Mid-Morning Market Update: Markets Open Lower; Dow Dips Over 350 Points

U.S. stocks opened on a downbeat note this morning. The Secretary of State Antony Blinken said on Sunday that the United States and its allies are considering a ban on Russian oil and natural gas imports.

The Dow traded down 1.08% to 33,250.71 while the NASDAQ fell 1.1% to 13,166.53. The S&P also fell, dropping, 1.06% to 4,283.1.

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Leading and Lagging Sectors

Energy shares climbed by 2.2% on Monday. Meanwhile, top gainers in the sector included Camber Energy, Inc. CEI, up 36% and Indonesia Energy Corporation Limited INDO up 33%.

In trading on Monday, communication services shares fell by 1.7%.

Top Headline

Ciena Corporation CIEN reported better-than-expected earnings for its first quarter, while sales missed estimates.

Ciena reported first-quarter FY22 revenue growth of 11.5% year-on-year to $844.4 million, missing the consensus of $856.85 million. Non-GAAP EPS of $0.47 beat the consensus of $0.45.

Equities Trading UP

Imperial Petroleum Inc. IMPP shares shot up 102% to $6.82 as crude oil surged to new highs.

Shares of Bed Bath & Beyond Inc. BBBY got a boost, shooting 62% to $26.28 after Ryan Cohen purchased a 9.8% stake in the company.

Indonesia Energy Corporation Limited INDO shares were also up, gaining 52% to $61.99 amid continued momentum and an increase in the price of oil.

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Equities Trading DOWN

Atreca, Inc. BCEL shares tumbled 34% to $3.4507.

Shares of Integrated Media Technology Limited IMTE were down 19% to $5.05.

Inspirato Incorporated ISPO was down, falling 16% to $35.64 after dropping 20% on Friday.

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Commodities

In commodity news, oil traded up 1.9% to $117.85, while gold traded up 0.9% to $1,983.60.

Silver traded up 0.1% Monday to $25.79 while copper fell 3.9% to $4.7445.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 rose 0.3%, while Spain’s IBEX 35 Index fell 0.1%. The German DAX dropped 0.7%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB Index rose 0.3%.

Retail sales in Germany rose 2% from a month ago in January versus a 5.5% decline in December, while new orders for manufactured goods rose 1.8% in January. The Halifax house price index in the UK jumped 10.8% year-over-year in February.

Economics

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Investor Movement Index for February is scheduled for release at 12:30 p.m. ET.

Data on consumer credit for January will be released at 3:00 p.m. ET. Consumer credit is projected to rise $21.5 billion in January compared to $18.9 billion in the previous month.

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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 80,917,520 cases with around 984,020 deaths. India confirmed a total of at least 42,967,310 cases and 515,130 deaths, while Brazil reported over 29,049,010 COVID-19 cases with 652,200 deaths. In total, there were at least 446,974,420 cases of COVID-19 worldwide with more than 6,022,330 deaths.