Mid-Morning Market Update: Markets Open Lower; Dow Tumbles Over 300 Points

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U.S. stocks opened lower this morning, with the Dow Jones dropping more than 300 points on Monday.

Following the market opening Monday, the Dow traded down 1.09% to 33,444.51 while the NASDAQ fell 0.45% to 12,781.12. The S&P also fell, dropping, 1.14% to 4,222.92.

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Leading and Lagging Sectors

Communication services shares rose by 0.1% on Monday. Meanwhile, top gainers in the sector included Redbox Entertainment Inc. (NASDAQ:RDBX), up 19% and Sohu.com Limited (NASDAQ:SOHU) up 4%.

In trading on Friday, energy shares dipped by 4.5%.

Top Headline

Coca-Cola Co (NYSE:KO) reported better-than-expected earnings for its first quarter on Friday.

Coca-Cola reported first-quarter FY22 net revenue growth of 16% year-on-year, to $10.49 billion, beating the consensus of $9.83 billion. Adjusted EPS of $0.64 beat the analyst consensus of $0.58.

Coca-Cola expects the suspension of Russian business to affect 1% – 2% of its net revenue and operating income. The company still sees FY22 organic revenue growth of 7% – 8% and comparable EPS growth of 5% – 6%.

Equities Trading UP

Nkarta, Inc. (NASDAQ:NKTX) shares shot up 113% to $16.53 after the company announced Phase 1 data from independent dose finding studies of its two lead chimeric antigen receptor natural killer cell therapy candidates, NKX101 and NKX019.

Shares of Sunshine Biopharma, Inc. (NASDAQ:SBFM) got a boost, shooting 23% to $4.0891 after the company reported it filed a provisional patent application in the US covering the recently communicated mRNA molecules found in pre-clinical trials to be effective at destroying cancer cells grown in culture.

Cango Inc. (NYSE:CANG) shares were also up, gaining 20% to $2.8321. Cango, last month, reported worse-than-expected Q4 EPS and sales results.

Equities Trading DOWN

Eliem Therapeutics, Inc. (NASDAQ:ELYM) shares tumbled 56% to $2.82 after the company announced the Phase 2a clinical trial of ETX-810 in diabetic peripheral neuropathic pain did not achieve the primary endpoint. The company also announced it elected to delay enrollment of its Phase 2a clinical trials of ETX-155 in major depressive disorder and perimenopausal depression.

Shares of ToughBuilt Industries, Inc. (NASDAQ:TBLT) were down 45% to $14.50. ToughBuilt Industries reported a 1-for-150 reverse stock split as part of Nasdaq compliance plan.

Axsome Therapeutics, Inc. (NASDAQ:AXSM) was down, falling 23% to $30.30 after the company reported it was informed by the FDA that chemistry, manufacturing, and control issues identified during the FDA’s review of its NDA for its AXS-07 product candidate are unresolved.

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In commodity news, oil traded down 5.6% to $96.39, while gold traded down 2.1% to $1,894.70.

Silver traded down 2.7% Monday to $23.61 while copper fell 3.3% to $4.4320.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 2.1%, London’s FTSE 100 declined 2.3%, while Spain’s IBEX 35 Index fell 1.2%. The German DAX fell 1.7%, French CAC 40 fell 2.4% and Italy’s FTSE MIB Index fell 2%.

Construction output in the Eurozone climbed 9.4% year-over-year in February, following a revised 4.4% growth in the prior month. The Ifo Business Climate indicator for Germany increased to 91.8 in April from March’s 14-month low level of 90.8, while Spanish producer price inflation accelerated to a new record high of 46.6% year-over-year in March from a revised 41.2% in the earlier month.


The Chicago Fed National Activity Index fell to 0.44 in March from a revised reading of 0.54 in February.

The Dallas Fed manufacturing index for April will be released at 10:30 a.m. ET.

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

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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 82,662,740 cases with around 1,018,330 deaths. India confirmed a total of at least 43,060,080 cases and 522,220 deaths, while Brazil reported over 30,349,460 COVID-19 cases with 662,700 deaths. In total, there were at least 509,613,690 cases of COVID-19 worldwide with more than 6,243,540 deaths.