Dow Tumbles 450 Points; S&P 500 Falls 1.5%

U.S. stocks traded lower toward the end of trading amid protests over COVID-19 restrictions in China. The Dow Jones dropped more than 450 points on Monday.

The Dow traded down 1.33% to 33,890.37 while the NASDAQ fell 1.60% to 11,046.69. The S&P 500 also fell, dropping, 1.50% to 3,965.61.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 0.2% on Monday. Leading the sector was strength from Studio City International Holdings Limited MSC and Pinduoduo Inc. PDD.

In trading on Monday, real estate shares fell by 2%.

Top Headline

H World Group Ltd HTHT reported better-than-expected Q3 sales.

H World Group reported a third-quarter FY22 sales increase of 16.2% year-on-year to $575.00 million, beating the consensus of $565.44 million. Adjusted loss per ADS of $(0.17) beat the analyst consensus of $(0.66).

Equities Trading UP

 

• Taboola.com Ltd. TBLA shares shot up 31% to $74.27 after the company announced it entered into a 30-year exclusive commercial agreement with Yahoo.
• Shares of Axsome Therapeutics, Inc. AXSM got a boost, shooting 31% to $74.40 after the company announced AXS-05 achieved its primary endpoint in the ACCORD Phase 3 trial in Alzheimer's disease agitation.
• Kintara Therapeutics, Inc. KTRA shares were also up, gaining 12% to $4.15 after the company announced it was granted Fast Track Designation from the FDA for REM-001 for cutaneous Metastatic Breast Cancer.

 

Equities Trading DOWN

• CinCor Pharma, Inc. CINC shares tumbled 44% to $14.96 after the company announced topline data for the Phase 2 HALO trial evaluating Baxdrostat in uncontrolled hypertension. HALO did not achieve statistical significance on its primary endpoint.
• Shares of Anavex Life Sciences Corp. AVXL were down 18% to $9.80 after the company reported worse-than-expected Q4 EPS results.
• TC Biopharm (Holdings) Plc TCBP was down, falling 31% to $4.62 after the company announced a $7.35 million private placement.

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Commodities

In commodity news, oil traded down 1.8% to $77.65 while gold traded down 0.6% at $1,743.10.

Silver traded down 1.7% to $21.07 on Monday while copper fell 0.2% to $3.6190.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.65%, London’s FTSE 100 fell 0.17% while Spain’s IBEX 35 Index fell 1.11%. The German DAX fell 1.09%, French CAC 40 fell 0.7% and Italy’s FTSE MIB Index fell 1.12%.

The CBI distributive trades survey’s retail sales balance in the UK fell 37 points to a reading of -19 in November. Loans to households in the Eurozone climbed 4.2% year-over-year to EUR 6.81 trillion.

 

Asia Pacific Markets

Asian markets closed lower on Monday, with the Japan’s Nikkei dropping 0.42% and Hong Kong’s Hang Seng Index falling 1.57%. China’s Shanghai Composite Index dropped 0.75%.

Hong Kong trade deficit shrank to $20.9 billion in October compared to $30.5 billion in the year-ago period. Retail sales in Australia fell by 0.2% from a month ago to AUD 35.02 billion in October. Profits earned by Chinese industrial firms fell by 3.0% from a year ago to CNY 69.78 trillion in the first ten months of 2022.

Economics

The Dallas Fed manufacturing index rose to -14.4 in November compared to -19.4 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 100,465,080 cases with around 1,104,750 deaths. India confirmed a total of at least 44,672,820 cases and 530,610 deaths, while France reported over 37,677,290 COVID-19 cases with 158,630 deaths. In total, there were at least 646,278,120 cases of COVID-19 worldwide with more than 6,636,700 deaths.