Dow Tumbles Over 200 Points; Axsome Therapeutics Shares Spike Higher

Dow Tumbles Over 200 Points; Axsome Therapeutics Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Dow Jones dropping more than 200 points on Monday.

The Dow traded down 0.71% to 34,101.97 while the NASDAQ fell 0.68% to 11,150.44. The S&P 500 also fell, dropping, 0.78% to 3,994.83.

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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 1.7%.


Top Headline

 

The Dallas Fed manufacturing index rose to -14.4 in November compared to -19.4 in the previous month

 

 

Equities Trading UP

 

  • Taboola.com Ltd. TBLA shares shot up 51% to $2.7765 after the company announced it entered into a 30-year exclusive commercial agreement with Yahoo.
  • Shares of Axsome Therapeutics, Inc. AXSM got a boost, shooting 31% to $74.40 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 15% to $4.23 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 46% to $14.71 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 Anavex Life Sciences Corp. AVXL were down 15% to $10.06 after the company reported worse-than-expected Q4 EPS results.
  • TC Biopharm (Holdings) Plc TCBP was down, falling 31% to $4.63 after the company announced a $7.35 million private placement.


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Commodities

In commodity news, oil traded up 0.4% to $76.61 while gold traded down 0.6% at $1,742.90.


Silver traded down 2.2% to $20.96 on Monday while copper fell 0.9% to $3.5950.


Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.65%, London’s FTSE 100 fell 0.17% while Spain’s IBEX 35 Index fell 1.04%. The German DAX fell 1.09%, French CAC 40 fell 0.7% and Italy’s FTSE MIB Index fell 1.12%.


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 rose to -14.4 in November compared to -19.4 in the previous month.

 

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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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