Following the market opening Monday, the Dow traded down 0.48 percent to 23,987.54 while the NASDAQ declined 1.48 percent to
6,959.06. The S&P also fell, dropping 0.95 percent to 2,615.82.
Leading and Lagging Sectors
Monday morning, the utilities shares gained 0.32 percent. Meanwhile, top gainers in the sector included Korea Electric Power
Corporation (NYSE: KEP), up 2 percent, and Ameren
Corporation (NYSE: AEE), up 2 percent.
In trading on Monday, consumer discretionary shares fell 1.35 percent.
Top Headline
Cal-Maine Foods, Inc. (NASDAQ: CALM) reported
better-than-expected sales for its third quarter.
Cal-Maine reported net income of $96.3 million, or $1.99 per share, compared to $4.1 million, or $0.09 per share, in the
year-ago period. Excluding items, the company earned $1.27 per share.
Its sales rose 42 percent to $435.8 million, exceeding analysts’ estimates of $432.65 million. Dozens of eggs sold increased to
273.2 million versus 263.6 million.
Equities Trading UP
SELLAS Life Sciences Group, Inc. (NYSE: SLS) shares
shot up 68 percent to $5.80 after the company disclosed positive interim data from its Phase 2b NeuVax trial.
Shares of Commvault Systems, Inc. (NASDAQ: CVLT)
got a boost, shooting up 12 percent to $64.05 after Elliott Management disclosed a 10.3 percent stake in Commvault and announced
intent to nominate 4 candidates to the board.
BioLife Solutions, Inc. (NASDAQ: BLFS) shares were
also up, gaining 10 percent to $5.61 after the company reported preliminary revenue for the three months ended March 31, 2018.
Equities Trading DOWN
SORL Auto Parts, Inc. (NASDAQ: SORL) shares
dropped 18 percent to $5.35 after the company reported downbeat earnings for its fourth quarter.
Shares of Alkermes plc (NASDAQ: ALKS) were down 19
percent to $46.69 after the U.S. Food and Drug Administration said it won't review the company's therapy ALKS-5461. Alkermes, which
mostly focuses on treatments for central nervous system diseases, said in a press release it received a Refusal to File letter from
the FDA regarding its New Drug Application (NDA) for ALKS-5461.
SYNNEX Corporation (NYSE: SNX) was down, falling
around 15 percent to $100.51. SYNNEX posted upbeat earnings for its first quarter, but issued weak earnings outlook for the current
quarter.
Commodities
In commodity news, oil traded up 0.38 percent to $65.19 while gold traded up 0.85 percent to $1,338.60.
Silver traded up 2.07 percent Monday to $16.605, while copper rose 1.32 percent to $3.0655.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 rose 0.44 percent, the Spanish Ibex Index gained 0.48 percent, while
Italy’s FTSE MIB Index surged 0.36 percent. Meanwhile the German DAX rose 0.88 percent, and the French CAC 40 rose 0.65 percent
while U.K. shares rose 0.10 percent.
Economics
The Markit manufacturing PMI declined to 55.60 for March, from a prior reading of 55.70. Economists projected a reading of
55.70.
U.S construction spending rose 0.1 percent for February, versus economists’ expectations for a 0.4 percent growth.
The ISM manufacturing index fell to 59.30 for March, versus prior reading of 60.80. However, economists were expecting a reading
of 60.10.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Duluth, Minnesota at 6:00 p.m. ET.
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