Mid-day market update: Nasdaq tumbles 250 points; Celsion (CLSN Stock) shares spike higher

Midway through trading Monday, the Dow traded down 0.11% to 31,458.21 while the NASDAQ fell 1.83% to 13,620.18. The S&P also fell, dropping 0.73% to 3,878.36.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 28,134,270 cases with around 498,900 deaths. India confirmed a total of at least 11,005,850 confirmed cases and 156,380 deaths, while Brazil reported over 10,168,170 COVID-19 cases with 246,500 deaths. In total, there were at least 111,415,030 cases of COVID-19 worldwide with over 2,467,200 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 3.9% on Monday. Meanwhile, top gainers in the sector included GasLog Ltd. GLOG 18.03%, up 18%, and SM Energy Company SM 23.34%, up 19%.

In trading on Monday, utilities shares fell by 1.9%.

Top Headline

DISH Network Corporation DISH 0.53% reported better-than-expected earnings for its fourth quarter.

DISH reported quarterly earnings of $1.24 per share, beating analysts’ estimates of $0.75 per share. The company’s quarterly sales came in at $4.56 billion, versus expectations of $4.42 billion.

Equities Trading UP

Rodgers Silicon Valley Acquisition Corp. RSVA 49.21% shares shot up 56% to $24.50. Enovix will go public through a merger with Rodgers Silicon Valley Acquisition Corp.

Shares of Celsion Corporation CLSN 59.47% got a boost, shooting 46% to $2.78 after the company received FDA Fast Track designation for GEN-1 in advanced ovarian cancer.

Cooper Tire & Rubber Company CTB 30.16% shares were also up, gaining 31% to $57.18 after the company announced it will be acquired by Goodyear around $2.8 billion. Cooper Tire & Rubber also reported Q4 results.

Check out these big movers of the day

Equities Trading DOWN

Otonomy, Inc. OTIC 42.49% shares tumbled 42% to $3.1050 after the company announced that its Phase 3 clinical trials of OTIVIDEX in patients with Meniere's disease did not meet its primary endpoint.

Shares of Ebix, Inc. EBIX 39.99% were down 47% to $26.79 after the company reaffirmed business forecast for FY 2021.

Brainstorm Cell Therapeutics Inc. BCLI 33.62% was down, falling 31% to $4.7295 after the company announced the FDA concluded from their initial review that the current level of NurOwn clinical data does not provide the threshold of substantial evidence that FDA is seeking to support a biologics license application.

Commodities

In commodity news, oil traded up 2.9% to $60.96, while gold traded up 1.8% to $1,809.50.

Silver traded up 2.3% Monday to $27.89 while copper rose 1.1% to $4.1170.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.36%, the Spanish Ibex Index fell 0.66% and the German DAX 30 declined 0.26%. Meanwhile, the French CAC 40 rose 0.02%, London’s FTSE 100 fell 0.13% and Italy’s FTSE MIB fell 0.55%.

German Ifo Business Climate indicator increased to 92.4 in February from a revised reading of 90.3 in the earlier month.

Economics

The Chicago Fed National Activity Index rose to 0.66 in January versus a revised reading of 0.41 in December.

The index of leading economic indicators rose 0.5% for January.

The Dallas Fed manufacturing index rose 10.2 points to a reading of 17.2 in February .

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m.