S&P 500 down 0.5%; Crude Oil Falls Sharply – Argo Blockchain (NASDAQ:ARBK), 1847 Holdings (AMEX:EFSH)

U.S. stocks traded lower in late trade, with the S&P 500 falling about 0.5% on Monday.

The Dow traded down 0.17% to 32,807.16 while the NASDAQ fell 0.80% to 11,013.89. The S&P 500 also fell, falling 0.51% to 3,881.18.

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Leading and lagging sectors

The energy share rose 0.9 percent on Monday. Leading the sector was strength from Global Partners LP GLP and Nine Energy Service, Inc. NINE.

In trading on Monday, the communications service share fell by 1.6%.

Top heading

ON Semiconductor Corporation ON released positive third-quarter results on Monday.

ON Semiconductor reported Q3 FY22 revenue growth of 26% year-on-year to $2.19 billion, beating consensus of $2.12 billion. Non-GAAP EPS of $1.45 beat consensus of $1.32.

ON Semiconductor sees fourth quarter revenue of $2.01 billion – $2.14 billion, versus consensus of $2.10 billion. It expects non-GAAP EPS of $1.18 – $1.34 vs consensus of $1.25.

Stock trading UP

• 1847 Holdings LLC EFSH shares shot up 54% to $2.90 after the company reported that it sees over $60 million in revenue and over $7 million in cash flow from operations in 2023 from its existing portfolio.
• Shares of TrueCar, Inc. GENUINE got a boost, shooting 20% ​​to $1.82. JP Morgan upgraded TrueCar from underweight to overweight.
• Sonnet BioTherapeutics Holdings, Inc. SON shares also rose, rising 114% to $2.4797 after the company announced an agreement with Janssen to evaluate three Sonnet product candidates.

Stock trading DOWN

• Quanergy Systems, Inc. QNGY shares fell 68% to $1.06 after the company priced in its $16.7 million offering.
• Shares of Y-mAbs Therapeutics, Inc. YMAB was down 54% to $4.11 after the FDA’s Oncology Drugs Advisory Committee ruled that Y-mAbs did not provide sufficient evidence to conclude that the treatment improves overall survival.
• Argo Blockchain plc ARBK was down, falling 51% to $0.96 after the company announced that it believes its previously announced non-binding LOI with a strategic investor to raise $27 million via the subscription of common shares will no longer be completed. Roth Capital downgraded Argo Blockchain from neutral to sell and lowered its price target from $2 to $0.25.

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Raw materials

In commodity news, oil traded down 2.7% to $85.52, while gold traded down 0.4% to $1,638.30.

Silver traded down 0.1% to $19.12 on Monday, while copper fell 1.5% to $3.3765.

The Eurozone

European shares closed mostly higher today. The euro zone’s STOXX 600 rose 0.35%, London’s FTSE 100 rose 0.66% while Spain’s IBEX 35 index rose 0.51%. Germany’s DAX rose 0.08%, France’s CAC 40 fell 0.10% and Italy’s FTSE MIB rose 0.55%.

Italian gross domestic product grew by 0.5% quarter-on-quarter in the three months to September, while retail sales in Spain rose by 0.1% in September. Retail sales in Germany rose 0.9% from a month ago in September.

Economy

• The Chicago PMI fell to 45.2 for October from 45.7 in September.
• The Federal Reserve Bank of Dallas’ general business activity index for manufacturing in Texas fell to -19.4 in October from -17.2 the previous month.
• September farm price data will be released at 3:00 PM ET.

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COVID-19 update

The United States has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,345,920 cases with around 1,095,200 deaths. India confirmed a total of at least 44,653,590 cases and 529,020 deaths, while France reported over 36,809,610 COVID-19 cases with 156,830 deaths. In total, there were at least 635,532,320 cases of COVID-19 worldwide with more than 6,594,030 deaths.