Crude Oil Down 2%; State Street Shares Tumble After Downbeat Results

U.S. stocks traded slightly lower toward the end of trading.

The Dow traded down 0.07% to 33,862.05 while the NASDAQ fell 0.24% to 12,093.82. The S&P 500, also fell, dropping, 0.17% to 4,130.78.

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Leading and Lagging Sectors

• Real estate shares rose by 1.1% on Monday. Meanwhile, top gainers in the sector included Altisource Asset Management Corporation AAMC, up 10%, and KE Holdings Inc. BEKE, up 6%.
• In trading on Monday, communication services fell by 1.5%.

Top Headline

State Street Corporation STT reported worse-than-expected Q1 EPS and sales results.

State Street reported Q1 revenues of $3.10 billion, up 1% Y/Y, missing the consensus estimate of $3.12 billion. EPS of $1.52 missed the consensus estimate of $1.64.

Equities Trading UP

• Blackboxstocks Inc. BLBX shares shot up 120% to $5.82 after the company announced it entered a letter of intent to merge with Evtec.
• Shares of Prometheus Biosciences, Inc. RXDX got a boost, shooting 69% to $193.09 after Merck announced it will acquire the company for $200 per share in cash.
• Satsuma Pharmaceuticals, Inc. STSA shares were also up, gaining 65% to $1.09 after the company announced that it entered a definitive agreement to be acquired by Shin Nippon Biomedical Laboratories for $0.91 per share in cash.

Equities Trading DOWN

• Laser Photonics Corporation LASE shares dropped 24% to 3.0998 after the company posted a loss for its fourth quarter.
• Shares of Marpai, Inc. MRAI were down 42% to $1.0899 after the company priced an underwritten public offering of 7,400,000 shares at $1.00 per share.
• State Street Corporation STT was down, falling 10% to $71.84 after the company reported worse-than-expected Q1 results.

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Commodities

In commodity news, oil traded down 2% to $80.84 while gold traded down 0.4% at $2,007.50.

Silver traded down 1.4% to $25.11 on Monday while copper fell 0.8% to $4.0720.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 slipped 0.01%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.17%. The German DAX fell 0.11%, French CAC 40 fell 0.28% and Italy’s FTSE MIB Index fell 0.62%.

The annual inflation rate in Italy eased to 7.6% in March from 9.1% in the prior month, compared to the preliminary reading of 7.7%.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 0.07%, Hong Kong’s Hang Seng Index gaining 1.68% and China’s Shanghai Composite Index gaining 1.42%. India’s S&P BSE Sensex dropped 0.8%.

Indian annual wholesale price inflation rate fell for the tenth straight month to 1.34% in March from 3.85% in the previous period. Average new home prices in China fell by 0.8% year-over-year in March following a 1.2% decline in the prior month.

Economics

• The NY Empire State Manufacturing Index surged to 10.8 in April from -24.6 in the previous, beating market expectations of -18.
• The NAHB/Wells Fargo Housing Market index rose for a fourth month to a reading of 45 in April.

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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 106,465,920 cases with around 1,158,160 deaths. India confirmed a total of at least 44,827,220 cases and 531,140 deaths, while France reported over 39,902,000 COVID-19 cases with 166,020 deaths. In total, there were at least 685,692,000 cases of COVID-19 worldwide with more than 6,848,620 deaths.