Crude Oil Down Over 5%; Imago BioSciences Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping over 100 points on Monday.

The Dow traded down 0.26% to 33,659.21 while the NASDAQ fell 1.08% to 11,025.99. The S&P 500 also fell, dropping, 0.50% to 3,945.32.

Also check this: Investor Optimism Declines After US Stocks Settle Lower

Leading and Lagging Sectors

Consumer staples shares rose by 0.7% on Monday. Leading the sector was strength from Zevia PBC ZVIA and Vital Farms, Inc. VITL.

In trading on Monday, energy dipped by 2.7%.

Top Headline

Walt Disney Co's 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. IMGO shares shot up 105% to $35.60 after Merck announced it would acquire the company for $36 per share in cash.
• Shares of GrafTech International Ltd. EAF got a boost, shooting 28% to $5.39 after the company said it could resume operations at its Monterrey, Mexico facility.
• Freight Technologies, Inc. FRGT shares were also up, gaining 18% to $0.36 after the company reported Q3 earnings results.

Equities Trading DOWN

• TuanChe Limited TC shares tumbled 77% to $1.5579. Tuanche reported pricing of $15 million registered direct offering.
• Shares of G Medical Innovations Holdings Ltd GMVD were down 27% to $3.85 after the company reported first half 2022 financial results and issued a business update.
• Niu Technologies NIU was down, falling 14% to $3.04 after reporting downbeat quarterly earnings.

Also check out: Market Volatility Increases Slightly After S&P 500 Records Weekly Loss

Commodities

In commodity news, oil traded down 5.2% to $75.92 while gold traded down 1.1% at $1,734.90.

Silver traded down 1.3% to $20.735 on Monday while copper fell 1.9% to $3.5615.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.06%, London’s FTSE 100 fell 0.12% while Spain’s IBEX 35 Index rose 0.75%. The German DAX fell 0.36%, French CAC 40 fell 0.15% and Italy’s FTSE MIB Index fell 1.29%.

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.