US Stocks Open Lower; Nasdaq Down 1%

U.S. stocks traded mostly lower this morning, with the Nasdaq Composite dropping more than 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.14% to 33,931.09 while the NASDAQ fell 1% to 11,504.93. The S&P 500 also fell, dropping, 0.54% to 4,048.50.

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Leading and Lagging Sectors

• Consumer staples shares rose by 0.2% on Monday. Meanwhile, top gainers in the sector included Village Farms International, Inc. VFF, up 2.5%, and Glass House Brands Inc. GLASF, up 1%.
• In trading on Monday, communication services shares fell by 1.1%.

 

Top Headline

Ryanair Holdings plc RYAAY reported a surge in sales for the third quarter.

The company posted third-quarter sales growth of 57% year-on-year to €2.31 billion. Q3 profit amounted to €211 million compared to a loss of (€96) million last year.

 

Equities Trading UP

• G Medical Innovations Holdings Ltd GMVD shares shot up 109% to $6.27 after the company announced it received notice of patent issuance from the United States Patent and Trademark Office (USPTO) for vital signs sensors.
• Shares of Genius Group Limited GNS got a boost, shooting 36% to $5.39 after the company announced it would spinoff it Entrepreneur Resorts subsidiary as a separate publicly traded company.
• Carvana Co. CVNA shares were also up, gaining 18% to $9.15.

 

Equities Trading DOWN

• CN Energy Group. Inc. CNEY shares tumbled 72% to $0.6080 after the company reported pricing of $10 million underwritten public offering.
• Shares of BuzzFeed, Inc. BZFD were down 16% to $3.25 after jumping over 85% on Friday. The company recently said it would use ChatGPT to help create content.
• Brera Holdings PLC BREA was down, falling 35% to $3.10. Brera announced its international strategy for simultaneous expansion and licensing of the Brera FC Brand in Eastern Europe, Africa, and South America, via potential acquisition and renaming football teams.

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Commodities

In commodity news, oil traded up 0.1% to $79.71 while gold traded down 0.3% at $1,923.00.

Silver traded up 0.6% to $23.76 on Monday while copper fell 0.4% to $4.2045.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.3%. The German DAX dropped 0.9% French CAC 40 fell 0.9% and Italy’s FTSE MIB Index fell 0.3%.

The consumer confidence indicator in the Eurozone was confirmed at -20.9 in January, recording the highest level since February 2022. The services confidence indicator in the Eurozone climbed by 3.0 points from a month ago to 10.7 in January, while industry confidence indicator increased by 1.7 points to 1.3 in January.

German GDP shrank by 0.2% on quarter during the final three months of the year, following a revised 0.5% growth in the prior period. Industrial producer prices in Italy climbed 31.7% year-over-year in December. Retail sales in Spain climbed by 4% year-over-year in December, while consumer price inflation rate increased to 5.8% in January.

 

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 0.19%, Hong Kong’s Hang Seng Index dropping 2.73% and China’s Shanghai Composite Index gaining 0.14%. India’s S&P BSE Sensex gained 0.29%.

Producer prices in Malaysia rose by 3.5% year-over-year in December following a 3.2% growth a month ago.

 

Economics

• The Dallas Federal Reserve’s manufacturing business index for January is due at 10:30 a.m. EST.
• The Treasury will auction three-month and six-month bills at 11:30 a.m. EST.

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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 104,115,370 cases with around 1,132,250 deaths. India confirmed a total of at least 44,682,710 cases and 530,740 deaths, while France reported over 39,516,460 COVID-19 cases with 164,080 deaths. In total, there were at least 674,899,740 cases of COVID-19 worldwide with more than 6,759,710 deaths.