Mid-Day Market Update: U.S. Stocks Turn Lower; Bank of America Earnings Top Views

U.S. stocks turned lower midway through trading, with the Nasdaq Composite falling more than 100 points on Monday.

The Dow traded down 0.39% to 34,317.66 while the NASDAQ fell 0.93% to 13,226.95. The S&P also fell, dropping, 0.47% to 4,372.00.

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Leading and Lagging Sectors

Energy shares jumped by 1.1% on Monday. Meanwhile, top gainers in the sector included Camber Energy, Inc. CEI, up 22% and San Juan Basin Royalty Trust SJT up 12%.

In trading on Monday, health care shares fell 0.9%.

Top Headline

Bank of America Corp BAC reported better-than-expected results for its first quarter.

The bank reported quarterly earnings of $0.80 per share, beating analysts’ estimates of $0.74 per share. The company’s quarterly sales came in at $23.20 billion, versus expectations of $23.11 billion.

Equities Trading UP

Casa Systems, Inc. CASA shares shot up 68% to $6.52 after the company announced a multi-year contract with Verizon to provide 5G core network functions.

Shares of Natus Medical Incorporated NTUS got a boost, shooting 29% to $33.61 after the company announced it will be acquired by ArchiMed Group for $33.50 per share in cash.

Forge Global Holdings, Inc. FRGE shares were also up, gaining 20% to $16.22. Forge Global Holdings named James H. Herbert, II to its Board of Directors, effective as of April 12.

Equities Trading DOWN

Nektar Therapeutics NKTR shares tumbled 34% to $4.0750. Nektar Therapeutics and Bristol Myers Squibb Co jointly decided to end the global clinical development program for bempegaldesleukin in combination with Opdivo. Goldman Sachs downgraded Nektar Therapeutics from Neutral to Sell and announced a $3 price target.

Shares of DiDi Global Inc. DIDI were down 13% to $2.13 after the company announced a shareholders meeting to vote on voluntarily delisting the company's American Depositary Shares from the New York Stock Exchange. DiDi Global said its total revenue dropped to 40.8 billion yuan ($6.40 billion) for the quarter ended Dec. 31, 2021, down from 46.7 billion yuan in the year-ago period.

TG Therapeutics, Inc. TGTX was down, falling 20% to $7.08 after the company announced it has voluntarily withdrawn the BLA/sNDA for U2 for the treatment of adult patients with chronic lymphocytic leukemia and small lymphocytic lymphoma.

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Commodities

In commodity news, oil traded up 0.8% to $107.78, while gold traded up 0.6% to $1,987.30.

Silver traded up 1.8% Monday to $26.17 while copper rose 1.8% to $4.8060.

Euro zone

Most of the European markets are closed today for the Easter Monday holiday.

 

Economics

The NAHB housing market index declined to 77 in April from 79 in March.

Federal Reserve Bank of St. Louis President James Bullard will speak at 4:00 p.m. ET.

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 82,316,340 cases with around 1,015,450 deaths. India confirmed a total of at least 43,044,280 cases and 521,960 deaths, while Brazil reported over 30,252,610 COVID-19 cases with 662,010 deaths. In total, there were at least 504,828,550 cases of COVID-19 worldwide with more than 6,223,530 deaths.