US Stocks Start Week On Lower Note, Dow Drops Over 100 Points

US Stocks Start Week On Lower Note, Dow Drops Over 100 Points

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.39% to 34,213.93 while the NASDAQ fell 0.44% to 11,175.95. The S&P 500 also fell, dropping, 0.52% to 4,005.11.

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Leading and Lagging Sectors


Consumer discretionary shares rose by 0.5% on Monday. Leading the sector was strength from Studio City International Holdings Limited MSC and Pinduoduo Inc. PDD.


In trading on Monday, energy shares fell by 2.1%.


Top Headline

 

Pinduoduo Inc PDD reported better-than-expected Q3 results.


Pinduoduo reported third-quarter FY22 revenue growth of 65% year-on-year to $4.99 billion, beating the consensus of $4.31 billion. Non-GAAP earnings per ADS of $1.21 beat the consensus of $0.65.

 

Equities Trading UP

 

  • Digital Brands Group, Inc. DBGI shares shot up 37% to $8.17. The company recently posted a rise in Q3 revenue.
  • Shares of Axsome Therapeutics, Inc. AXSM got a boost, shooting 31% to $74.25 after the company announced AXS-05 achieved its primary endpoint in the ACCORD Phase 3 trial in Alzheimer's disease agitation.
  • Kintara Therapeutics, Inc. KTRA shares were also up, gaining 25% to $4.60 after the company announced it was granted Fast Track Designation from the FDA for REM-001 for cutaneous Metastatic Breast Cancer.

 

Equities Trading DOWN

  • CinCor Pharma, Inc. CINC shares tumbled 48% to $13.83 after the company announced topline data for the Phase 2 HALO trial evaluating Baxdrostat in uncontrolled hypertension. HALO did not achieve statistical significance on its primary endpoint.
  • Shares of OncoSec Medical Incorporated ONCS were down 15% to $2.87. OncoSec Medical recently announced early clinical data from an investigator-sponsored trial of TAVO in combination with Bristol-Myers Squibb Co's BMY intravenous Opdivo (nivolumab).
  • Bioventus Inc. BVS was down, falling 13% to $2.1315. The company recently posted downbeat quarterly results.


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Commodities

In commodity news, oil traded down 1.1% to $75.45 while gold traded down 0.3% at $1,748.30.


Silver traded down 1.1% to $21.205 on Monday while copper fell 0.3% to $3.6150.


Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 1%. The German DAX fell 0.8%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 0.9%.


The CBI distributive trades survey’s retail sales balance in the UK fell 37 points to a reading of -19 in November. Loans to households in the Eurozone climbed 4.2% year-over-year to EUR 6.81 trillion.

 

Asia Pacific Markets


Asian markets closed lower on Monday, with the Japan’s Nikkei dropping 0.42% and Hong Kong’s Hang Seng Index falling 1.57%. China’s Shanghai Composite Index dropped 0.75%.

Hong Kong trade deficit shrank to $20.9 billion in October compared to $30.5 billion in the year-ago period. Retail sales in Australia fell by 0.2% from a month ago to AUD 35.02 billion in October. Profits earned by Chinese industrial firms fell by 3.0% from a year ago to CNY 69.78 trillion in the first ten months of 2022.


Economics


The Dallas Fed manufacturing index for November will be released at 10:30 a.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 100,465,080 cases with around 1,104,750 deaths. India confirmed a total of at least 44,672,820 cases and 530,610 deaths, while France reported over 37,677,290 COVID-19 cases with 158,630 deaths. In total, there were at least 646,278,120 cases of COVID-19 worldwide with more than 6,636,700 deaths.

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