US Stocks Pare Losses; Pinduoduo Shares Spike Higher

U.S. stocks pared losses toward the end of trading, with the Dow Jones dropping just 40 points on Monday.

The Dow traded down 0.13% to 32,241.09 while the NASDAQ fell 0.52% to 12,078.93. The S&P 500 also fell, dropping, 0.15% to 4,051.60.

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Leading and Lagging Sectors

Energy shares rose by 2.8% on Monday. Meanwhile, top gainers in the sector included Denison Mines Corp. DNN, up 16% and Centrus Energy Corp. LEU up 15%.

In trading on Monday, information technology shares fell by 0.5%.

Top Headline

The Dallas Fed manufacturing index rose to -12.9 in August from -22.6 in the previous month.

Equities Trading UP

• Advanced Human Imaging Limited AHI shares shot up 106% to $1.4001. Advanced Human Imaging announced Sunday it signed a Master Services Agreement with Estonia-based Activate Health OÜ.
• Shares of Hill International, Inc. HIL got a boost, shooting 20% to $3.3550 following an updated merger agreement with Global Infrastructure Solutions which offers Hill shareholders $3.40 per share in cash versus $2.85 per share offered previously.
• Pinduoduo Inc. PDD shares were also up, gaining 17% to $67.21 after the company reported better-than-expected Q2 revenue results.

Equities Trading DOWN

• SelectQuote, Inc. SLQT shares tumbled 23% to $1.39 after the company reported a decline in Q4 sales results and issued FY23 sales guidance below analyst estimates.
• Shares of Azure Power Global Limited AZRE were down 41% to $6.12 after the company announced the resignation of Harsh Shah as CEO.
• PaxMedica, Inc. PXMD was down, falling 22% to $3.8318. PaxMedica priced its initial public offering of 1.55 million shares of common stock at $5.25 per share.

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Commodities

In commodity news, oil traded up 4% to $96.78, while gold traded slightly down at $1,749.70.

Silver traded down 1.1% to $18.55 on Monday while copper fell 2.3% to $3.6105.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.81%, while Spain’s IBEX 35 Index fell 0.92%. The German DAX declined 0.61%, French CAC 40 fell 0.83% and Italy’s FTSE MIB Index fell 0.24%.

Economics

The Dallas Fed manufacturing index rose to -12.9 in August from -22.6 in the previous month.

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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 96,011,850 cases with around 1,069,130 deaths. India confirmed a total of at least 44,415,720 cases and 527,790 deaths, while France reported over 34,478,790 COVID-19 cases with 153,850 deaths. In total, there were at least 606,081,240 cases of COVID-19 worldwide with more than 6,488,500 deaths.