S&P 500 Down 2%; Nasdaq Drops 250 Points

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping around 550 points on Monday.

The Dow traded down 1.61% to 33,874.41 while the NASDAQ fell 2.20% to 11,209.88. The S&P 500 also fell, dropping, 2.04% to 3,988.69.

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Leading and Lagging Sectors

Utilities shares fell by just 0.7% on Monday. Meanwhile, top gainers in the sector included SJW Group SJW, up 6%, and Global Water Resources, Inc. GWRS, up 5%.

In trading on Monday, consumer discretionary shares dipped by 2.5%.

Top Headline

 

The ISM services index climbed to 56.5 in November from previous reading of 54.4.

 

Equities Trading UP

 

• China Pharma Holdings, Inc. CPHI shares shot up 79% to $0.2021 after the company announced the acquisition of Dry Eye Disease Therapeutic Device Project.
• Shares of EHang Holdings Limited EH got a boost, shooting 26% to $7.18. EHang Holdings appointed Mr. Nick Ning Yang as a new director to the Company’s Board of Directors.
• Nymox Pharmaceutical Corporation NYMX shares were also up, gaining 33% to $0.3816. NYMOX reported new marketing submission for NYMOZARFEX for benign prostatic hyperplasia.

 

Equities Trading DOWN

• Top Ships Inc. TOPS shares tumbled 59% to $1.8198 after the company priced a 6.8 million unit offering at $2 per unit.
• Shares of V.F. Corporation VFC were down 11% to $29.68 after the company said it expects total revenue growth in the second half of FY23 to be "modestly lower than previously outlined." The company also cut adjusted EPS guidance below estimates.
• Meihua International Medical Technologies Co., Ltd. MHUA was down, falling 26% to $9.79. Meihua International Medical Technologies named Mr. Xin Wang as new CEO and Mr. Lianzhang Zhao as CFO.

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Commodities

In commodity news, oil traded down 1.8% to $78.53 while gold traded down 1.5% at $1,781.80.

Silver traded down 3.7% to $22.39 on Monday while copper fell 1.3% to $3.7990.

 

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.41%, London’s FTSE 100 rose 0.15% while Spain’s IBEX 35 Index fell 0.15%. The German DAX declined 0.56%, French CAC 40 fell 0.67% and Italy’s FTSE MIB Index fell 0.3%.

Eurozone retail sales fell by 1.8% from a month ago in October versus a revised 0.8% rise in September, while Eurozone services PMI slipped to 48.5 in November from a preliminary reading of 48.6.

The S&P Global/CIPS UK Services PMI was confirmed at 48.8 for the month of November, while German services PMI fell to 46.1 in November versus a preliminary level of 46.4. The S&P Global France services PMI was revised lower to 49.3 in November versus a flash reading of 49.4, while Spanish services PMI climbed to 51.2 in November from 49.7 in October.

 

Asia Pacific Markets

Asian markets closed higher on Monday, with the Japan’s Nikkei gaining 0.15% and Hong Kong’s Hang Seng Index surging 4.51%. China’s Shanghai Composite Index gained 1.76%.

The Caixin Chinese general services PMI declined to 46.7 in November versus 48.4 in October, while S&P Global Hong Kong PMI dropped to 48.7 for November. The Australian Industry Group construction PMI rose to 48.2 during November compared to 43.3 in the previous month, while services PMI for the country was revised higher to 47.6 in November. The S&P Global Indian services PMI rose to 56.4 in November from 55.1 a month ago. The au Jibun Bank Japanese services PMI rose to 50.3 in November versus flash reading of 50.0.

 

Economics

 

• The S&P Global services PMI was revised higher to 46.2 in November versus a preliminary reading of 46.1.
• US composite PMI edged higher to 46.4 in November compared to a preliminary reading of 46.3.
• US factory orders increased 0.1% for October.
• The ISM services index climbed to 56.5 in November from previous reading of 54.4.

 

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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 100,863,100 cases with around 1,106,860 deaths. India confirmed a total of at least 44,674,660 cases and 530,630 deaths, while France reported over 38,067,970 COVID-19 cases with 159,090 deaths. In total, there were at least 650,094,520 cases of COVID-19 worldwide with more than 6,646,740 deaths.