Nasdaq Drops Over 50 Points; Bob Iger Returns To Walt Disney

U.S. stocks traded mixed this morning, with the Nasdaq Composite dropping over 50 points on Monday.

Following the market opening Monday, the Dow traded up 0.04% to 33,760.87 while the NASDAQ fell 0.46% to 11,094.75. The S&P 500 also fell, dropping, 0.25% to 3,955.56.

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Leading and Lagging Sectors

Communication services shares rose by 0.6% on Monday. Leading the sector was strength from Snail, Inc. (NASDAQ:SNAL).

In trading on Monday, energy dipped by 3.4%.

Top Headline

Walt Disney Co's (NYSE:DIS) replaced CEO Bob Chapek with Robert Iger, the company's former chairman and CEO, who left the company at the end of last year.

Equities Trading UP

• Imago BioSciences, Inc. (NASDAQ:IMGO) shares shot up 104% to $35.49 after Merck announced it would acquire the company for $36 per share in cash.
• Shares of NWTN Inc. (NASDAQ:NWTN) got a boost, shooting 55% to $7.88.
• SeaStar Medical Holding Corporation (NASDAQ:ICU) shares were also up, gaining 50% to $5.86.

Equities Trading DOWN

• TuanChe Limited (NASDAQ:TC) shares tumbled 68% to $2.21. Tuanche reported pricing of $15 million registered direct offering.
• Shares of CN Energy Group. Inc. (NASDAQ:CNEY) were down 34% to $1.34 after dropping 18% on Friday.
• Niu Technologies (NASDAQ:NIU) was down, falling 14% to $3.06 after reporting downbeat quarterly earnings.

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Commodities

In commodity news, oil traded down 4.9% to $76.15 while gold traded down 0.7% at $1,742.90.

Silver traded down 0.7% to $20.85 on Monday while copper fell 1.3% to $3.5845.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.2%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.7%. The German DAX fell 0.1%, French CAC 40 climbed 0.1% and Italy’s FTSE MIB Index fell 1.1%.

The annual producer inflation in Germany eased to 34.5% in October versus a record level of 45.8% in the prior month.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with the Japan’s Nikkei gaining 0.16% and Hong Kong’s Hang Seng Index falling 1.87%. China’s Shanghai Composite Index fell 0.39%.

The annual inflation rate in Hong Kong fell to 1.8% in October compared to a seven-year high of 4.4% in the prior month. The People's Bank of China maintained its key lending rates at November fixing.

Economics

The Chicago Fed National Activity Index declined to -0.05 in October versus a revised reading of +0.17 in September.

Check out this: Dow Jumps Around 200 Points, But Investor Sentiment Decreases Slightly

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 100,209,100 cases with around 1,102,660 deaths. India confirmed a total of at least 44,670,430 cases and 530,580 deaths, while France reported over 37,348,830 COVID-19 cases with 158,160 deaths. In total, there were at least 643,209,060 cases of COVID-19 worldwide with more than 6,626,370 deaths.