Dow Tumbles 950 Points; ISM Services PMI Surges In July

Author: Avi Kapoor | August 05, 2024 12:07pm

U.S. stocks traded lower midway through trading, with the Dow Jones falling more than 950 points on Monday.

The Dow traded down 2.44% to 38,767.64 while the NASDAQ fell 3.12% to 16,252.09. The S&P 500 also fell, dropping, 2.71% to 5,201.74.

Leading and Lagging Sectors

Real estate shares fell by just 0.5% on Monday.

In trading on Monday, information technology shares dipped by 3.2%.

Top Headline

The ISM services PMI climbed to 51.4 in July from 48.8 in April and also topping market expectations of 51.

Equities Trading UP
                       

• Kellanova  (NYSE:K) shares shot up 13% to $71.36 following a report suggesting Mars is considering an acquisition of the company.
• Shares of Sotera Health Company (NASDAQ:SHC) got a boost, surging 10% to $14.57 after the company reported better-than-expected quarterly financial results.
• Sonic Automotive, Inc. (NYSE:SAH) shares were also up, gaining 9% to $60.76 following better-than-expected earnings.

Equities Trading DOWN

• Actinium Pharmaceuticals, Inc. (NASDAQ:ATNM) shares dropped 74% to $1.5850. On Monday, the FDA determined that Actinium Pharmaceuticals' Phase 3 SIERRA trial is not adequate to support a Biologics License Application (BLA) filing for Iomab-B despite its statistically significant primary endpoint.
• Shares of VBI Vaccines Inc. (NASDAQ:VBIV) were down 34% to $0.0620. VBI Vaccines was notified that its common shares will be delisted from Nasdaq effective as of opening of business on Aug. 8.
• Concord Medical Services Holdings Limited (NYSE:CCM) was down, falling 26% to $6.56.

Commodities

In commodity news, oil traded down 0.2% to $73.36 while gold traded down 0.8% at $2,449.30.

Silver traded down 3.2% to $27.49 on Monday, while copper fell 1.7% to $4.0350.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 2.30%, Germany's DAX fell 2.01% and France's CAC 40 fell 1.63%. Spain's IBEX 35 Index fell 2.35%, while London's FTSE 100 fell 2.11%.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan's Nikkei 225 dipping 12.4%, Hong Kong's Hang Seng Index falling 1.46%, China's Shanghai Composite Index falling 1.54% and S&P BSE Sensex declining 2.74%.

Economics

• The ISM services PMI climbed to 51.4 in July from 48.8 in April and also topping market expectations of 51.
• The S&P Global composite PMI was revised lower to 54.3 in July versus the preliminary reading of 55.

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Posted In: ATNM CCM K SAH SHC VBIV