Mid-Afternoon Market Update: Dow Falls Over 350 Points; Cellect Biotechnology Shares Surge

Toward the end of trading Monday, the Dow traded down 1.33% to 25,936.98 while the NASDAQ fell 1.22% to 7,861.77. The S&P also fell, dropping 1.22% to 2,883.07.

Leading and Lagging Sectors

Real estate shares slipped by just 0.3% on Monday. Meanwhile, top gainers in the sector included American Realty Investors, Inc. ARL, up 4%, and Stratus Properties Inc. STRL, up 4%.

In trading on Monday, financial shares tumbled 1.6%.

Top Headline

SYSCO Corporation SYY reported better-than-expected earnings for its fourth quarter, while sales missed views.

Sysco reported fourth-quarter earnings of $1.10 per share, which beat the analyst consensus estimate of $1.06. The company reported quarterly sales of $15.5 billion, which missed the analyst consensus estimate of $15.65 billion.

Equities Trading UP

Cellect Biotechnology Ltd. APOP shares shot up 90% to $0.7895. Israel-based Cellect, a developer of stem cell production technology, announced Monday that the Data and Safety Monitoring Board recommended dose escalation and the continuation of enrollment for the fourth and final dose cohort in the ongoing Phase 1/2 clinical study of ApoGraft. ApoGraft is a platform or production technology designed to eliminate immune responses in any transplantation of foreign cells and tissues. The determination from theDSMB comes after one-month data from the ninth patient enrolled in the mid-stage trial became available.

Shares of Arcadia Biosciences, Inc. RKDA got a boost, shooting up 45% to $6.55 as the company reported Limited Liability Company operating agreement with Legacy Ventures Hawaii.

Soliton, Inc. SOLY shares were also up, gaining 18% to $10.65 after the company announced it has initiated patient recruitment for its upcoming pivotal cellulite trial across all four trial sites.

Equities Trading DOWN

CannTrust Holdings Inc. CTST shares tumbled 26% to $2.35 after the company announced it has received a report from Health Canada notifying the Company that its manufacturing facility in Vaughan, Ontario has been rated non-compliant with certain regulations.

Shares of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima EDN were down 57% to $7.99 after Alberto Fernandez routed President Mauricio Macri in a shocking primary election result.

Loma Negra Compañía Industrial Argentina Sociedad Anónima LOMA was down, falling 57% to $5.57 after Alberto Fernandez routed President Mauricio Macri in a shocking primary election result.

Commodities

In commodity news, oil traded up 0.6% to $54.84, while gold traded up 0.6% to $1,517.60.

Silver traded up 0.7% Monday to $17.05, while copper fell 0.3% to $2.581.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.31%, the Spanish Ibex Index fell 0.93%, while Italy’s FTSE MIB Index dropped 0.30%. Meanwhile, the German DAX dropped 0.12%, and the French CAC 40 fell 0.33% while UK shares fell 0.37%.

Economics

The U.S. federal government posted a budget deficit of $120 billion for July, versus a deficit of $77 billion in the year-ago month, the Treasury Department reported.