Nasdaq Down Over 100 Points; Chicago PMI Drops Further

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping more than 100 points on Monday.

The Dow traded down 0.36% to 32,743.52 while the NASDAQ fell 1.21% to 10,967.56. The S&P 500 also fell, dropping, 0.67% to 3,874.79.

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Leading and Lagging Sectors

Energy shares climbed 1.9% on Monday. Leading the sector was strength from KLX Energy Services Holdings, Inc. KLXE and Nine Energy Service, Inc. NINE.

In trading on Monday, communication services shares fell by 1.8%.

Top Headline

The Chicago PMI fell to 45.2 for October from 45.7 in September.

Equities Trading UP

• 1847 Holdings LLC EFSH shares shot up 66% to $3.1107 after the company reported it sees over $60 million in revenue and over $7 million in cash flow from operations in 2023 from its existing portfolio.
• Shares of Hoth Therapeutics, Inc. HOTH got a boost, shooting 31% to $7.37 after the company announced the results from its BioLexa Phase 1b clinical trial in adult patients with mild-to-moderate atopic dermatitis met the primary and secondary endpoints for safety and efficacy.
• Sonnet BioTherapeutics Holdings, Inc. SONN shares were also up, gaining 65% to $1.91 after the company announced an agreement with Janssen for the evaluation of three Sonnet product candidates.

Equities Trading DOWN

• Quanergy Systems, Inc. QNGY shares tumbled 68% to $1.0501 after the company priced its $16.7 million offering.
• Shares of Y-mAbs Therapeutics, Inc. YMAB were down 53% to $4.24 after the FDA Oncologic Drugs Advisory Committee voted Y-mAbs did not provide sufficient evidence to conclude its treatment improves overall survival.
• Argo Blockchain plc ARBK was down, falling 50% to $0.9901 after the company announced it believes its previously announced non-binding LOI with a strategic investor to raise $27 million via a subscription for ordinary shares will no longer be consummated. Roth Capital downgraded Argo Blockchain from Neutral to Sell and lowered the price target from $2 to $0.25.

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Commodities

In commodity news, oil traded down 0.6% to $87.40 while gold traded down 0.1% at $1,643.90.

Silver traded up 0.1% to $19.17 on Monday while copper fell 1.3% to $3.3840.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.34%, London’s FTSE 100 rose 1% while Spain’s IBEX 35 Index rose 0.29%. The German DAX rose 0.32%, French CAC 40 rose 0.04% and Italy’s FTSE MIB Index rose 0.64%.

Italian gross domestic product grew by 0.5% quarter-on-quarter during the three months to September, while retail trade in Spain rose by 0.1% in September. Retail sales in Germany rose 0.9% from a month ago in September.

Economics

• The Chicago PMI fell to 45.2 for October from 45.7 in September.
• The Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas fell to -19.4 in October versus -17.2 in the previous month.
• Data on farm prices for September will be released at 3:00 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 99,345,920 cases with around 1,095,200 deaths. India confirmed a total of at least 44,653,590 cases and 529,020 deaths, while France reported over 36,809,610 COVID-19 cases with 156,830 deaths. In total, there were at least 635,532,320 cases of COVID-19 worldwide with more than 6,594,030 deaths.