In the heart of Monday’s trading session, U.S. stocks witnessed a downward spiral, with the Dow Jones plunging over 300 points.
As the day unfolded, the Dow exhibited a 0.79% descent to 39,492.80, while the NASDAQ followed suit, declining 0.22% to 16,344.11. The S&P 500 also tasted the bitterness of the red zone, dropping 0.45% to 5,230.46.
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Sectoral Rollercoaster
On Monday, communication services shares leaped by 1.1%.
Conversely, real estate shares stumbled, witnessing a 1.8% drop during the trading day.
Top News of the Day
Following a disappointing fourth-quarter financial report and weak first-quarter guidance published on Thursday, shares of Oxford Industries, Inc. OXM stumbled by over 4% on Monday.
Stocks on the Rise
CXApp Inc. CXAI saw a remarkable 143% surge, reaching $5.95, following its announcement of a collaboration with Google Cloud to accelerate the CXAI platform.
Another notable mover was Sunshine Biopharma, Inc. SBFM, which surged by 87% to $0.1138 post its FY23 operating results.
Doma Holdings Inc. DOMA also witnessed a positive trend, rising by 34% to $6.07 after initiating a merger with TRG to transition into a private entity at $6.29 per share in cash.
Stocks on the Decline
Nuvve Holding Corp. NVVE nosedived by 29% to $0.7798 after reporting fourth-quarter financial results below expectations.
Similarly, AEON Biopharma, Inc. AEON experienced a sharp 41% decline to $6.86 post unveiling a fourth-quarter loss of 71 cents per share.
Disc Medicine, Inc. IRON also witnessed a downfall, plummeting by 50% to $31.25 following the release of topline results from the Phase 2 AURORA study of bitopertin in EPP patients.
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Commodities Landscape
In the realm of commodities, oil witnessed a surge of 0.9%, settling at $83.92, while gold glittered, trading 0.9% higher at $2,259.20.
On the other hand, silver displayed a shine at 0.8%, standing at $25.12 on Monday, with copper riding the wave with a 1% increase to $4.0475.
Economic Insights
The ISM Manufacturing PMI for March ascended to 50.3 from 47.8 in February, surpassing market projections of 48.4.
In February, U.S. construction spending witnessed a decline of 0.3% compared to the previous month.
The S&P Global Manufacturing PMI was slightly revised downward to 51.9 in March, post a preliminary reading of 52.5.
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