Mid-Afternoon Market Update: Dow Drops 375 Points; Elmira Savings Bank Shares Spike Higher

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Toward the end of trading Monday, the Dow traded down 1.09% to 33,951.17 while the NASDAQ fell 2.28% to 14,234.17. The S&P also fell, dropping 1.49% to 4,292.00.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 43,683,760 cases with around 701,170 deaths. India confirmed a total of at least 33,834,700 cases and 448,990 deaths, while Brazil reported over 21,468,120 COVID-19 cases with 597,940 deaths. In total, there were at least 234,977,030 cases of COVID-19 worldwide with more than 4,803,140 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares jumped 2% on Monday. Meanwhile, top gainers in the sector included American Resources Corporation (NASDAQ: AREC), up 28% and Ring Energy, Inc. (NYSE: REI) up 18%.

In trading on Monday, information technology shares fell 2.5%.

Top Headline

US factory orders increased 1.2% over a previous month in August, following a revised 0.7% growth in July. Analysts, meanwhile, were expecting for a 1% rise.

Equities Trading UP

Xenon Pharmaceuticals Inc. (NASDAQ: XENE) shares shot up 85% to $28.92 after the company announced its phase 2 study of XEN1101 for the treatment of epilepsy met all primary and secondary endpoints.

Shares of Elmira Savings Bank (NASDAQ: ESBK) got a boost, shooting 68% to $22.64 after the company announced it would be acquired by Community Bank System.

Adverum Biotechnologies, Inc. (NASDAQ: ADVM) shares were also up, gaining 12% to $2.4320 after the company announced new long-term data from the OPTIC clinical trial of ADVM-022 single, in-office intravitreal injection gene therapy in patients requiring frequent anti-VEGF injections for their neovascular or wet age-related macular degeneration.

Check out these big movers of the day

Equities Trading DOWN

Amplify Energy Corp. (NYSE: AMPY) shares tumbled 48% to $2.9702 following a southern California ocean oil spill from a rig operated by Amplify Energy.

Shares of Offerpad Solutions Inc. (NYSE: OPAD) were down 14% to $7.28 after the company, on Friday, announced a mixed shelf offering.

Omeros Corporation (NASDAQ: OMER) was down, falling 12% to $7.49. Maxim Group downgraded Omeros from Buy to Hold.

Commodities

In commodity news, oil traded up 2.9% to $78.04, while gold traded up 0.4% to $1,765.70.

Silver traded up 0.4% Monday to $22.615 while copper rose 1.3% to $4.2425.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 dropped 0.47%, the Spanish Ibex Index fell 0.09% and the German DAX 30 dropped 0.79%. Meanwhile, the London’s FTSE 100 fell 0.23%, French CAC 40 fell 0.61% and Italy’s FTSE MIB slipped 0.60%.

The number of people registered as unemployed in Spain fell by 76,113 to 3.3 million in September.

Economics

US factory orders increased 1.2% over a previous month in August, following a revised 0.7% growth in July. Analysts, meanwhile, were expecting for a 1% rise.

Check out the full economic calendar here

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