US Stocks Open Lower; Housing Market Index Drops In September

U.S. stocks traded lower this morning, after recording losses in the previous week.

Following the market opening Monday, the Dow traded down 0.31% to 30,727.00 while the NASDAQ fell 0.28% to 11,416.53. The S&P 500 also fell, dropping, 0.36% to 3,859.24.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 0.7% on Monday. Meanwhile, top gainers in the sector included Purple Innovation, Inc. (NASDAQ:PRPL), up 42% and Studio City International Holdings Limited (NYSE:MSC) up 7%.

In trading on Monday, health care shares fell by 1.8%.

Top Headline

The NAHB housing market index declined for the ninth consecutive month to 46 in September, compared to market expectations of 47. It was the lowest reading since May 2020.

Equities Trading UP

 

• MicroCloud Hologram Inc. (NASDAQ:HOLO) shares shot up 139% to $20.11.
• Shares of BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) got a boost, shooting 134% to $9.74 after the company announced it has signed a share purchase agreement to acquire 100% ownership of Zigi Carmel Initiatives & Investments for $28 million in stock.
• Purple Innovation, Inc. (NASDAQ:PRPL) shares were also up, gaining 39% to $3.87 after the company confirmed that it received an unsolicited, non-binding proposal from Coliseum Capital Management to acquire all of the outstanding capital stock of Purple for $4.35 per share.

 

 

Equities Trading DOWN

• Virios Therapeutics, Inc. (NASDAQ:VIRI) shares tumbled 72% to $2.4528 after the company announced top-line results from a Phase 2b study of IMC-1 in fibromyalgia, saying the "study did not achieve statistical significance on the prespecified primary efficacy endpoint of change."
• Shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) were down 31% to $1.88. Sonnet BioTherapeutics reported a 1-for-14 reverse stock split.
• Syros Pharmaceuticals, Inc. (NASDAQ:SYRS) was down, falling 25% to $5.53. Syros Pharmaceuticals and Tyme Technologies recently announced stockholder approval of the merger agreement.

 

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Commodities

In commodity news, oil traded down 1.5% to $83.82, while gold traded down 0.7% at $1,672.40.

Silver traded down 0.2% to $19.35 on Monday while copper fell 0.7% to $3.4915.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, while Spain’s IBEX 35 Index fell 0.1%. The German DAX gained 0.1%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index slipped 0.2%.

Construction output in the Eurozone increased 1.5% year-over-year in July compared to a revised 1.3% rise a month ago.

 

Economics

 

• The housing market index for September is scheduled for release at 10:00 a.m. ET. The housing market index is expected to decline slightly to 48 in September from 49 in August.
• 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 97,509,430 cases with around 1,078,660 deaths. India confirmed a total of at least 44,539,040 cases and 528,350 deaths, while France reported over 34,916,380 COVID-19 cases with 154,670 deaths. In total, there were at least 617,351,300 cases of COVID-19 worldwide with more than 6,531,040 deaths.