Dow Falls Over 100 Points; Sea Posts Upbeat Sales

U.S. stocks traded lower this morning, with the Dow Jones index falling over 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.34% to 38,951.34 while the NASDAQ fell 0.13% to 16,253.77. The S&P 500 also fell, dropping, 0.12% to 5,131.69.

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Leading and Lagging Sectors

 

Industrials shares rose by 0.3% on Monday.

In trading on Monday, communication services shares fell by 1.3%.

 

Top Headline

 

Sea Limited SE reported better-than-expected sales results for its fourth quarter on Monday.

Sea posted a quarterly loss of 19 cents per share, versus a year-ago profit of 72 cents per share. The company’s quarterly sales came in at $3.62 billion, topping market estimates of $3.53 billion.

 

Equities Trading UP

 

BitFuFu Inc. FUFU shares shot up 129% to $14.62 amid volatility following the company's recent business combination with Arisz Acquisition Corp and listing on the Nasdaq.

Shares of Quoin Pharmaceuticals, Ltd. QNRX got a boost, surging 94% to $5.46 after the company announced FDA clearance to recruit teen subjects into both of its ongoing Netherton Syndrome clinical studies.

Jaguar Health, Inc. JAGX shares were also up, gaining 45% to $0.1285 after surging 50% on Friday.

 

Equities Trading DOWN

 

BioVie Inc. BIVI shares dropped 41% to $1.12 after the company reported pricing of public offering.

Shares of Astra Space, Inc. ASTR were down 35% to $0.8588.

JOANN Inc. JOAN was down, falling 31% to $0.3501.

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Commodities

 

In commodity news, oil traded up 0.1% to $80.07 while gold traded up 0.4% at $2,103.90.

Silver traded rose 1.1% to $23.62 on Monday while copper rose 0.1% to $3.8665.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.7% while Spain’s IBEX 35 Index fell 0.2% The German DAX declined 0.2% French CAC 40 rose 0.1% while Italy’s FTSE MIB Index slipped 0.2%.

The number of people registering as jobless in Spain declined by 0.3% to 2.76 million in February.

 

Asia Pacific Markets

 

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 0.50%, Hong Kong’s Hang Seng Index climbing 0.04%, China’s Shanghai Composite Index gaining 0.41% and India’s S&P BSE Sensex gaining 0.2%.

Singapore’s manufacturing PMI slipped to 50.6 in February from 50.7 in the prior month.

 

Economics

 

No economic report of significance is due for Monday.

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