U.S. Markets Open Lower; Durable Goods Orders Rise 0.7%

U.S. stocks traded lower this morning, with the Nasdaq Composite dropping over 100 points on Monday.

The Dow traded down 0.27% to 31,415.99 while the NASDAQ fell 0.94% to 11,498.08. The S&P also fell, dropping, 0.45% to 3,894.05.

Also check this: U.S. Durable Goods Orders And Other Macro Issues For Monday

Leading and Lagging Sectors

Energy shares jumped by 1.3% on Monday. Meanwhile, top gainers in the sector included HighPeak Energy, Inc. HPK, up 5% and Martin Midstream Partners L.P. MMLP up 14%.

In trading on Monday, materials shares fell by 0.9%.

Top Headline

U.S durable goods orders rose 0.7% month-over-month in May, recording the third straight month of gain and exceeding market estimates of a 0.1% rise.

Equities Trading UP

Axsome Therapeutics, Inc. AXSM shares shot up 38% to $33.72 after the company received proposed labeling from the U.S. Food and Drug Administration for its treatment of major depressive disorder.

Shares of GreenLight Biosciences Holdings GRNA got a boost, shooting 24% to $3.36.

Martin Midstream Partners L.P. MMLP shares were also up, gaining 14% to $4.1610. Martin Midstream Partners recently filed for mixed shelf of up to $250 million.

Equities Trading DOWN

Borqs Technologies, Inc. BRQS shares tumbled 25% to $2.1392 following effect of 1:16 reverse stock split.

Shares of Wrap Technologies, Inc. WRAP were down 13% to $2.04.

Polestar Automotive Holding UK PLC PSNY was down, falling 13% to $11.28 amid post-SPAC merger volatility following the company's Friday debut as a public company.

Also check out: Nike, Jefferies + 3 Stocks To Watch Heading Into Monday

Commodities

In commodity news, oil traded down 1.4% to $106.07, while gold traded up 0.1% to $1,830.80.

Silver traded up 0.8% to $21.29 on Monday while copper rose 0.3% to $3.7510.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index fell 0.6%. The German DAX gained 0.2%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 1%.

Economics

U.S durable goods orders rose 0.7% month-over-month in May, recording the third straight month of gain and exceeding market estimates of a 0.1% rise.

The pending home sales index rose to 99.90 in May from prior reading of 99.20.

The Treasury is set to auction 6-month bills and 2-year notes at 11:30 a.m. ET.

The Treasury will auction 3-month bills and 5-year notes at 1:00 p.m. ET.

Check out this: U.S. Stock Futures Higher Following Friday's Rally

Check out our premarket coverage here

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,794,280 cases with around 1,040,800 deaths. India confirmed a total of at least 43,407,040 cases and 525,020 deaths, while Brazil reported over 32,078,630 COVID-19 cases with 670,450 deaths. In total, there were at least 549,063,210 cases of COVID-19 worldwide with more than 6,351,060 deaths.