U.S. stocks traded lower this morning, with the Nasdaq Composite adding more than 400 points on Friday.

Following the market opening Monday, the $Dow Jones Industrial Average(.DJI.US)$ traded down 0.22% to 32,125.87 while the $Nasdaq Composite Index(.IXIC.US)$ fell 0.23% to 11,777.64. The $S&P 500 index(.SPX.US)$ also fell, dropping, 0.18% to 4,016.79.

Leading and Lagging Sectors

Energy shares jumped by 2.3% on Monday. Meanwhile, top gainers in the sector included $Rattler Midstream(RTLR.US)$, up 17% and $Tidewater(TDW.US)$ up 12%.

In trading on Monday, consumer discretionary shares fell 0.8%.

Top Headline

The New York Empire State Manufacturing Index unexpectedly declined to -11.6 in May from 24.6 in April. Analysts, meanwhile, were expecting a reading of 17.

Equities Trading UP

$Data Storage(DTST.US)$ shares shot up 49% to $3.4350 after the company reported better-than-expected Q1 financial results.

Shares of $Faraday Future Intelligent Electric Inc.(FFIE.US)$ got a boost, shooting 25% to $3.0703. Faraday Future posted a FY22 loss of $2.21 per share, versus a loss of $0.94 per share in FY21.

$iQIYI(IQ.US)$ shares were also up, gaining 24% to $3.68. JP Morgan upgraded iQIYI from Underweight to Overweight and raised the price target from $2 to $8.

Equities Trading DOWN

$Chimerix(CMRX.US)$ shares tumbled 61% to $1.65. $Emergent BioSolutions(EBS.US)$ agreed to acquire Chimerix's exclusive worldwide rights to Tembexa (brincidofovir), the first FDA-approved antiviral for all age groups for smallpox.

Shares of $Iris Energy(IREN.US)$ were down 36% to $4.97. The company recently posted downbeat quarterly sales.

$Eliem Therapeutics(ELYM.US)$ was down, falling 33% to $2.94 after the company reported a Q1 loss of $0.50 per share.

Commodities

In commodity news, oil traded down 1% to $109.38, while gold traded down 0.3% to $1,802.60.

Silver traded up 0.7% to $21.15 on Monday while copper rose 0.1% to $4.1755.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 fell 0.2%, London's FTSE 100 slipped 0.03% and Spain's IBEX 35 Index rose 0.2%. The German DAX dropped 0.5%, French CAC 40 fell 0.2% and Italy's FTSE MIB Index gained 0.3%.

The Eurozone reported a trade gap of €16.4 billion for March, versus a year-ago surplus of €22.5 billion.

Economics

The New York Empire State Manufacturing Index unexpectedly declined to -11.6 in May from 24.6 in April. Analysts, meanwhile, were expecting a reading of 17.

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

The Treasury International Capital report for March will be released at 4:00 p.m. ET.