U.S. Stocks Turn Negative; Dow Drops Over 100 Points

U.S. stocks turned lower toward the end of trading, with the Dow Jones falling more than 100 points on Monday.

The Dow traded down 0.43% to 32,703.03 while the NASDAQ fell 0.58% to 12,318.87. The S&P also fell, dropping, 0.65% to 4,102.85.

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Leading and Lagging Sectors

Consumer staples shares climbed 1.3% on Monday. Meanwhile, top gainers in the sector included Bridgford Foods Corporation BRID, up 15% and Celsius Holdings, Inc. CELH up 12%.

In trading on Monday, energy shares fell 3.2%.

Top Headline

The ISM manufacturing PMI fell to 52.8 in July from 53 in the previous month. However, analysts were expecting a reading of 52.

Equities Trading UP

TherapeuticsMD, Inc. TXMD shares shot up 36% to $8.47 after the company announced it has received a $15 million private investment from Rubric Capital Management.

Shares of Celyad Oncology SA CYAD got a boost, shooting 40% to $2.4399. The FDA has lifted the clinical hold on Celyad Oncology’s CYAD-101-002 (KEYNOTE-B79) Phase 1b trial after the company made changes to the eligibility criteria for the trial.

MediaCo Holding Inc. MDIA shares were also up, gaining 99% to $4.12. MediaCo Holding 10% owner Soohyung Kim bought a total of 12,899,480 shares at an average price of $2.32.

Equities Trading DOWN

Kazia Therapeutics Limited KZIA shares tumbled 47% to $1.9031 after the company announced its GBM AGILE pivotal study for paxalisib did not meet the pre-defined criteria for continuing to a second stage.

Shares of Zovio Inc ZVO were down 33% to $0.6901 as the company reported a second-quarter FY22 sales decline of 25.7% year-on-year, to $51.38 million.

Otonomy, Inc. OTIC was down, falling 79% to $0.2990 after the company announced it will discontinue development of OTO-313 after the Phase 2 trial of OTO-313 in patients with tinnitus demonstrated no clinically meaningful improvement versus placebo for primary and secondary endpoints across all timepoints.

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Commodities

In commodity news, oil traded down 5% to $93.77, while gold traded up 0.3% to $1,786.50.

Silver traded up 0.7% to $20.345 on Monday while copper fell 1.4% to $3.5235.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.19%, London’s FTSE 100 declined 0.13% while Spain’s IBEX 35 Index fell 0.87%. The German DAX slipped 0.03%, French CAC 40 fell 0.18% and Italy’s FTSE MIB Index gained 0.11%.

The unemployment rate in the Eurozone came in unchanged at 6.6% for June, while manufacturing PMI fell to 49.8 in July from 52.1 in June. Retail sales in Germany declined 1.6% month-over-month in June versus a revised 1.2% increase in May, while the country’s manufacturing PMI rose to 49.3 in July from a preliminary level of 49.2.

The S&P Global/CIPS UK manufacturing PMI fell to 52.1 in July from a preliminary reading of 52.2, while Italian manufacturing PMI declined to 48.5 in July from 50.9 in June. The S&P Global manufacturing PMI for France dropped to 49.5 in July from 51.4 a month ago.

Economics

The S&P Global manufacturing PMI fell to 52.2 in July from a preliminary reading of 52.3.

The ISM manufacturing PMI fell to 52.8 in July from 53 in the previous month. However, analysts were expecting a reading of 52.

Construction spending dropped by 1.1% from the prior month to an annual rate of $1.76 trillion in June.

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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 93,082,190 cases with around 1,055,050 deaths. India confirmed a total of at least 44,036,270 cases and 526,390 deaths, while France reported over 33,859,570 COVID-19 cases with 151,980 deaths. In total, there were at least 582,459,460 cases of COVID-19 worldwide with more than 6,420,210 deaths.