Mid-Afternoon Market Update: Dow Down 150 Points; Intra-Cellular Therapies Shares Plunge

Toward the end of trading Monday, the Dow traded down 0.56% to 26,772.05 while the NASDAQ fell 0.93% to 8085.96. The S&P also fell, dropping 0.60% to 2,972.38.

Leading and Lagging Sectors

Real estate shares rose 0.5% on Monday. Meanwhile, top gainers in the sector included IRSA Propiedades Comerciales S.A. IRCP, up 4%, and CBL & Associates Properties, Inc CBL, up 3%.

In trading on Monday, health care shares fell 1%.

Top Headline

Deutsche Bank AG DB confirmed over the weekend it will eliminate 18,000 jobs by 2022 to save 17 billion euros ($19 billion USD).

Deutsche Bank plans on eliminating its global equities sales and trading business and cut back its investment banking business to improve profitability. The restructuring plan will result in a net loss of 2.8 billion euros in the second quarter and is expected to cost 7.4 billion euros through 2022.

Equities Trading UP

Taronis Technologies, Inc. TRNX shares shot up 29% to $0.2686 after the company generated record MagneGas production.

Shares of Sol-Gel Technologies Ltd. SLGL got a boost, shooting up 15% to $10.30 after announcing positive results from its Phase 3 program evaluating Epsolay microencapsulated benzoyl peroxide cream, 5%, made with the company’s proprietary microencapsulation technology, for the treatment of papulopustular rosacea.

Soliton, Inc. SOLY shares were also up, gaining 51% to $17.21. Soliton will announce cellulite trial data for 26-week period on July 15, 2019.

Equities Trading DOWN

Intra-Cellular Therapies, Inc. ITCI shares tumbled 22% to $10.50 after the company released mixed study results from two Phase 3 clinical trials evaluating lumateperone as monotherapy in the treatment of major depressive episodes associated with bipolar depression.

Shares of CannTrust Holdings Inc. . CTST were down 21% to $3.92 after Health Canada notified the company that its greenhouse facility in Ontario is not compliance with certain regulations and placed a hold on inventory from this until the company is in compliance.

Nano Dimension Ltd. NNDM was down, falling 19% to $0.4230 after the company reported preliminary Q2 sales of $1 million to $1.2 million, which is below management's expectations. Nano Dimension announced it's conducting a review of strategic alternatives. The company states there can be no assurance that the exploration of strategic alternatives will result in a transaction.

Commodities

In commodity news, oil traded up 0.7% to $57.91, while gold traded down 0.1% to $1,398.70.

Silver traded up 0.4% Monday to $15.065, while copper fell 0.1% to $2.6575.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.05%, the Spanish Ibex Index fell 0.54%, while Italy’s FTSE MIB Index dropped 0.04%. Meanwhile, the German DAX declined 0.2%, and the French CAC 40 fell 0.08% while UK shares fell 0.05%.

Economics

Data on consumer credit for May will be released at 3:00 p.m. ET.