Crude Oil Rises; Carnival Shares Drop After Q2 Results

U.S. stocks traded lower midway through trading, with the Nasdaq dropping around 80 points on Monday.

The Dow traded down 0.02% to 33,719.54 while the NASDAQ fell 0.53% to 13,420.67. The S&P 500, also fell, dropping, 0.19% to 4,340.11.

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Leading and Lagging Sectors

• Energy shares jumped by 1.2% on Monday.
• In trading on Monday, health care shares dipped by 0.9%.

Top Headline

Carnival Corporation CCL shares dropped over 9% on Monday after the company released results for its second quarter.

Carnival reported second-quarter revenue of $4.91 billion, which beat the consensus estimate of $4.77 billion. The cruise company reported a quarterly adjusted loss of 31 cents per share, which beat estimates for a loss of 34 cents per share.

Equities Trading UP

• TRxADE HEALTH, Inc. MEDS shares shot up 83% to $15.41. TRxADE HEALTH issued correction to press release announcing its anticipated combination with Superlatus, Inc.
• Shares of MoonLake Immunotherapeutics MLTX got a boost, shooting 56% to $40.25 after the company's Phase 2 study for Nanobody sonelokimabint met its primary endpoint in hidradenitis suppurativa.
• Benitec Biopharma Inc. BNTC shares were also up, gaining 96% to $0.3900 after the company announced it received FDA clearance of the IND for BB-301 for the treatment of Oculopharyngeal Muscular Dystrophy.

Equities Trading DOWN

• Avalo Therapeutics, Inc. AVTX shares dropped 85% to $0.6451 after the company's Phase 2 Peak trial For quisovalimab In patients With non-eosinophilic asthma missed its primary endpoint
• Shares of FibroGen, Inc. FGEN were down 81% to $3.0798 after the company's Phase 3 ZEPHYRUS-1 trial of pamrevlumab failed to meet its primary endpoint in idiopathic pulmonary fibrosis patients
• Biomea Fusion, Inc. BMEA was down, falling 15% to $26.02 after the company announced new clinical data from the first two cohorts of Phase 2 portion of its ongoing Phase 1/2 study of BMF-219 in type 2 diabetes patients.

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Commodities

In commodity news, oil traded up 0.7% to $69.63 while gold traded up 0.1% at $1,933.10.

Silver traded up 1.9% to $22.78 on Monday while copper fell 0.3% to $3.7935.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.02%, London’s FTSE 100 fell 0.10% while Spain’s IBEX 35 Index rose 0.27% The German DAX gained 0.01% French CAC 40 rose 0.41% and Italy’s FTSE MIB Index rose 0.17%.

The Ifo Business Climate indicator for Germany dropped for the second month in a row to a reading of 88.5 in June. Producer prices in Spain dropped 6.9% year-over-year in May.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan’s Nikkei 225 dropping 0.25%, Hong Kong’s Hang Seng Index falling 0.51%, China’s Shanghai Composite Index dropping 1.48%. India’s S&P BSE Sensex slipped 0.01%.

The index of leading economic indicators in Japan fell to 96.8 in April 2023 versus a preliminary reading of 97.6, while index of coincident economic indicators slipped to 97.3 in April 2023 versus a flash reading of 99.4.

Economics

The Dallas Fed manufacturing index rose to -23.2 in June, versus previous reading of -29.1.

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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 107,280,820 cases with around 1,167,760 deaths. India confirmed a total of at least 44,993,990 cases and 531,900 deaths, while France reported over 40,133,300 COVID-19 cases with 167,610 deaths. In total, there were at least 690,847,660 cases of COVID-19 worldwide with more than 6,894,410 deaths.