US Stocks Turn Lower; Nasdaq Dips 100 Points

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

The Dow traded down 0.19% to 33,744.92 while the NASDAQ fell 0.84% to 11,971. The S&P 500, also fell, dropping, 0.32% to 4,120.38.

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Leading and Lagging Sectors

  • Energy shares rose by 0.8% on Monday. Meanwhile, top gainers in the sector included CBL International Limited BANL, up 11%, and Teekay Tankers Ltd. TNK, up 9%.
  • In trading on Monday, consumer discretionary shares dipped by 0.6%.


Top Headline

Koninklijke Philips N.V. PHG shares surged around 14% on Monday after the company reported strong results for its first quarter.

Philips reported a first-quarter comparable sales growth of 6% year-on-year to €4.2 billion, mainly driven by the Diagnosis & Treatment businesses.

The adjusted EBITA margin expanded by 240 bps to 8.6%.


Equities Trading UP

  • Getty Images Holdings, Inc. GETY shares shot up 34% to $6.78 after Trillium Capital issued a proposal to acquire the company for $10 per share.
  • Shares of Aclarion, Inc. ACON got a boost, shooting 175% to $2.03 amid the publication of durability data for the company's back pain treatment.
  • IN8bio, Inc. INAB shares were also up, gaining 136% to $2.4992 after the company announced new data from the Phase 1 investigator-sponsored trial of INB-100 in leukemia patients.


Equities Trading DOWN

  • Genprex, Inc. GNPX shares dropped 20% to $0.8519. Genprex filed for mixed-securities shelf offering of up to $200 million.
  • Shares of Bed Bath & Beyond Inc. BBBY were down 22% to $0.2289 after the company said it filed for bankruptcy protection
  • Foghorn Therapeutics Inc. FHTX was down, falling 17% to $5.62 after the company announced it paused enrollment in the FHD-609 study and the FDA placed the study on partial clinical hold due to a grade 4 QTc prolongation event in a synovial sarcoma patient.

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In commodity news, oil traded up 1% to $78.66 while gold traded up 0.1% at $1,993.10

Silver traded up 0.5% to $25.175 on Monday while copper fell 0.2% to $3.9710.


Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.11%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index slipped 0.01%. The German DAX rose 0.06%, French CAC 40 slipped 0.01% and Italy’s FTSE MIB Index fell 0.68%.

The Ifo Business Climate indicator for Germany increased by 0.4 points from a month ago to 93.6 in April.


Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 gaining 0.10%, Hong Kong’s Hang Seng Index falling 0.58% and China’s Shanghai Composite Index declining 0.78%. India’s S&P BSE Sensex rose 0.5%.

Hong Kong’s unemployment rate fell to 3.1% in the three months ending March 2023, compared to 3.3% in the prior period.



The Chicago Fed National Activity Index came in unchanged at -0.19 in March, but down from market expectations of -0.02.

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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 106,578,050 cases with around 1,159,300 deaths. India confirmed a total of at least 44,891,980 cases and 531,320 deaths, while France reported over 39,950,20 COVID-19 cases with 166,280 deaths. In total, there were at least 686,514,230 cases of COVID-19 worldwide with more than 6,859,830 deaths.

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