Nasdaq Dips 150 Points; Gold Down 2%

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

The Dow traded down 0.50% to 29,151.57 while the NASDAQ fell 1.42% to 10,501.08. The S&P 500 also rose, gaining, 0.95% to 3,604.93.

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Leading and Lagging Sectors

Utilities shares rose by 0.3% on Monday. Leading the sector was strength from Genie Energy Ltd. GNE and Middlesex Water Company MSEX.

In trading on Monday, information technology shares dipped by 2.1%.

Top Headline

The FDA has approved scPharmaceuticals Inc's SCPH Furoscix (furosemide injection), a proprietary formulation of furosemide delivered via an On-Body Infusor for congestion due to fluid overload in heart failure patients.

Equities Trading UP

• Exela Technologies, Inc. XELA shares shot up 18% to $0.44 after the company announced its European business will go public through a merger with CF Acquisition Corp. VIII.
• Shares of Immunic, Inc. IMUX got a boost, shooting 43% to $5.68 after the company announced $60 million oversubscribed private placement equity financing.
• Applied DNA Sciences, Inc. APDN shares were also up, gaining 69% to $2.0967 after the company announced it has received its largest single purchase order for LinearDNA™ valued above the mid-six-figures.

Equities Trading DOWN

• Siyata Mobile Inc. SYTA shares tumbled 55% to $0.1359. Siyata Mobile agreed to sell 15.8 million shares and 1.59 million pre-funded warrants to certain institutional investors in a private placement.
• Shares of scPharmaceuticals Inc. SCPH were down 22% to $3.8999. The FDA has approved scPharmaceuticals’ Furoscix (furosemide injection), a proprietary formulation of furosemide delivered via an On-Body Infusor for congestion due to fluid overload in heart failure patients. Concurrently, scPharmaceuticals secured a $100 million secured debt facility from Oaktree Capital Management, L.P.
• Five9, Inc. FIVN was down, falling 22% to $59.87 after the company's CEO resigned and accepted a position at a pre-IPO company.

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Commodities

In commodity news, oil traded down 0.1% to $92.55, while gold traded down 2% at $1,674.50.

Silver traded down 3% to $19.64 on Monday while copper rose 1.7% to $3.4465.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.4%, London’s FTSE 100 fell 0.45% while Spain’s IBEX 35 Index fell 0.31%. The German DAX slipped 0.01%, French CAC 40 fell 0.45% and Italy’s FTSE MIB Index rose 0.05%.

Economics

There were no major US economic releases Monday

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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 98,555,070 cases with around 1,087,880 deaths. India confirmed a total of at least 44,614,430 cases and 528,810 deaths, while France reported over 35,866,250 COVID-19 cases with 155,420 deaths. In total, there were at least 626,737,670 cases of COVID-19 worldwide with more than 6,561,270 deaths.