Nasdaq Edges Lower; ISM Manufacturing PMI Drops In June

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite trading lower on Monday.

The Dow traded up 0.16% to 34,462.62 while the NASDAQ fell 0.03% to 13,784.02. The S&P 500, also rose, gaining, 0.07% to 4,453.57.

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Leading and Lagging Sectors

• Consumer discretionary shares jumped by 1.3% on Monday.
• In trading on Monday, health care shares fell by 1%.

Top Headline

The ISM manufacturing PMI in the U.S. declined to 46 in June from 46.9 in the prior month and down from market estimates of 47.

Equities Trading UP

• Ensysce Biosciences, Inc. ENSC shares shot up 16% to $2.1275. HC Wainwright & Co. initiated coverage on Ensysce Biosciences with a Buy rating and announced a price target of $9.
• Shares of PolyMet Mining Corp. PLM got a boost, shooting 150% to $1.9721 after the company announced Glencore made a non-binding proposal to acquire the company for $2.11 per share.
• Canopy Growth Corporation CGC shares were also up, gaining 45% to $0.5628 after the company announced it completed all conversions pursuant to the $100 million convertible debentures and provided an update to its balance sheet actions taken to date.

Equities Trading DOWN

• Atento S.A. ATTO shares dropped 52% to $0.4798 as the company entered into a restructuring support agreement with certain key financial stakeholders.
• Shares of Tattooed Chef, Inc. TTCF were down 45% to $0.2988 after the company announced it intends to file for voluntary Chapter 11 Bankruptcy protection.
• 22nd Century Group, Inc. XXII was down, falling 23% to $0.2929 after the company announced a 1-for-15 reverse stock split.

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Commodities

In commodity news, oil traded down 0.1% to $70.60 while gold traded up 0.2% at $1,933.40.

Silver traded up 0.6% to $23.155 on Monday while copper rose 0.6% to $ 3.7815.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.13%, London’s FTSE 100 fell 0.06% while Spain’s IBEX 35 Index rose 0.43% The German DAX fell 0.32% French CAC 40 fell 0.07% and Italy’s FTSE MIB Index rose 0.84%.

The HCOB Eurozone manufacturing PMI was revised lower to 43.4 in June compared to the preliminary reading of 43.6. German manufacturing PMI was revised lower to 40.6 in June from the preliminary level of 41.0, while French manufacturing PMI was revised upwards to 46 in June versus a preliminary estimate of 45.5.

The S&P Global/CIPS UK manufacturing PMI was revised higher to 46.5 in June versus the preliminary estimate of 46.2. France’s government budget deficit widened to EUR 107.2 billion in January-May from EUR 82.3 billion in the year-ago month.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 1.70%, Hong Kong’s Hang Seng Index gaining 2.06%, China’s Shanghai Composite Index gaining 1.31%. India’s S&P BSE Sensex gained 0.7%.

Retail sales in Hong Kong jumped 16.5% year-over-year in May following a revised 13.1% growth in the prior month. The S&P Global Indian manufacturing PMI fell to 57.8 in June versus May's level of 58.7. The Caixin Chinese General Manufacturing PMI declined to 50.5 in June from 50.9 a month ago. The au Jibun Bank Japanese manufacturing PMI fell to 49.8 in June from 50.6 in May.

Australia’s value of new home loans climbed 4% month-over-month to A$16.37 billion in May, while building permits jumped 20.6% month-over-month to 15,032 units in May.

Economics

• The S&P Global manufacturing PMI was confirmed at 46.3 in June, versus prior month’s reading of 48.4.
• Construction spending increased by 0.9% month-over-month to an annual rate of $1,925.6 billion in May following a revised 0.4% growth in April.
• The ISM manufacturing PMI in the U.S. declined to 46 in June from 46.9 in the prior month and down from market estimates of 47.

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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 107,321,660 cases with around 1,168,190 deaths. India confirmed a total of at least 44,994,280 cases and 531,900 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 690,976,080 cases of COVID-19 worldwide with more than 6,896,030 deaths.