U.S. stocks traded lower this morning, with the Dow Jones falling more than 150 points on Monday.
Following the market opening Monday, the Dow traded down 0.38% to 42,192.55 while the NASDAQ fell 0.29% to 18,085.96. The S&P 500 also fell, dropping, 0.32% to 5,732.58.
Leading and Lagging Sectors
Energy shares jumped by 0.5% on Monday.
In trading on Monday, consumer discretionary shares dipped by 1.2%.
Top Headline
AstraZeneca plc (NASDAQ:AZN) entered into an exclusive license agreement with Hong Kong-based CSPC Pharmaceutical Group Ltd to advance the development of an early-stage, novel small-molecule lipoprotein (a) (Lp(a)) disruptor that has the potential to offer additional benefits for patients with dyslipidemia.
Equities Trading UP
- Scholar Rock Holding Corporation (NASDAQ:SRRK) shares shot up 264% to $27.23 after the company announced topline results from the Phase 3 SAPPHIRE clinical trial evaluating the efficacy and safety of apitegromab in patients with SMA. The study achieved its primary endpoint.
- Shares of Algorhythm Holdings, Inc. (NASDAQ:RIME) got a boost, surging 53% to $0.7174 after its subsidiary, SemiCab, secured a service contract with a $200 billion global consumer packaged goods company. Starting in mid-October 2024, SemiCab will provide AI-powered shipping services across major metro markets, with potential expansion after six months.
- LogicMark, Inc. (NASDAQ:LGMK) shares were also up, gaining 47% to $0.1651.
Equities Trading DOWN
- Trevena, Inc. (NASDAQ:TRVN) shares dropped 44% to $2.64 after the company announced it received a Nasdaq delisting notification.
- Shares of CNFinance Holdings Limited (NASDAQ:CNF) were down 31% to $1.3601.
- Laser Photonics Corporation (NASDAQ:LASE) was down, falling 29% to $5.01.
Commodities
In commodity news, oil traded up 1.4% to $75.40 while gold traded down 0.3% at $2,660.70.
Silver traded down 1.9% to $31.77 on Monday, while copper fell 0.7% to $4.5425.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 rose 0.2%, Germany's DAX fell 0.1% and France's CAC 40 climbed 0.4%. Spain's IBEX 35 Index rose 0.9%, while London's FTSE 100 rose 0.4%.
Retail sales in the Eurozone rose 0.2% month-over-month in August compared to a revised flat reading in the previous month. The Halifax House Price Index in the UK rose 4.7% year-over-year in September compared to a 4.3% gain in August. Factory orders in Germany declined by 5.8% month-over-month in August.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan's Nikkei 225 gaining 1.80%, Hong Kong's Hang Seng Index gaining 1.60% and India's BSE Sensex dipping 0.78%.
Foreign exchange reserves in Singapore fell to SGD 499.7 billion in September compared to SGD 501.3 billion a month ago. The index of leading economic indicators in Japan fell to 106.7 in August versus a final reading of 109.3 in the prior month, while index of coincident economic indicators declined to 113.5 in August compared to a final reading of 117.2 month ago.
Economics
Data on consumer credit for August will be released today.
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