Following the market opening Monday, the Dow traded down 0.46% to 28514.50 while the NASDAQ fell 0.79% to 8,935.14. The S&P also fell, dropping 0.47% to 3,224.74.
Leading and Lagging Sectors
In trading on Monday, information technology shares fell 1.1%.
Nio Inc – ADR (NYSE: NIO) reported strong third-quarter results and issued upbeat guidance Monday.
The company posted revenue of 1,836.8 million yuan ($257 million), a 25% year-over-year increase. The top-line results exceeded the $230.08-million consensus estimate.
A third-quarter non-GAAP loss of 33 cents per share beat the consensus estimate by a penny. Originally, the FDA had set a PDUFA action date of Oct. 14, which was extended by three months.
Equities Trading UP
Sol Gel Technologies Ltd (NASDAQ: SLGL) shares shot up 109% to $19.26. The top-line results from two pivotal Phase 3 trials for Twyneo showed statistically significant improvement on all co-primary endpoints in the treatment of patients with acne vulgaris, Sol-Gel said.
Shares of Nio Inc - ADR (NYSE: NIO) got a boost, shooting up 34% to $3.24 after the company reported strong third-quarter results and issued upbeat guidance.
Maxar Technologies Inc (NYSE: MAXR) shares were also up, gaining 19% to $16.99 after the company announced it will sell MDA to Northern Private Capital for CAD$1 billion.
Equities Trading DOWN
Wave Life Sciences Ltd (NASDAQ: WVE) shares tumbled 48% to $ 8.16 after reporting topline data and addition of higher dose cohort in ongoing Phase 1b/2a PRECISION-HD2 trial in Huntington’s disease.
Shares of Iterum Therapeutics PLC (NASDAQ: ITRM) were down 17% to $3.95 after jumping 93.9% on Friday.
NewLink Genetics Corp (NASDAQ: NLNK) was down, falling 16% to $2.34 after dropping 11.5% on Friday.
In commodity news, oil traded up 0.8% to $62.22, while gold traded down 0.1% to $1,516.10.
Silver traded down 0.1% Monday to $17.92, while copper rose 0.1% to $2.8305.
European shares were lower today. The eurozone’s STOXX 600 dropped 0.3%, the Spanish Ibex Index fell 0.4%, while Italy’s FTSE MIB Index declined 0.4%. Meanwhile, the German DAX dropped 0.7%, and the French CAC 40 fell 0.2% while UK shares fell 0.4%.
The US trade deficit on goods shrank to $63.19 billion in November, compared to $66.8 billion in the prior month.
U.S. wholesale inventories were unchanged in November 2019, versus economists’ expectations of a 0.3% rise.
The pending sales index rose 1.2% for November, versus economists’ expectations for a 1.2% gain.
The Dallas Fed manufacturing index for December 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.
The Treasury will auction 52-week bills at 1:00 p.m. ET.