U.S. stocks traded lower this morning, with the Dow Jones dropping more than 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.39% to 34,213.93 while the NASDAQ fell 0.44% to 11,175.95. The S&P 500 also fell, dropping, 0.52% to 4,005.11.

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Leading and Lagging Sectors

In trading on Monday, energy shares fell by 2.1%.

Top Headline

Pinduoduo Inc (NASDAQ:PDD) reported better-than-expected Q3 results.

Pinduoduo reported third-quarter FY22 revenue growth of 65% year-on-year to $4.99 billion, beating the consensus of $4.31 billion. Non-GAAP earnings per ADS of $1.21 beat the consensus of $0.65.

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Commodities

In commodity news, oil traded down 1.1% to $75.45 while gold traded down 0.3% at $1,748.30.

Silver traded down 1.1% to $21.205 on Monday while copper fell 0.3% to $3.6150.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 1%. The German DAX fell 0.8%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 0.9%.

The CBI distributive trades survey’s retail sales balance in the UK fell 37 points to a reading of -19 in November. Loans to households in the Eurozone climbed 4.2% year-over-year to EUR 6.81 trillion.

Asia Pacific Markets

Asian markets closed lower on Monday, with the Japan’s Nikkei dropping 0.42% and Hong Kong’s Hang Seng Index falling 1.57%. China’s Shanghai Composite Index dropped 0.75%.

Hong Kong trade deficit shrank to $20.9 billion in October compared to $30.5 billion in the year-ago period. Retail sales in Australia fell by 0.2% from a month ago to AUD 35.02 billion in October. Profits earned by Chinese industrial firms fell by 3.0% from a year ago to CNY 69.78 trillion in the first ten months of 2022.

Economics

The Dallas Fed manufacturing index for November will be released at 10:30 a.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 100,465,080 cases with around 1,104,750 deaths. India confirmed a total of at least 44,672,820 cases and 530,610 deaths, while France reported over 37,677,290 COVID-19 cases with 158,630 deaths. In total, there were at least 646,278,120 cases of COVID-19 worldwide with more than 6,636,700 deaths.