S&P 500 Drops More Than 2%; Signify Health Shares Spike Higher

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping more than 300 points on Monday.

The Dow traded down 2.01% to 33,030.06 while the NASDAQ fell 2.64% to 12,369.50. The S&P 500 also fell, dropping, 2.24% to 4,133.77.

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Leading and Lagging Sectors

Energy shares fell by just 0.4% on Monday. Meanwhile, top gainers in the sector included Natural Gas Services Group, Inc. NGS, up 12% and Southwestern Energy Company SWN up 8%.

In trading on Monday, information technology shares dipped by 2.8%.

Top Headline

The Chicago Fed National Activity Index rose to 0.27 in July, compared to a revised reading of -0.25 in June.

 

Equities Trading UP

Bright Minds Biosciences Inc. DRUG shares shot up 75% to $2.19 as the stock continued to see momentum despite the company last week announcing it is not aware of any developments that would explain the recent surge

Shares of Graphex Group Limited GRFX got a boost, shooting 26% to $3.15 after gaining 21% on Friday. Graphex Technologies, a wholly owned U.S. subsidiary of Graphex Group Limited, highlighted U.S. expansion progress and outlined business strategy.

Signify Health, Inc. SGFY shares were also up, gaining 31% to $27.82 following media reports that Amazon.com Inc AMZN may be interested in acquiring the company.

 

Equities Trading DOWN

Advanced Emissions Solutions, Inc. ADES shares tumbled 39% to $3.89 after the company reported a merger with Arq Limited.

Shares of AMC Entertainment Holdings, Inc. AMC were down 40% to $10.84 as the company's APE preferred shares begin trading on the New York Stock Exchange. The preferred shares were issued to all common stockholders. The stock may also be down after cinema chain Cineworld said it may file for Chapter 11 bankruptcy.

iMedia Brands, Inc. IMBI was down, falling 30% to $1.21 after the company cut Q2 sales outlook.

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Commodities

In commodity news, oil traded down 0.6% to $90.24, while gold traded down 0.7% to $1,750.10.

Silver traded down 1% to $18.875 on Monday while copper fell 0.4% to $3.6495.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.96%, London’s FTSE 100 fell 0.22% while Spain’s IBEX 35 Index fell 0.64%. The German DAX dropped 2.32%, French CAC 40 fell 1.80% and Italy’s FTSE MIB Index fell 1.64%.

Annual producer inflation in Germany climbed to a fresh record high of 37.2% in July from 32.7% in the previous month.

Economics

 

The Chicago Fed National Activity Index rose to 0.27 in July, compared to a revised reading of -0.25 in June.

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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 95,345,850 cases with around 1,065,560 deaths. India confirmed a total of at least 44,348,960 cases and 527,360 deaths, while France reported over 34,354,610 COVID-19 cases with 153,500 deaths. In total, there were at least 601,186,870 cases of COVID-19 worldwide with more than 6,472,320 deaths.