Mid-Day Market Update: Crude Oil Drops Over 5%; Society Pass Shares Jump

Midway through trading Monday, the Dow traded down 1.78% to 34,735.33 while the NASDAQ fell 1.43% to 14,952.69. The S&P also fell, dropping 1.59% to 4,547.26.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 51,765,710 cases with around 827,320 deaths. India confirmed a total of at least 34,746,830 cases and 477,550 deaths, while Brazil reported over 22,213,760 COVID-19 cases with 617,830 deaths. In total, there were at least 275,075,790 cases of COVID-19 worldwide with more than 5,372,280 deaths.

Leading and Lagging Sectors

Consumer staples shares fell by just 0.7% on Monday. Meanwhile, top gainers in the sector included Dingdong (Cayman) Limited DDL, up 4% and The Vita Coco Company, Inc. COCO up 6%.

In trading on Monday, materials shares tumbled 2.7%.

Top Headline

Carnival Corp CCL reported weaker-than-expected revenue for its fourth quarter.

The cruise operator's quarterly revenue rose to $1.29 billion from $34 million in the year-ago period. However, analysts were expecting revenue of $1.41 billion. Carnival posted quarterly adjusted net loss of $2 billion.

Equities Trading UP

Society Pass Incorporated SOPA shares shot up 137% to $7.85 after the company was added to the Russell 2000.

Shares of Bluerock Residential Growth REIT, Inc. BRG got a boost, shooting 72% to $26.50. Blackstone agreed to buy Bluerock Residential Growth REIT in a deal valued at $3.6 billion, extending its push into U.S. rental housing.

Can-Fite BioPharma Ltd. CANF shares were also up, gaining 82% to $2.3050 after the company announced a liver cancer patient was cleared of all cancer lesions.

Check out these big movers of the day

Equities Trading DOWN

Summit Therapeutics Inc. SMMT shares tumbled 47% to $2.62 after reporting topline results for Phase III Ri-CoDIFy study for C. Difficile infection. The company said Ri-CoDIFy did not meet primary endpoint.

Shares of Spruce Biosciences, Inc. SPRB were down 29% to $3.59. Spruce Biosciences shares jumped more than 102% on Friday after Oppenheimer initiated coverage on the stock with an Outperform rating and a $15 price target.

bluebird bio, Inc. BLUE was down, falling 22% to $8.25. The FDA placed a partial clinical hold on Bluebird bio’s lovotibeglogene autotemcel (lovo-cel) gene therapy program for sickle cell disease (SCD) for patients under the age of 18.

Commodities

In commodity news, oil traded down 5.6% to $66.91, while gold traded down 0.6% to $1,794.50.

Silver traded down 1.1% Monday to $22.28 while copper fell 0.1% to $4.2925.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 1.36%, the Spanish Ibex Index fell 0.57% and the German DAX 30 dipped 1.66%. Meanwhile, the London’s FTSE 100 dropped 0.97%, French CAC 40 fell 0.87% and Italy’s FTSE MIB dipped 1.44%.

The Eurozone current account surplus shrank to EUR 20.5 billion in October from EUR 31 billion in the year-ago period. The goods surplus, meanwhile, narrowed to EUR 17.8 billion from EUR 39 billion.

Economics

The index of leading economic indicators rose 1.1% for November, versus analysts’ expectations for a 0.8% growth.

Check out the full economic calendar here