US Stocks Open Lower; Dow Tumbles Over 150 Points

U.S. stocks traded lower this morning, with the Dow Jones falling more than 150 points on Monday.

Following the market opening Monday, the Dow traded down 0.38% to 42,192.55 while the NASDAQ fell 0.29% to 18,085.96. The S&P 500 also fell, dropping, 0.32% to 5,732.58.

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Leading and Lagging Sectors

Energy shares jumped by 0.5% on Monday.

In trading on Monday, consumer discretionary shares dipped by 1.2%.

Top Headline

AstraZeneca plc AZN entered into an exclusive license agreement with Hong Kong-based CSPC Pharmaceutical Group Ltd to advance the development of an early-stage, novel small-molecule lipoprotein (a) (Lp(a)) disruptor that has the potential to offer additional benefits for patients with dyslipidemia.

Equities Trading UP
                       

• Scholar Rock Holding Corporation SRRK shares shot up 264% to $27.23 after the company announced topline results from the Phase 3 SAPPHIRE clinical trial evaluating the efficacy and safety of apitegromab in patients with SMA. The study achieved its primary endpoint.
• Shares of Algorhythm Holdings, Inc. RIME got a boost, surging 53% to $0.7174 after its subsidiary, SemiCab, secured a service contract with a $200 billion global consumer packaged goods company. Starting in mid-October 2024, SemiCab will provide AI-powered shipping services across major metro markets, with potential expansion after six months.
• LogicMark, Inc. LGMK shares were also up, gaining 47% to $0.1651.

Equities Trading DOWN

• Trevena, Inc. TRVN shares dropped 44% to $2.64 after the company announced it received a Nasdaq delisting notification.
• Shares of CNFinance Holdings Limited CNF were down 31% to $1.3601.
• Laser Photonics Corporation LASE was down, falling 29% to $5.01.

Commodities

In commodity news, oil traded up 1.4% to $75.40 while gold traded down 0.3% at $2,660.70.

Silver traded down 1.9% to $31.77 on Monday, while copper fell 0.7% to $4.5425.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.2%, Germany's DAX fell 0.1% and France's CAC 40 climbed 0.4%. Spain's IBEX 35 Index rose 0.9%, while London's FTSE 100 rose 0.4%.

Retail sales in the Eurozone rose 0.2% month-over-month in August compared to a revised flat reading in the previous month. The Halifax House Price Index in the UK rose 4.7% year-over-year in September compared to a 4.3% gain in August. Factory orders in Germany declined by 5.8% month-over-month in August.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei 225 gaining 1.80%, Hong Kong's Hang Seng Index gaining 1.60% and India's BSE Sensex dipping 0.78%.

Foreign exchange reserves in Singapore fell to SGD 499.7 billion in September compared to SGD 501.3 billion a month ago. The index of leading economic indicators in Japan fell to 106.7 in August versus a final reading of 109.3 in the prior month, while index of coincident economic indicators declined to 113.5 in August compared to a final reading of 117.2 month ago.

Economics

Data on consumer credit for August will be released today.

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