US Stocks Start Week On Lower Note; Dow Tumbles 250 Points

U.S. stocks traded lower this morning, with the Dow Jones falling around 250 points on Monday.

Following the market opening Monday, the Dow traded down 0.74% to 34,173.39 while the NASDAQ fell 0.48% to 11,406.06. The S&P 500 also fell, dropping, 0.71% to 4,042.60.

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Leading and Lagging Sectors

Energy shares rose by 0.1% on Monday. Leading the sector was strength from PHX Minerals Inc. PHX and OPAL Fuels Inc. OPAL.

In trading on Monday, consumer discretionary shares fell by 1.6%.

Top Headline

The ISM services index climbed to 56.5 in November from previous reading of 54.4.

Equities Trading UP

• Digital Brands Group, Inc. DBGI shares shot up 22% to $4.57. Digital Brands Group, last week, announced a $10 million public offering.
• Shares of EHang Holdings Limited EH got a boost, shooting 19% to $6.78. EHang Holdings appointed Mr. Nick Ning Yang as a new director to the Company’s Board of Directors.
• Iovance Biotherapeutics, Inc. IOVA shares were also up, gaining 19% to $8.19 after Director Wayne Rothbaum reported a purchase of 10 million shares at an average price of $6.50 in a Form 4 filing on Friday.

Equities Trading DOWN

• Top Ships Inc. TOPS shares tumbled 60% to $1.7898 after the company priced a 6.8 million unit offering at $2 per unit.
• Shares of Verve Therapeutics, Inc. VERV were down 22% to $18.70 after the company announced it received a clinical hold letter from the FDA that outlined information required to resolve the clinical hold on Verve-101.
• Ra Medical Systems, Inc. RMED was down, falling 17% to $3.8201.

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Commodities

In commodity news, oil traded up 2.4% to $81.92 while gold traded down 0.6% at $1,798.90.

Silver traded down 1.9% to $22.81 on Monday while copper rose 0.1% to $3.8550.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.1%. The German DAX declined 0.5%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 0.1%.

Eurozone retail sales fell by 1.8% from a month ago in October versus a revised 0.8% rise in September, while Eurozone services PMI slipped to 48.5 in November from a preliminary reading of 48.6.

The S&P Global/CIPS UK Services PMI was confirmed at 48.8 for the month of November, while German services PMI fell to 46.1 in November versus a preliminary level of 46.4. The S&P Global France services PMI was revised lower to 49.3 in November versus a flash reading of 49.4, while Spanish services PMI climbed to 51.2 in November from 49.7 in October.

Asia Pacific Markets

Asian markets closed higher on Monday, with the Japan’s Nikkei gaining 0.15% and Hong Kong’s Hang Seng Index surging 4.51%. China’s Shanghai Composite Index gained 1.76%.

The Caixin Chinese general services PMI declined to 46.7 in November versus 48.4 in October, while S&P Global Hong Kong PMI dropped to 48.7 for November. The Australian Industry Group construction PMI rose to 48.2 during November compared to 43.3 in the previous month, while services PMI for the country was revised higher to 47.6 in November. The S&P Global Indian services PMI rose to 56.4 in November from 55.1 a month ago. The au Jibun Bank Japanese services PMI rose to 50.3 in November versus flash reading of 50.0.

Economics

• The S&P Global services PMI was revised higher to 46.2 in November versus a preliminary reading of 46.1.
• US composite PMI edged higher to 46.4 in November compared to a preliminary reading of 46.3.
• US factory orders increased 0.1% for October.
• The ISM services index climbed to 56.5 in November from previous reading of 54.4.

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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 100,863,100 cases with around 1,106,860 deaths. India confirmed a total of at least 44,674,660 cases and 530,630 deaths, while France reported over 38,067,970 COVID-19 cases with 159,090 deaths. In total, there were at least 650,094,520 cases of COVID-19 worldwide with more than 6,646,740 deaths.