Mid-Afternoon Market Update: Dow Tumbles Over 400 Points; Crude Oil Down 2%

Toward the end of trading Monday, the Dow traded down 1.7 percent to 25,086.04 while the NASDAQ declined 1.04 percent to 7,166.01. The S&P also fell, dropping 1.42 percent to 2,722.88.

Leading and Lagging Sectors

Monday afternoon, the utilities shares slipped by just 0.1 percent. Meanwhile, top gainers in the sector included Huaneng Power International Inc (ADR) HNP, up 3 percent, and Genie Energy Ltd GNE, up 3 percent.

In trading on Monday, energy shares tumbled 1.97 percent. Meanwhile, top losers in the sector included Kosmos Energy Ltd KOS, down 14 percent, and Hornbeck Offshore Services, Inc. HOS down 6 percent.

Top Headline

Bristol-Myers Squibb Co BMY reported better-than-expected earnings for its fourth quarter.

The company said it earned 68 cents per share in the fourth quarter on revenue of $5.45 billion, while Wall Street analysts were expecting the company to earn 67 cents per share on revenue of $5.35 billion.

Bristol-Myers Squibb expects FY 2018 adjusted earnings of $3.15 to $3.30 per share, versus analysts’ estimates of $3.23 per share. The company also disclosed that its Phase 3 CheckMate -227 study met its co-primary endpoint of progression-free survival with Opdivo and Yervoy.

Equities Trading UP

TOP SHIPS Inc TOPS shares shot up 50 percent to $0.307 following FY17 results announced late Friday. The company posted net loss of $13.4 million on sales of $39.363 million.

Shares of Enphase Energy Inc ENPH got a boost, shooting up 11 percent to $2.30 after the company announced a $20 million private placement.

Second Sight Medical Products Inc EYES shares were also up, gaining 21 percent to $2.48. Second Sight disclosed that it implanted 30 Argus II Retinal Prosthesis Systems in the fourth quarter.

Equities Trading DOWN

Eyegate Pharmaceuticals Inc EYEG shares dropped 43 percent to $0.590 after the company announced that EGP-473 did not meet co-primary endpoints.

Shares of SSLJ.Com Ltd SSLJ were down 30 percent to $3.50. SSLJ.com reported commencement of trading on The NASDAQ Capital Market under the ticker symbol "SSLJ." SSLJ.Com priced IPO at $5 per share.

Cenveo, Inc. CVO was down, falling around 20 percent to $0.380 after dropping Friday upon announcement of Chapter 11 Bankruptcy.

Commodities

In commodity news, oil traded down 2.12 percent to $64.06 while gold traded up 0.01 percent to $1,337.40.

Silver traded up 0.07 percent Monday to $16.72, while copper rose 1.19 percent to $3.2255.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 1.56 percent, the Spanish Ibex Index fell 1.44 percent, while Italy’s FTSE MIB Index dipped 1.64 percent. Meanwhile the German DAX dropped 0.76 percent, and the French CAC 40 fell 1.48 percent while U.K. shares fell 1.46 percent.

Economics

U.S. Markit services PMI dropped to 53.30 for January, versus a prior reading of 53.7. Economists were expecting a reading of 53.50.

The ISM non-manufacturing index rose to 59.90 in January, versus previous reading of 56. Economists projected a reading of 56.50.