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

Following the market opening Monday, the Dow traded down 0.67% to 32,640.99 while the NASDAQ fell 1.22% to 10,966.78. The S&P 500 also fell, dropping, 0.80% to 3,869.77.

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Leading and Lagging Sectors

In trading on Monday, communication services shares fell by 1.6%.

Top Headline

Global Payments Inc. (NYSE:GPN) reported downbeat earnings for its third quarter, while sales exceeded views.

Global Payments reported third-quarter FY22 adjusted net revenue growth of 3% year-on-year (6% Y/Y in constant currency) to $2.06 billion, beating the consensus of $2.04 billion. Adjusted EPS of $2.48 missed the consensus of $2.49.

Equities Trading UP

Equities Trading DOWN

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Commodities

In commodity news, oil traded down 0.3% to $87.63 while gold traded down 0.2% at $1,641.20.

Silver traded down 0.4% to $19.065 on Monday while copper fell 1.3% to $3.3840.

Euro zone

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

Italian gross domestic product grew by 0.5% quarter-on-quarter during the three months to September, while retail trade in Spain rose by 0.1% in September. Retail sales in Germany rose 0.9% from a month ago in September.

Economics

• The Chicago PMI fell to 45.2 for October from 45.7 in September.
• The Dallas Fed manufacturing index for October will be released at 10:30 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
• Data on farm prices for September will be released at 3:00 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 99,345,920 cases with around 1,095,200 deaths. India confirmed a total of at least 44,653,590 cases and 529,020 deaths, while France reported over 36,809,610 COVID-19 cases with 156,830 deaths. In total, there were at least 635,532,320 cases of COVID-19 worldwide with more than 6,594,030 deaths.