Toward the end of trading Monday, the Dow traded down 0.34 percent to 21,199.80 while the NASDAQ declined 0.93 percent to
6,150.45. The S&P also fell, dropping 0.38 percent to 2,422.55.
Leading and Lagging Sectors
Telecommunications services sector was the top gainer in the US market on Monday. Top gainers in the sector included
Cincinnati Bell Inc. (NYSE: CBB), B Communications
Ltd (NASDAQ: BCOM), and Telephone & Data Systems,
Inc. (NYSE: TDS).
In trading on Monday, technology shares fell 1.36 percent. Meanwhile, top losers in the sector included Kopin Corporation
(NASDAQ: KOPN), down 7 percent, and GSI Technology,
Inc. (NASDAQ: GSIT), down 7 percent.
Top Headline
General Electric Company (NYSE: GE) announced the
retirement of its CEO Jeff Immelt.
After 30 years with General Electric Company, GE Healthcare Limited CEO and President John Flannery is about to inherit all of
corporate leadership.
Effective Aug. 1, Flannery, 55, will succeed retiring CEO Jeffrey Immelt, who will retain his role as chairman through the end
of the year before relinquishing it to Flannery.
Equities Trading UP
GTx, Inc. (NASDAQ: GTXI) shares shot up 78 percent
to $5.49 after the company disclosed positive preliminary results from ongoing Phase 2 proof-of-concept clinical trial in women
with stress urinary incontinence.
Shares of XBiotech Inc (NASDAQ: XBIT) got a boost,
shooting up 38 percent to $4.41 after falling 66.03 percent on Friday.
TrovaGene Inc (NASDAQ: TROV) shares were also up,
gaining 27 percent to $1.02 after the company reported a deal with AstraZeneca for utilization of Trovera ctDNA test and services
in prospective biomarker study.
Equities Trading DOWN
Coherus Biosciences Inc (NASDAQ: CHRS) shares
dropped 28 percent to $14.82 after the company disclosed that it has received a Complete Response Letter from the FDA for its
application for its CHS-1701. In the letter, the FDA has requested additional information in which the company has pledged to
provide.
Shares of Pandora Media Inc (NYSE: P) were down 5
percent to $8.13. Oppenheimer downgraded Pandora from Outperform to Perform.
Volt Information Sciences, Inc. (NYSE: VISI) was
down, falling around 20 percent to $4.10. On Friday, Volt Information Sciences reported a Q2 loss of $854,000 on revenue of $303
million.
Commodities
In commodity news, oil traded up 0.92 percent to $46.25 while gold traded down 0.22 percent to $1,268.60.
Silver traded down 1.67 percent Monday to $16.935, while copper fell 1.28 percent to $2.6155.
Eurozone
European shares closed lower today. The eurozone’s STOXX 600 fell 0.97 percent, the Spanish Ibex Index dropped 1.24 percent,
while Italy’s FTSE MIB Index slipped 1 percent. Meanwhile the German DAX declined 0.98 percent, and the French CAC 40 slipped 1.12
percent while U.K. shares fell 0.21 percent.
Economics
The U.S. budget deficit increased to $88.4 billion in May, compared to $53 billion in the year-ago period, the Treasury
Department reported.
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