Nasdaq Turns Lower; Crude Oil Drops Sharply

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite turning negative on Monday.

The Dow traded down 1.02% to 29,287.62 while the NASDAQ fell 0.22% to 10,843.61. The S&P 500 also fell, dropping, 0.85% to 3,661.81.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 0.3% on Monday.
In trading on Monday, real estate shares dipped by 3.2%.

Top Headline

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.

Equities Trading UP

• LAVA Therapeutics N.V. LVTX shares shot up 104% to $4.90 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 29% to $6.82 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.
• Aditxt, Inc. ADTX shares were also up, gaining 15% to $3.06 after an amended 13G filing showed a 9.9% stake from Intracoastal Capital LLC.

Equities Trading DOWN

• Powerbridge Technologies Co., Ltd. PBTS shares tumbled 64% to $0.5808. Powerbridge Technologies announced the launch of its soccer collectable NFTs on Ali Auction
• Shares of Golden Sun Education Group Limited GSUN were down 24% to $40.00 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 12% to $1.6950. 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 down 2.1% to $77.09, while gold traded down 1.5% at $1,631.50.

Silver traded down 3% to $18.35 on Monday while copper fell 1.7% to $3.2855.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.42%, London’s FTSE 100 rose 0.03% while Spain’s IBEX 35 Index fell 0.99%. The German DAX dropped 0.46%, French CAC 40 fell 0.24% and Italy’s FTSE MIB Index gained 0.67%.

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.
• 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.