US Stocks Mixed; Dow Tumbles Over 100 Points

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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