Nasdaq Rises 70 Points; ISM Services PMI Drops In May

U.S. stocks traded mixed midway through trading, with Nasdaq Composite gaining around 70 points on Monday.

The Dow traded down 0.21% to 33,691.13 while the NASDAQ rose 0.54% to 13,312.65. The S&P 500, also rose, gaining, 0.26% to 4,293.51.

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Leading and Lagging Sectors

• Communication services shares jumped by 1.3% on Monday. Meanwhile, top gainers in the sector included Getty Images Holdings, Inc. GETY, up 23%, and Travelzoo TZOO, up 8%.
• In trading on Monday, industrials shares fell by 0.5%.

Top Headline

The ISM Services PMI declined to 50.3 in May from 51.9 in April.

Equities Trading UP

• Forza X1, Inc. FRZA shares shot up 138% to $2.9721 after the company tweeted Friday 'Get ready for something extraordinary! Stay tuned!'
• Shares of Timber Pharmaceuticals, Inc. TMBR got a boost, shooting 43% to $2.13 following a positive decision from the FDA for its TMB-001 treatment.
• CIRCOR International, Inc. CIR shares were also up, gaining 51% to $47.71 after the company announced an agreement to be acquired by KKR for $49 per share in cash.

Equities Trading DOWN

• Bellerophon Therapeutics, Inc. BLPH shares dropped 86% to $1.0201 after the company's Phase 3 REBUILD trial did not meet its primary endpoint.
• Shares of Mallinckrodt plc MNK were down 40% to $1.4691. Mallinckrodt Plc MNK is reportedly considering options, including filing for bankruptcy again as a $200 million opioid settlement payment is due within weeks. The company must pay to an opioid-victims compensation trust by mid-June as part of its Chapter 11 exit plan, Wall Street Journal said.
• Castle Biosciences, Inc. CSTL was down, falling 47% to $12.14. Baird, SVB Securities and Lake Street lowered their price targets on the stock.

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Commodities

In commodity news, oil traded up 1.5% to $72.81 while gold traded up 0.4% at $1,976.50.

Silver traded down 0.2% to $23.69 on Monday while copper rose 1.5% to $3.7835.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.48%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.3% The German DAX dropped 0.54% French CAC 40 fell 0.96% and Italy’s FTSE MIB Index fell 0.78%.

Producer price inflation in the Eurozone fell to 1.0% year-over-year in April from 5.5% in the previous month. The HCOB Eurozone services PMI fell to 55.1 in May versus a preliminary level of 55.9

The S&P Global/CIPS UK services PMI was revised higher to 55.2 in May versus a preliminary reading of 55.1. France’s services PMI was revised lower to 52.5 in May versus a flash level of 52.8, while German services PMI slipped to 57.2 in May versus a preliminary reading of 57.8.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 2.20%, Hong Kong’s Hang Seng Index jumping 0.84% and China’s Shanghai Composite Index rising 0.07%. India’s S&P BSE Sensex rose 0.4%.

The S&P Global Indian services PMI slipped to 61.2 in May versus April’s reading of 62. The Caixin China general services PMI rose to 57.1 in May compared to 56.4 a month ago. The S&P Global Hong Kong SAR PMI dropped to 50.6 in May from April’s reading of 52.4. The au Jibun Bank Japan services PMI was revised lower to 55.9 in May from a preliminary level of 56.3.

Economics

• The S&P Global U.S. services PMI was revised lower to 54.9 in May versus a preliminary reading of 55.1.
• U.S. factory orders rose by 0.4% from the prior month in April.
• The ISM Services PMI declined to 50.3 in May from 51.9 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 107,137,340 cases with around 1,165,730 deaths. India confirmed a total of at least 44,991,750 cases and 531,880 deaths, while France reported over 40,098,410 COVID-19 cases with 167,370 deaths. In total, there were at least 689,912,490 cases of COVID-19 worldwide with more than 6,887,330 deaths.