U.S. stocks traded mixed this morning, with the Dow Jones index falling more than 100 points on Monday.
Following the market opening Monday, the Dow traded down 0.34% to 38,456.60 while the NASDAQ rose 0.11% to 17,707.96. The S&P 500 also fell, dropping, 0.12% to 5,425.29.
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Leading and Lagging Sectors
Communication services shares jumped by 0.6% on Monday.
In trading on Monday, industrials shares fell by 1%.
Top Headline
The NY Empire State Manufacturing Index rose to -6 in June versus a reading of -15.6 in May and coming in better than market expectations of -12.50.
Equities Trading UP
- Mustang Bio, Inc. MBIO shares shot up 205% to $0.3962 after the company announced safety and efficacy data from the complete Waldenstrom Macroglobulinemia cohort of its Phase 1/2 clinical trial of MB-106, showing an overall response rate of 90% with one patient remaining in complete remission at 31 months.
- Shares of Allego N.V. ALLG got a boost, surging 129% to $1.68 after the company and its majority shareholder, Meridiam, announced a transaction framework agreement under which Meridiam will launch a tender offer for all issued and outstanding Allego shares not owned by Meridiam, with the option to tender shares for $1.70 per share in cash.
- Scinai Immunotherapeutics Ltd. SCNI shares were also up, gaining 84% to $6.47 after surging 24% on Friday. Scinai Immunotherapeutics, last week, received a non-binding Letter of Intent from the European Investment Bank for converting loan into equity.
Equities Trading DOWN
- Aerovate Therapeutics, Inc. AVTE shares dropped 90% to $2.42 after the company reported 24-week topline results from phase 2b portion of IMPAHCT evaluating AV-101 for pulmonary arterial hypertension.
- Shares of Scorpius Holdings, Inc. SCPX were down 21% to $0.0763 after the company received NYSE American notice of delisting and reported plans to appeal.
- Ovid Therapeutics Inc OVID was down, falling 66% to $1.1089 after Takeda’s Skyline study in Dravet syndrome missed its primary endpoint
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Commodities
In commodity news, oil traded up 0.3% to $78.65 while gold traded down 0.6% at $2,334.10.
Silver traded down 0.5% to $29.315 on Monday, while copper fell 2% to $4.4075.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 rose 0.1%, Germany's DAX rose 0.3% and France's CAC 40 gained 0.5%. Spain's IBEX 35 Index fell 0.4%, while London's FTSE 100 gained 0.1%.
Wages in the Eurozone increased 5.3% year-over-year in the first quarter, while hourly labor costs climbed by 5.1% annually in the quarter.
Spain’s trade gap widened to EUR 4.7 billion in April from EUR 4.4 billion in the year-ago month. Italy's annual inflation rate came in unchanged at 0.8% in May.
Asia Pacific Markets
Asian markets closed lower on Monday, with Japan's Nikkei falling 1.83%, Hong Kong's Hang Seng Index declining 0.03% and China's Shanghai Composite Index dipping 0.55%.
China’s retail sales climbed by 3.7% year-over-year in May, while industrial production rose by 5.6% year-over-year in May. China's new home prices fell by 3.9% year-over-year during the month of May. The People's Bank of China kept the interest rate unchanged at 2.50% during its recent meeting. Japanese core machinery orders slipped l 2.9% month-over-month to 885.3 billion yen in April.
Economics
The NY Empire State Manufacturing Index rose to -6 in June versus a reading of -15.6 in May and coming in better than market expectations of -12.50.
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