Dow Drops Over 100 Points; Crude Oil Rises Over 1%

U.S. stocks traded mixed midway through trading, with the Dow Jones dropping more than 100 points on Monday.

The Dow traded down 0.44% to 29,461.37 while the NASDAQ rose 0.30% to 10,900.05. The S&P 500 also fell, dropping, 0.24% to 3,684.48.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 0.8% on Monday..

In trading on Monday, real estate shares dipped by 2%.

Top Headline

 

The Dallas Fed manufacturing index dropped to -17.2 in September from -12.9 in the prior month.

 

Equities Trading UP

 

• LAVA Therapeutics N.V. LVTX shares shot up 94% to $4.6616 after the company and Seagen Inc SGEN announced an exclusive license agreement in which Seagen will work to develop, manufacture and commercialize LAVA-1223.
• Shares of Melco Resorts & Entertainment Limited MLCO got a boost, shooting 30% to $6.89 after Macau officials signaled that COVID-19 travel restrictions will be lifted. Citigroup analyst George Choi also maintained Melco with a Buy rating and raised the price target from $11 to $11.50.
• Inpixon INPX shares were also up, gaining 35% to $0.1566 after the company announced it signed a definitive merger agreement with KINS Technology for KINS to acquire Inpixon's enterprise apps business.

 

Equities Trading DOWN

• Powerbridge Technologies Co., Ltd. PBTS shares tumbled 32% to $1.0897. Powerbridge Technologies announced the launch of its soccer collectable NFTs on Ali Auction
• Shares of Golden Sun Education Group Limited GSUN were down 30% to $37.00 after the company announced pricing of a $3.1 million public offering of 2 million shares of common stock at $1.55 per share.
• Volta Inc. VLTA was down, falling 10% to $1.7357. Volta announced controlled equity offering sales agreement. The company said it may offer and sell from time to time up to $150 million of shares.

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Commodities

In commodity news, oil traded up 1.3% to $ 79.75, while gold traded down 0.2% at $1,651.70.

Silver traded down 0.1% to $18.90 on Monday while copper fell 0.1% to $3.3405.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.12%, London’s FTSE 100 rose 0.31% while Spain’s IBEX 35 Index fell 0.27%. The German DAX gained 0.25%, French CAC 40 rose 0.47% and Italy’s FTSE MIB Index gained 1.34%.

The Ifo Business Climate indicator for Germany fell to 84.3 in September 2022, down from market expectations of 87.0, while Spanish producer price inflation accelerated to 41.8% in August versus a revised 40.5% in the prior month.

 

Economics

 

• The Chicago Fed National Activity Index declined to 0 in August compared to a five-month high level of 0.29 in the previous month.
• The Dallas Fed manufacturing index dropped to -17.2 in September from -12.9 in the prior month.
• The Treasury will auction 2-year notes at 1:00 p.m. ET.
• Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 4:00 p.m. ET.

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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 97,905,910 cases with around 1,081,710 deaths. India confirmed a total of at least 44,572,240 cases and 528,530 deaths, while France reported over 35,157,040 COVID-19 cases with 154,880 deaths. In total, there were at least 620,376,900 cases of COVID-19 worldwide with more than 6,540,610 deaths.