Mid-Morning Market Update: Markets Open Lower; Deutsche Bank To Cut 18K Jobs

Following the market opening Monday, the Dow traded down 0.34% to 26830.36 while the NASDAQ fell 0.73% to 8102.20. The S&P also fell, dropping 0.36% to 2,979.55.

Leading and Lagging Sectors

Energy shares rose 0.4% on Monday. Meanwhile, top gainers in the sector included Fortem Resources Inc. (OTC: FTMR), up 22%, and NCS Multistage Holdings, Inc. (NASDAQ: NCSM), up 9%.

In trading on Monday, information technology shares fell 1.1%.

Top Headline

Deutsche Bank AG (NYSE: 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. (NASDAQ: TRNX) shares shot up 43% to $0.299 after the company generated record MagneGas production.

Shares of Oasmia Pharmaceutical AB (NASDAQ: OASM) got a boost, shooting up 24% to $2.49. Oasmia Pharmaceutical shares surged over 63% Friday after the company announced that an agreement has been reached with its largest shareholder Arwidsro to solve its outstanding balances. Arwidsro increased its investment in Oasmia.

Soliton, Inc. (NASDAQ: SOLY) shares were also up, gaining 20% to $13.73. Soliton will announce cellulite trial data for 26-week period on July 15, 2019.

Equities Trading DOWN

Intra-Cellular Therapies, Inc. (NASDAQ: ITCI) shares tumbled 21% to $10.63 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. . (NYSE: CTST) were down 17% to $4.0925 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.

Camber Energy, Inc. (NYSE: CEI) was down, falling 17% to $2.44 after the company announced it received a deficiency letter from NYSE American stating that the company is not in compliance with continued listing standards.


In commodity news, oil traded down 0.1% to $57.45, while gold traded up 0.5% to $1,406.60.

Silver traded up 0.8% Monday to $15.12, while copper rose 0.9% to $2.685.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index fell 0.2%, while Italy’s FTSE MIB Index gained 0.2%. Meanwhile, the German DAX declined 0.2%, and the French CAC 40 fell 0.1% while UK shares rose 0.1%.


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

The TD Ameritrade Investor Movement Index for June is schedule for release at 12:30 p.m. ET.

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

© 2020 Benzinga does not provide investment advice. All rights reserved.

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