US Stocks Mixed; NY Manufacturing Activity Shrinks In May

U.S. stocks traded mixed this morning, with the Dow Jones dropping around 75 points on Monday.

Following the market opening Monday, the Dow traded down 0.23% to 33,224.02 while the NASDAQ rose 0.18% to 12,307.05. The S&P 500, also fell, dropping, 0.04% to 4,122.44.

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Leading and Lagging Sectors

• Communication services shares rose by 0.5% on Monday. Meanwhile, top gainers in the sector included Advantage Solutions Inc. ADV, up 7%, and Advantage Solutions Inc. QNST, up 4%.
• In trading on Monday, utilities shares fell 0.8%.

Top Headline

The NY Empire State Manufacturing Index fell to -31.8 in May from 10.8 in the previous month, recording the lowest reading in four months. Analysts, meanwhile, were expecting a reading of -3.75.

Equities Trading UP

• NeoGames S.A. NGMS shares shot up 113% to $27.41 as the company agreed to be acquired by Aristocrat Leisure Limited for $29.50 per share in cash.
• Shares of Sarepta Therapeutics, Inc. SRPT got a boost, shooting 25% to $150.15 after the company announced the FDA voted in favor of its gene therapy to treat Duchenne muscular dystrophy late Friday. Multiple analysts raised price targets following the announcement.
• Ohmyhome Limited OMH shares were also up, gaining 18% to $21.86. Ohmyhome reported signing of Memorandum of Understanding with Ohmyhome Property Inc. to officially expand into the Philippines market.

Equities Trading DOWN

• Exela Technologies, Inc. XELA shares dropped 23% to $3.86. Exela Technologies, on Friday, announced a 1-for-200 reverse stock split.
• Shares of Larimar Therapeutics, Inc. LRMR were down 17% to $4.15 after the company reported preliminary top-line data from the Phase 2 trial's 25 mg cohort. The company also reported Q1 financial results.
• GSI Technology, Inc. GSIT was down, falling 18% to $4.19 after jumping 210% on Friday.

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Commodities

In commodity news, oil traded up 1.1% to $70.84 while gold traded up 0.1% at $2,020.50.

Silver traded up 0.5% to $24.275 on Monday while copper rose 0.7% to $3.7550.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index fell 0.5% The German DAX fell 0.1%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB Index fell 0.5%.

Industrial production in the Eurozone fell 4.1% month-over-month in March. German wholesale prices dropped 0.5% year-over-year in April, recording the first drop since Dec. 2020.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 0.81%, Hong Kong’s Hang Seng Index climbing 1.75% and China’s Shanghai Composite Index gaining 1.17%. India’s S&P BSE Sensex rose 0.5%.

Indian wholesale prices fell by 0.92% year-over-year in April following a 1.34% growth in the earlier month, while total passenger vehicle sales in India jumped by 13.4% from a month ago to 313,278 in April. Japanese machine tool orders declined 12.7% year-over-year to JPY 132,673 million in March versus a 15.2% decline in the prior month, while producer prices rose by 5.8% year-over-year in April.

Economics

The NY Empire State Manufacturing Index fell to -31.8 in May from 10.8 in the previous month, recording the lowest reading in four months. Analysts, meanwhile, were expecting a reading of -3.75.

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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 106,792,470 cases with around 1,162,700 deaths. India confirmed a total of at least 44,981,470 cases and 531,770 deaths, while France reported over 40,044,970 COVID-19 cases with 166,970 deaths. In total, there were at least 688,306,630 cases of COVID-19 worldwide with more than 6,874,390 deaths.