Midway through trading Monday, the Dow traded down 1.28 percent to 23,793.62 while the NASDAQ declined 2.24 percent to 6,904.95. The S&P also fell, dropping 1.74 percent to 2,594.96.
Leading and Lagging Sectors
On Monday, the utilities shares slipped by just 0.1 percent. Meanwhile, top gainers in the sector included Korea Electric Power Corporation KEP 1.1%, up 2 percent, and Azure Power Global Limited AZRE 1.12%, up 1.5 percent.
In trading on Monday, consumer discretionary shares fell 2.4 percent.
Cal-Maine Foods, Inc. CALM 2.86% 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. SLS 156.21% shares shot up 203 percent to $10.4501 after the company disclosed positive interim data from its Phase 2b NeuVax trial.
Shares of CASI Pharmaceuticals, Inc.. CASI 12.09% got a boost, shooting up 11 percent to $4.635. CASI Pharma posted a Q4 loss of $0.08 per share.
BioLife Solutions, Inc. BLFS 14.81% shares were also up, gaining 17 percent to $6.00 after the company reported preliminary revenue for the three months ended March 31, 2018.
Equities Trading DOWN
SORL Auto Parts, Inc. SORL 23.35% shares dropped 24 percent to $4.969 after the company reported downbeat earnings for its fourth quarter.
Shares of Alkermes plc ALKS 22.16% were down 20 percent to $46.66 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 SNX 16.47% was down, falling around 15 percent to $100.77. SYNNEX posted upbeat earnings for its first quarter, but issued weak earnings outlook for the current quarter.
In commodity news, oil traded down 2.03 percent to $63.62 while gold traded up 1 percent to $1,340.60.
Silver traded up 2.07 percent Monday to $16.605, while copper rose 1.16 percent to $3.0605.
European shares were higher today. The German DAX rose 1.31 percent, and the French CAC 40 rose 0.72 percent while U.K. shares rose 0.17 percent.
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.
Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Duluth, Minnesota at 6:00 p.m. ET.