Nasdaq Rises 70 Points; ISM Services PMI Drops In May

U.S. stocks traded mixed midway through trading, with Nasdaq Composite gaining around 70 points on Monday.

The Dow traded down 0.21% to 33,691.13 while the NASDAQ rose 0.54% to 13,312.65. The S&P 500, also rose, gaining, 0.26% to 4,293.51.

Check This Out: Over $18M Bet On This Financial Services Stock? Check Out These 3 Stocks Insiders Are Buying


Leading and Lagging Sectors

  • Communication services shares jumped by 1.3% on Monday. Meanwhile, top gainers in the sector included Getty Images Holdings, Inc. GETY, up 23%, and Travelzoo TZOO, up 8%.
  • In trading on Monday, industrials shares fell by 0.5%.


Top Headline

The ISM Services PMI declined to 50.3 in May from 51.9 in April.


Equities Trading UP

  • Forza X1, Inc. FRZA shares shot up 138% to $2.9721 after the company tweeted Friday 'Get ready for something extraordinary! Stay tuned!'
  • Shares of Timber Pharmaceuticals, Inc. TMBR got a boost, shooting 43% to $2.13 following a positive decision from the FDA for its TMB-001 treatment.
  • CIRCOR International, Inc. CIR shares were also up, gaining 51% to $47.71 after the company announced an agreement to be acquired by KKR for $49 per share in cash.


Equities Trading DOWN

  • Bellerophon Therapeutics, Inc. BLPH shares dropped 86% to $1.0201 after the company's Phase 3 REBUILD trial did not meet its primary endpoint.
  • Shares of Mallinckrodt plc MNK were down 40% to $1.4691. Mallinckrodt Plc MNK is reportedly considering options, including filing for bankruptcy again as a $200 million opioid settlement payment is due within weeks. The company must pay to an opioid-victims compensation trust by mid-June as part of its Chapter 11 exit plan, Wall Street Journal said.
  • Castle Biosciences, Inc. CSTL was down, falling 47% to $12.14. Baird, SVB Securities and Lake Street lowered their price targets on the stock.

Also Check This Out: Top 5 Financial Stocks That May Implode In Q2



In commodity news, oil traded up 1.5% to $72.81 while gold traded up 0.4% at $1,976.50.

Silver traded down 0.2% to $23.69 on Monday while copper rose 1.5% to $3.7835.


Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.48%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.3% The German DAX dropped 0.54% French CAC 40 fell 0.96% and Italy’s FTSE MIB Index fell 0.78%.

Producer price inflation in the Eurozone fell to 1.0% year-over-year in April from 5.5% in the previous month. The HCOB Eurozone services PMI fell to 55.1 in May versus a preliminary level of 55.9

The S&P Global/CIPS UK services PMI was revised higher to 55.2 in May versus a preliminary reading of 55.1. France’s services PMI was revised lower to 52.5 in May versus a flash level of 52.8, while German services PMI slipped to 57.2 in May versus a preliminary reading of 57.8.


Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 2.20%, Hong Kong’s Hang Seng Index jumping 0.84% and China’s Shanghai Composite Index rising 0.07%. India’s S&P BSE Sensex rose 0.4%.

The S&P Global Indian services PMI slipped to 61.2 in May versus April’s reading of 62. The Caixin China general services PMI rose to 57.1 in May compared to 56.4 a month ago. The S&P Global Hong Kong SAR PMI dropped to 50.6 in May from April’s reading of 52.4. The au Jibun Bank Japan services PMI was revised lower to 55.9 in May from a preliminary level of 56.3.



  • The S&P Global U.S. services PMI was revised lower to 54.9 in May versus a preliminary reading of 55.1.
  • U.S. factory orders rose by 0.4% from the prior month in April.
  • The ISM Services PMI declined to 50.3 in May from 51.9 in April.

Now Read This: Meta Platforms To Rally Around 30%? Here Are 10 Other Analyst Forecasts For Monday


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,137,340 cases with around 1,165,730 deaths. India confirmed a total of at least 44,991,750 cases and 531,880 deaths, while France reported over 40,098,410 COVID-19 cases with 167,370 deaths. In total, there were at least 689,912,490 cases of COVID-19 worldwide with more than 6,887,330 deaths.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsTrading IdeasMid Day 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!