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Mid-Morning Market Update: Markets Open Lower; Empire State Manufacturing Index Dips In August

·3 min read

Following the market opening Monday, the Dow traded down 0.40% to 35,372.03 while the NASDAQ fell 1.27% to 14,634.24. The S&P also fell, dropping 0.57% to 4,442.47.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 36,680,110 cases with around 621,630 deaths. India confirmed a total of at least 32,225,510 cases and 431,640 deaths, while Brazil reported over 20,364,090 COVID-19 cases with 569,050 deaths. In total, there were at least 207,273,290 cases of COVID-19 worldwide with more than 4,364,400 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares rose 1.3% on Monday. Meanwhile, top gainers in the sector included Genie Energy Ltd. (NYSE: GNE), up 2% and Huaneng Power International, Inc. (NYSE: HNP) up 2%.

In trading on Monday, energy fell 1.4%.

Top Headline

The New York Empire State Manufacturing Index dropped to 18.3 in August from a record high level of 43 in the previous month. Analysts, meanwhile, were expecting a reading of 29.

Equities Trading UP

NanoVibronix, Inc. (NASDAQ: NAOV) shares shot up 33% to $3.3450 after the company announced plan to expand product portfolio with introduction of Painshield relief for over-the-counter use and plans for future product launch.

Shares of Eliem Therapeutics, Inc. (NASDAQ: ELYM) got a boost, shooting 25% to $18.05. The company recently reported closing of initial public offering with exercise in full of the underwriters’ option to purchase additional shares.

Travere Therapeutics, Inc. (NASDAQ: TVTX) shares were also up, gaining 19% to $18.42 after the company announced its PROTECT study met its interim primary efficacy endpoint.

Check out these big movers of the day

Equities Trading DOWN

Sesen Bio, Inc. (NASDAQ: SESN) shares tumbled 36% to $1.3499 after the FDA issued a Complete Response Letter to the company's bladder cancer candidate Vicineum. HC Wainwright & Co. downgraded the stock from Buy to Neutral.

Shares of China Finance Online Co. Limited (NASDAQ: JRJC) were down 36% to $5.17 after the company received a delisting notice from Nasdaq.

ESSA Pharma Inc. (NASDAQ: EPIX) was down, falling 29% to $8.51 after the company reported a loss for its third quarter.

Commodities

In commodity news, oil traded down 1.5% to $67.39, while gold traded down 0.2% to $1,775.20.

Silver traded down 1.3% Monday to $23.46 while copper fell 1.6% to $4.3195.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.5%, the Spanish Ibex Index fell 0.6% and the German DAX 30 declined 0.4%. Meanwhile, the London’s FTSE 100 dropped 0.9%, French CAC 40 fell 0.8% and Italy’s FTSE MIB slipped 0.3%.

Economics

The New York Empire State Manufacturing Index dropped to 18.3 in August from a record high level of 43 in the previous month. Analysts, meanwhile, were expecting a reading of 29.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury International Capital report for June will be released at 4:00 p.m. ET.

Check out the full economic calendar here

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