Gold Gains 1%; JOANN Shares Plummet

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 0.2% on Monday.

The Dow traded down 0.25% to 38,988.86 while the NASDAQ fell 0.18% to 16,245.30. The S&P 500 also fell, dropping, 0.06% to 5,134.05.

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Leading and Lagging Sectors

Utilities shares rose by 0.7% on Monday.

In trading on Monday, communication services shares fell by 1.6%.

Top Headline

Arkhouse Management Co. LP and Brigade Capital Management, LP have proposed a revised takeover bid for Macy’s Inc M for $24.00 per share in cash.

The new proposal is being seen as an attempt to persuade the department store chain to reconsider their previous offer.

Equities Trading UP

BitFuFu Inc. FUFU shares shot up 157% to $16.38 amid volatility following the company's recent business combination with Arisz Acquisition Corp and listing on the Nasdaq.

Shares of Quoin Pharmaceuticals, Ltd. QNRX got a boost, surging 27% to $3.58 after the company announced FDA clearance to recruit teen subjects into both of its ongoing Netherton Syndrome clinical studies.

Renalytix Plc RNLX shares were also up, gaining 29% to $1.34 after the company announced that it received an unsolicited approach from a publicly listed strategic diagnostics company.

Equities Trading DOWN

BioVie Inc. BIVI shares dropped 43% to $1.0750 after the company reported pricing of public offering.

Shares of BioCardia, Inc. BCDA were down 23% to $0.4460 after reporting interim results from Phase III CardiAMP cell therapy heart failure trial.

JOANN Inc. JOAN was down, falling 48% to $0.2656 following a Bloomberg report stating the company is contemplating a bankruptcy filing to restructure its debt and regain financial stability.

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Commodities

In commodity news, oil traded down 0.9% to $79.27 while gold traded up 1% at $2,115.80.

Silver traded rose 2% to $23.84 on Monday while copper rose 0.2% to $3.87.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.17%, London’s FTSE 100 fell 0.65% while Spain’s IBEX 35 Index fell 0.08% The German DAX declined 0.18% French CAC 40 rose 0.09% while Italy’s FTSE MIB Index slipped 0.16%.

The number of people registering as jobless in Spain declined by 0.3% to 2.76 million in February.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 0.50%, Hong Kong’s Hang Seng Index climbing 0.04%, China’s Shanghai Composite Index gaining 0.41% and India’s S&P BSE Sensex gaining 0.2%.

Singapore’s manufacturing PMI slipped to 50.6 in February from 50.7 in the prior month.

Economics

No economic report of significance is due for Monday.

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