equities Trading UP


Sentage Holdings Inc. SNTG shares shot up 28% to $3.5260. Sentage Holdings, last month, reported FY21 operating revenue of $2.26 million.

 

Shares of Hill International, Inc. HIL got a boost, shooting 20% to $3.3621 following an updated merger agreement with Global Infrastructure Solutions which offers Hill shareholders $3.40 per share in cash versus $2.85 per share offered previously.

 

Pinduoduo Inc. PDD shares were also up, gaining 19% to $68.24 after the company reported better-than-expected Q2 revenue results.

 

Equities Trading DOWN

Jianzhi Education Technology Group Company Limited JZ shares tumbled 42% to $10.97.


Shares of Azure Power Global Limited AZRE were down 41% to $6.18 after the company announced the resignation of Harsh Shah as CEO.


PaxMedica, Inc. PXMD was down, falling 29% to $3.51. PaxMedica priced its initial public offering of 1.55 million shares of common stock at $5.25 per share.


Also check out: Apple, Amazon, HP And Other Big Losers From Friday


Commodities

In commodity news, oil traded up 2.7% to $95.58, while gold traded up 0.3% to $1,754.90.


Silver traded down 0.9% to $18.58 on Monday while copper fell 2.1% to $3.62.



Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, while Spain’s IBEX 35 Index fell 1%. The German DAX declined 0.8%, French CAC 40 fell 1% and Italy’s FTSE MIB Index fell 0.5%.

 


Economics

 

The Dallas Fed manufacturing index for August is scheduled for release at 10:30 a.m. ET. The index, which fell to minus 22.6 in July, is expected to recover slightly to minus 13.2 in August.


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


Federal Reserve Governor Lael Brainard will speak at 2:15 p.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 96,011,850 cases with around 1,069,130 deaths. India confirmed a total of at least 44,415,720 cases and 527,790 deaths, while France reported over 34,478,790 COVID-19 cases with 153,850 deaths. In total, there were at least 606,081,240 cases of COVID-19 worldwide with more than 6,488,500 deaths.

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