Mid-Morning Market Update: Markets Open Lower; Dow Drops 600 Points

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U.S. stocks traded lower this morning, with the Dow Jones dropping more than 600 points on Monday.

Following the market opening Monday, the Dow traded down 1.94% to 30,785.17 while the NASDAQ fell 3.06% to 10,992.52. The S&P also fell, dropping, 2.58% to 3,800.13.

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Leading and Lagging Sectors

Consumer staples shares fell by just 1.3% on Monday. Meanwhile, top gainers in the sector included The Real Good Food Company, Inc. (NASDAQ:RGF), up 3% and AppHarvest, Inc. (NASDAQ:APPH) up 2%.

In trading on Monday, energy shares dipped by 4.8%.

Top Headline

Electro-Sensors, Inc (NASDAQ:ELSE) and Mobile X Global, Inc, a connectivity-as-a-service company, agreed to merge and re-name the combined company Mobile X Global, Inc.

Mobile X Global, Inc will launch Mobile X, a new wireless brand positioned to disrupt the wireless industry.

Equities Trading UP

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) shares shot up 107% to $13.69 after the company announced initial data from the pivotal FIREFLY-1 trial of tovorafenib in relapsed pediatric low-grade glioma showed an overall response rate of 64%.

Shares of bluebird bio, Inc. (NASDAQ:BLUE) got a boost, shooting 43% to $5.33. The FDA’s Advisory Committee has unanimously backed Bluebird bio’s gene therapy for a rare blood disorder.

Redbox Entertainment Inc. (NASDAQ:RDBX) shares were also up, gaining 36% to $17.93 after jumping more than 39% on Friday.

Equities Trading DOWN

NaaS Technology Inc. ADR (NASDAQ:NAAS) shares tumbled 58% to $7.10.

Shares of Applied Blockchain, Inc. (NASDAQ:APLD) were down 49% to $1.39.

Revlon, Inc. (NYSE:REV) was down, falling 30% to $1.44. Shares dropped more than 50% to on Friday following a report the company was expected to file for bankruptcy.

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Commodities

In commodity news, oil traded down 0.6% to $119.92, while gold traded down 2.2% to $1,834.10.

Silver traded down 3.6% to $21.14 on Monday while copper fell 2.1% to $4.2050.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.1%, London’s FTSE 100 dropped 1.7% while Spain’s IBEX 35 Index fell 2.1%. The German DAX dropped 2%, French CAC 40 fell 2.1% and Italy’s FTSE MIB Index dipped 2.3%.

The British economy contracted 0.3% month-over-month in April, following a 0.1% drop in March. The UK trade deficit shrank to GBP 8.5 billion in April from GBP 11.5 billion in the prior month, while industrial production dropped 0.7% from a month ago in April.

Economics

There were no major US economic releases Monday

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 87,321,700 cases with around 1,035,840 deaths. India confirmed a total of at least 43,232,000 cases and 524,770 deaths, while Brazil reported over 31,456,860 COVID-19 cases with 668,170 deaths. In total, there were at least 540,626,850 cases of COVID-19 worldwide with more than 6,331,680 deaths.