U.S. stocks traded lower this morning, with the Dow Jones dropping more than 100 points on Monday.
Following the market opening Monday, the Dow traded down 0.39% to 34,213.93 while the NASDAQ fell 0.44% to 11,175.95. The S&P 500 also fell, dropping, 0.52% to 4,005.11.
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Leading and Lagging Sectors
Consumer discretionary shares rose by 0.5% on Monday. Leading the sector was strength from Studio City International Holdings Limited MSC and Pinduoduo Inc. PDD.
In trading on Monday, energy shares fell by 2.1%.
Top Headline
Pinduoduo Inc PDD reported better-than-expected Q3 results.
Pinduoduo reported third-quarter FY22 revenue growth of 65% year-on-year to $4.99 billion, beating the consensus of $4.31 billion. Non-GAAP earnings per ADS of $1.21 beat the consensus of $0.65.
Equities Trading UP
- Digital Brands Group, Inc. DBGI shares shot up 37% to $8.17. The company recently posted a rise in Q3 revenue.
- Shares of Axsome Therapeutics, Inc. AXSM got a boost, shooting 31% to $74.25 after the company announced AXS-05 achieved its primary endpoint in the ACCORD Phase 3 trial in Alzheimer’s disease agitation.
- Kintara Therapeutics, Inc. KTRA shares were also up, gaining 25% to $4.60 after the company announced it was granted Fast Track Designation from the FDA for REM-001 for cutaneous Metastatic Breast Cancer.
Equities Trading DOWN
- CinCor Pharma, Inc. CINC shares tumbled 48% to $13.83 after the company announced topline data for the Phase 2 HALO trial evaluating Baxdrostat in uncontrolled hypertension. HALO did not achieve statistical significance on its primary endpoint.
- Shares of OncoSec Medical Incorporated ONCS were down 15% to $2.87. OncoSec Medical recently announced early clinical data from an investigator-sponsored trial of TAVO in combination with Bristol-Myers Squibb Co’s BMY intravenous Opdivo (nivolumab).
- Bioventus Inc. BVS was down, falling 13% to $2.1315. The company recently posted downbeat quarterly results.
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Commodities
In commodity news, oil traded down 1.1% to $75.45 while gold traded down 0.3% at $1,748.30.
Silver traded down 1.1% to $21.205 on Monday while copper fell 0.3% to $3.6150.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 1%. The German DAX fell 0.8%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 0.9%.
The CBI distributive trades survey’s retail sales balance in the UK fell 37 points to a reading of -19 in November. Loans to households in the Eurozone climbed 4.2% year-over-year to EUR 6.81 trillion.
Asia Pacific Markets
Asian markets closed lower on Monday, with the Japan’s Nikkei dropping 0.42% and Hong Kong’s Hang Seng Index falling 1.57%. China’s Shanghai Composite Index dropped 0.75%.
Hong Kong trade deficit shrank to $20.9 billion in October compared to $30.5 billion in the year-ago period. Retail sales in Australia fell by 0.2% from a month ago to AUD 35.02 billion in October. Profits earned by Chinese industrial firms fell by 3.0% from a year ago to CNY 69.78 trillion in the first ten months of 2022.
Economics
The Dallas Fed manufacturing index for November will be released at 10:30 a.m. ET.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 100,465,080 cases with around 1,104,750 deaths. India confirmed a total of at least 44,672,820 cases and 530,610 deaths, while France reported over 37,677,290 COVID-19 cases with 158,630 deaths. In total, there were at least 646,278,120 cases of COVID-19 worldwide with more than 6,636,700 deaths.
Image and article originally from www.benzinga.com. Read the original article here.