S&P 500 Down 0.5%; Crude Oil Falls Sharply

U.S. stocks traded lower toward the end of trading, with the S&P 500 dropping around 0.5% on Monday.

The Dow traded down 0.17% to 32,807.16 while the NASDAQ fell 0.80% to 11,013.89. The S&P 500 also fell, dropping, 0.51% to 3,881.18.

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Leading and Lagging Sectors

Energy shares climbed 0.9% on Monday. Leading the sector was strength from Global Partners LP GLP and Nine Energy Service, Inc. NINE.

In trading on Monday, communication services shares fell by 1.6%.

Top Headline

 

ON Semiconductor Corporation ON posted upbeat results for its third quarter on Monday.

ON Semiconductor reported third-quarter FY22 revenue growth of 26% year-on-year to $2.19 billion, beating the consensus of $2.12 billion. Non-GAAP EPS of $1.45 beat the consensus of $1.32.

ON Semiconductor sees Q4 revenue of $2.01 billion - $2.14 billion, versus the consensus of $2.10 billion. It expects non-GAAP EPS of $1.18 - $1.34 versus the consensus of $1.25.

Equities Trading UP

 

• 1847 Holdings LLC EFSH shares shot up 54% to $2.90 after the company reported it sees over $60 million in revenue and over $7 million in cash flow from operations in 2023 from its existing portfolio.
• Shares of TrueCar, Inc. TRUE got a boost, shooting 20% to $1.82. JP Morgan upgraded TrueCar from Underweight to Overweight.
• Sonnet BioTherapeutics Holdings, Inc. SONN shares were also up, gaining 114% to $2.4797 after the company announced an agreement with Janssen for the evaluation of three Sonnet product candidates.

 

Equities Trading DOWN

• Quanergy Systems, Inc. QNGY shares tumbled 68% to $1.06 after the company priced its $16.7 million offering.
• Shares of Y-mAbs Therapeutics, Inc. YMAB were down 54% to $4.11 after the FDA Oncologic Drugs Advisory Committee voted Y-mAbs did not provide sufficient evidence to conclude its treatment improves overall survival.
• Argo Blockchain plc ARBK was down, falling 51% to $0.96 after the company announced it believes its previously announced non-binding LOI with a strategic investor to raise $27 million via a subscription for ordinary shares will no longer be consummated. Roth Capital downgraded Argo Blockchain from Neutral to Sell and lowered the price target from $2 to $0.25.

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Commodities

In commodity news, oil traded down 2.7% to $85.52 while gold traded down 0.4% at $1,638.30.

Silver traded down 0.1% to $19.12 on Monday while copper fell 1.5% to $3.3765.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.35%, London’s FTSE 100 rose 0.66% while Spain’s IBEX 35 Index rose 0.51%. The German DAX rose 0.08%, French CAC 40 fell 0.10% and Italy’s FTSE MIB Index rose 0.55%.

Italian gross domestic product grew by 0.5% quarter-on-quarter during the three months to September, while retail trade in Spain rose by 0.1% in September. Retail sales in Germany rose 0.9% from a month ago in September.

Economics

 

• The Chicago PMI fell to 45.2 for October from 45.7 in September.
• The Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas fell to -19.4 in October versus -17.2 in the previous month.
• Data on farm prices for September will be released at 3:00 p.m. ET.

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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 99,345,920 cases with around 1,095,200 deaths. India confirmed a total of at least 44,653,590 cases and 529,020 deaths, while France reported over 36,809,610 COVID-19 cases with 156,830 deaths. In total, there were at least 635,532,320 cases of COVID-19 worldwide with more than 6,594,030 deaths.