Nasdaq Down 1% Amid Israel-Hamas Conflict; Shift Technologies Shares Plunge

U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.12% to 33,368.94 while the NASDAQ fell 1.01% to 13,295.67. The S&P 500 also fell, dropping, 0.44% to 4,289.49.

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Leading and Lagging Sectors

 

Energy shares rose by 2.9% on Monday.

In trading on Monday, consumer discretionary shares fell by around 1.7%.

 

Top Headline

 

The Palestinian militant organization Hamas, which controls the Gaza Strip, launched a series of rocket attacks on Israel over the weekend. These attacks continued into Sunday and resulted in significant casualties, with over 1,100 people reported dead, including 700 Israelis, over 2,000 injured, and hundreds of civilians and military personnel held hostage in Gaza.

 

Equities Trading UP

 

ParaZero Technologies Ltd. PRZO shares shot up 80% to $2.09 after the company announced an Australian regulator approved first commercial drone flights in populated areas and near people using ParaZero safety systems.

Shares of Phoenix Motor Inc. PEV got a boost, shooting 48% to $1.48. Phoenix Motor said its EdisonFuture subsidiary launched new Proton Exchange Membrane (PEM) solutions for green hydrogen products and production.

HUB Cyber Security Ltd. HUBC shares were also up, gaining 49% to $0.3570.

 

Equities Trading DOWN

 

Shift Technologies, Inc. SFT shares dropped 88% to $0.2369 after the company said it will file for Chapter 11 bankruptcy protection.

Shares of LQR House Inc. LQR were down 25% to $0.2881.

Falcon's Beyond Global, Inc. FBYD was down, falling 18% to $13.20. Falcon’s Beyond Global closed its previously announced business combination with FAST Acquisition Corp. II.

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Commodities

 

In commodity news, oil traded up 3.8% to $85.94 while gold traded up 0.9% at $ 1,861.70.

Silver traded up 0.8% to $21.89 on Monday while copper rose 0.7% to $3.6530.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.3% London’s FTSE 100 gained 0.1% while Spain’s IBEX 35 Index fell 1.1% The German DAX fell 0.8% French CAC 40 fell 0.6%, while Italy’s FTSE MIB Index fell 0.6%.

Industrial production in Germany fell by 0.2% month-over-month in August following a revised 0.6% decline a month ago.

 

Asia Pacific Markets

 

Asian markets closed mixed on Monday, with China’s Shanghai Composite Index falling 0.44% and Hong Kong’s Hang Seng Index rising 0.18%. India’s S&P BSE Sensex, meanwhile, fell 0.6%.

China's foreign exchange reserves fell to $3.12 trillion at the end of September compared to $3.16 trillion in the previous month.

 

Economics

 

There were no major U.S. economic releases Monday.

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