Dow Falls Over 100 Points; Sea Posts Upbeat Sales

Benzinga03-04

U.S. stocks traded lower this morning, with the Dow Jones index falling over 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.34% to 38,951.34 while the NASDAQ fell 0.13% to 16,253.77. The S&P 500 also fell, dropping, 0.12% to 5,131.69.

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Leading and Lagging Sectors

Industrials shares rose by 0.3% on Monday.

In trading on Monday, communication services shares fell by 1.3%.

Top Headline

Sea Limited (NYSE:SE) reported better-than-expected sales results for its fourth quarter on Monday.

Sea posted a quarterly loss of 19 cents per share, versus a year-ago profit of 72 cents per share. The company’s quarterly sales came in at $3.62 billion, topping market estimates of $3.53 billion.

Equities Trading UP

BitFuFu Inc. (NASDAQ:FUFU) shares shot up 129% to $14.62 amid volatility following the company's recent business combination with Arisz Acquisition Corp and listing on the Nasdaq.

Shares of Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) got a boost, surging 94% to $5.46 after the company announced FDA clearance to recruit teen subjects into both of its ongoing Netherton Syndrome clinical studies.

Jaguar Health, Inc. (NASDAQ:JAGX) shares were also up, gaining 45% to $0.1285 after surging 50% on Friday.

Equities Trading DOWN

BioVie Inc. (NASDAQ:BIVI) shares dropped 41% to $1.12 after the company reported pricing of public offering.

Shares of Astra Space, Inc. (NASDAQ:ASTR) were down 35% to $0.8588.

JOANN Inc. (NASDAQ:JOAN) was down, falling 31% to $0.3501.

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Commodities

In commodity news, oil traded up 0.1% to $80.07 while gold traded up 0.4% at $2,103.90.

Silver traded rose 1.1% to $23.62 on Monday while copper rose 0.1% to $3.8665.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.7% while Spain’s IBEX 35 Index fell 0.2% The German DAX declined 0.2% French CAC 40 rose 0.1% while Italy’s FTSE MIB Index slipped 0.2%.

The number of people registering as jobless in Spain declined by 0.3% to 2.76 million in February.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 0.50%, Hong Kong’s Hang Seng Index climbing 0.04%, China’s Shanghai Composite Index gaining 0.41% and India’s S&P BSE Sensex gaining 0.2%.

Singapore’s manufacturing PMI slipped to 50.6 in February from 50.7 in the prior month.

Economics

No economic report of significance is due for Monday.

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