Dow Tumbles 450 Points; S&P 500 Falls 1.5%

U.S. stocks traded lower toward the end of trading amid protests over COVID-19 restrictions in China. The Dow Jones dropped more than 450 points on Monday.

The Dow traded down 1.33% to 33,890.37 while the NASDAQ fell 1.60% to 11,046.69. The S&P 500 also fell, dropping, 1.50% to 3,965.61.

Also check this: Investor Optimism Eases Despite Dow Recording Gains


Leading and Lagging Sectors


Consumer discretionary shares rose by 0.2% on Monday. Leading the sector was strength from Studio City International Holdings Limited MSC and Pinduoduo Inc. PDD.


In trading on Monday, real estate shares fell by 2%.


Top Headline


H World Group Ltd HTHT reported better-than-expected Q3 sales.


H World Group reported a third-quarter FY22 sales increase of 16.2% year-on-year to $575.00 million, beating the consensus of $565.44 million. Adjusted loss per ADS of $(0.17) beat the analyst consensus of $(0.66).


Equities Trading UP

 

  • Taboola.com Ltd. TBLA shares shot up 31% to $74.27 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 12% to $4.15 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 44% to $14.96 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 18% to $9.80 after the company reported worse-than-expected Q4 EPS results.
  • TC Biopharm (Holdings) Plc TCBP was down, falling 31% to $4.62 after the company announced a $7.35 million private placement.


Also check out: $5 Million Bet On IAC? Check Out These 3 Stocks Insiders Are Buying


Commodities

In commodity news, oil traded down 1.8% to $77.65 while gold traded down 0.6% at $1,743.10.


Silver traded down 1.7% to $21.07 on Monday while copper fell 0.2% to $3.6190.


Euro zone


European shares closed lower today. The eurozone’s STOXX 600 fell 0.65%, London’s FTSE 100 fell 0.17% while Spain’s IBEX 35 Index fell 1.11%. 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.

 

Check out this: Wall Street's Analyst Just Said On Dell Technologies; Here Are Other Picks For Last Week From Top Analysts


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.

 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!