The stock market stumbled Monday as investors worried that the global economy could be slowing just as last week’s blockbuster U.S. jobs report appeared to open the way to the first rate hike from the Federal Reserve in nearly a decade. It was the first notable decline for the market in six weeks.
The Dow Jones industrial average fell 180 points, or 1%, to 17,730 as the blue-chip index fell back into the red for the year. The Standard & Poor’s 500 index tumbled 20 points, or 1%, to 2079 as the broad-based index racked up its fourth straight day of losses. The Nasdaq composite index dropped 52 points, or 1% to 5095.
Bond yields rose again after a sharp jump on Friday as the yield on the 10-year Treasury note rose to 2.35% from 2.32% late Friday.
Market prognosticators on Wall Street are now faced with the prospect of a rising rate environment, coupled with stocks at more expensive prices following a more than 12% run-up following the market’s first official 10% correction in four years this summer.
“A downwardly revised 2015 global growth forecast from the Organisation for Economic Cooperation and Development (OECD) has the Dow futures trading lower,” Eppstein told clients. “The OECD warned that a slowdown in emerging markets, particularly China, is at the ‘heart’ of its bleaker forecast — which, combined with downbeat data from the mainland today, has sparked some jitters ahead of the open. With anxiety still lingering over the prospect of an imminent December rate hike, it’s shaping up to be a negative session for U.S. stocks.”
CempraInc (NASDAQ:CEMP)stock edged higher by +4.44% to close Monday’s session at USD 28.92. The company’s shares hovered between USD 46.99and USD 13.05(marking a new 52-week high/low) during the session. The stock traded with the volume of 1.47million shares, which was below its 3 month average volume of 1.68million shares. Over the last 5 days, CempraInc‘s shares have rose by 19.36%.CempraInc (NASDAQ:CEMP)a clinical-stage pharmaceutical company, focuses on developing antibiotics to meet medical needs in the treatment of bacterial infectious diseases in North America. Its lead product candidates include solithromycin (CEM-101), which is in Phase III clinical trials for the treatment of community acquired bacterial pneumonia, as well as for uncomplicated bacterial urethritis; and Taksta (CEM-102), an antibiotic that has completed Phase II clinical trials for refractory bone and joint infections.
Geron Corporation (NASDAQ:GERN) gained+1.79% to close Monday’s session at USD 3.97. The shares of the company fluctuatedin the range of USD 2.20and USD 4.67(marking a new 52-week high/low) during the session. A trading volume of 1.79million shares was recorded, which was less than its 1 month daily average volume of 2.68million shares. Over the three months, Geron Corporation‘s shares have surged by 16.08% and in the past one year, it has gained70.39%. Geron Corporation (NASDAQ:GERN)reported financial results for the third quarter ended September 30, 2015.For the third quarter of 2015, the company reported net income of $27.2 million, or $0.17 per share, compared to a net loss of $9.5 million, or $(0.06) per share, for the comparable 2014 period. Net income for the first nine months of 2015 was $8.5 million, or $0.05 per share, compared to a net loss of $26.7 million, or $(0.18) per share, for the comparable 2014 period. The company ended the third quarter of 2015 with $151.8 million in cash and investments.
AgenusInc (NASDAQ:AGEN)‘s stock increased by +0.43% to close Monday’s session at USD 4.68. The Company’s shares oscillated in the range of USD 4.56and USD 4.72. A total of 1.31million shares exchanged hands, which surpassed its 1 month daily average volume of 1.30million shares. Over the last five days AgenusInc‘s shares have declined by -1.68%. AgenusInc (NASDAQ:AGEN)an immunology company discovering and developing innovative treatments for patients with cancer and other diseases, announced that it has executed three separate transactions, including entering into a definitive agreement to acquire XOMA Corporation’s (XOMA) antibody pilot plant manufacturing facility and capabilities. Additionally, Agenus obtained an exclusive license to a phage display library from IONTAS, and entered into an agreement for cell line development technology with Selexis.