Dow Dips 300 Points; Emcore Shares Spike Higher

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling around 300 points during on Monday.

The Dow traded down 0.71% to 42,012.42 while the NASDAQ fell 0.52% to 18,026.03. The S&P 500 also fell, dropping, 0.45% to 5,712.53.

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Leading and Lagging Sectors

Communication services shares fell by just 0.1% on Monday.

In trading on Monday, materials shares dipped by 1.3%.

Top Headline

Carnival Corporation CCL posted better-than-expected quarterly earnings.

Carnival posted adjusted earnings of $1.27 per share, beating analysts' estimates of $1.16 per share. The company posted quarterly sales of $7.90 billion versus expectations of $7.83 billion.

Equities Trading UP
                       

• ZEEKR Intelligent Technology Holding Limited ZK shares shot up 9% to $22.95. Shares of US-listed Chinese companies traded higher on continued strength amid stimulus efforts. September PMI data beat estimates but factory activity fell, which may raise stimulus hopes.
• Shares of Prime Medicine, Inc. PRME got a boost, surging 13% to $3.9140 after the company announced a strategic research collaboration and license agreement with Bristol Myers Squibb to develop reagents for the next generation of ex vivo T-cell therapies. Also, it announced that it is focusing its pipeline on a set of high value programs.
• EMCORE Corporation EMKR shares were also up, gaining 74% to $2.10 after Mobix Labs submitted an all-cash offer to acquire the company for $3.80 per share.

Equities Trading DOWN

• Prothena Corporation plc PRTA shares dropped 15% to $17.01. Prothena announced leadership team updates. Cantor Fitzgerald analyst Charles Duncan reiterated Prothena with an Overweight rating.
• Shares of Heritage Insurance Holdings, Inc. HRTG were down 20% to $12.44.
• Stellantis N.V.  STLA was down, falling 13% to $13.91 after the company lowered its FY24 guidance.

Commodities

In commodity news, oil traded down 0.1% to $68.12 while gold traded down 0.4% at $2,656.90.

Silver traded down 1.5% to $31.33 on Monday, while copper fell 1.1% to $4.5490.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.98%, Germany's DAX fell 0.76% and France's CAC 40 dipped 2.00%. Spain's IBEX 35 Index fell 0.76%, while London's FTSE 100 fell 1.01%.

The British economy grew by 0.5% on quarter during the second quarter, down from 0.7% in the first quarter, while the UK's current account deficit widened to £28.4 billion in the second quarter, versus a revised £13.8 billion in the prior quarter. Net consumer credit in the U.K. rose by £1.3 billion in August, from £1.2 billion in the previous month. German import prices increased by 0.2% year-over-year in August compared to a 0.9% rise in July.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei 225 dipping 4.80%, Hong Kong's Hang Seng Index jumping 2.43%, China's Shanghai Composite Index gaining 8.06% and India's BSE Sensex falling 1.49%.

Japan’s housing starts fell by 5.1% year-over-year in August compared to a 0.2% decline in the prior month, while industrial production fell by 3.3% month-over-month in August. Retail sales in Japan climbed by 2.8% year-over-year in August.

The official NBS Non-Manufacturing PMI in China fell to 50.0 in September from 50.3 in the prior month, while official NBS Manufacturing PMI climbed to 49.8 in September from 49.1 in August.

Economics

The Chicago PMI rose to 46.6 in September from 46.1 in August versus market estimates of 46.2.

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