Mid-Morning Market Update: Markets Mostly Lower; Lockheed Martin Posts Mixed Q2 Results

Following the market opening Monday, the Dow traded down 0.21% to 34,986.56 while the NASDAQ rose 0.06% to 14,845.70. The S&P also fell, dropping 0.09% to 4,407.92.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 34,433,820 cases with around 610,890 deaths. India confirmed a total of at least 31,411,260 cases and 420,960 deaths, while Brazil reported over 19,688,660 COVID-19 cases with 549,920 deaths. In total, there were at least 192,241,000 cases of COVID-19 worldwide with more than 4,159,320 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 2.7% on Monday. Meanwhile, top gainers in the sector included CONSOL Energy Inc. CEIX, up 8%, and Uranium Energy Corp. UEC, up 6%.

In trading on Monday, health care shares fell 0.7%.

Top Headline

Lockheed Martin Corporation LMT reported downbeat earnings for its second quarter, while sales exceeded views.

Lockheed reported quarterly adjusted earnings of $6.52 per share, missing analysts’ estimates of $6.53 per share. The company’s revenue came in at $17.03 billion, versus expectations of $16.93 billion.

Lockheed raised its full-year earnings forecast to $26.70-$27.00 from $26.40-$26.70. However, the company reaffirmed its revenue view at $67.3 billion-$68.7 billion.

 

Equities Trading UP

Xenetic Biosciences, Inc. XBIO shares shot up 45% to $3.65 after the company announced a $12.5 million private placement priced at a premium to the market.

Shares of Bit Digital, Inc. BTBT got a boost, shooting 31% to $5.55 after the company announced it entered into a second strategic co-mining agreement with Digihost Technology Inc. The stock is also trading higher in sympathy with the price of Bitcoin.

Studio City International Holdings Limited MSC shares were also up, gaining 25% to $11.50 after dropping around 25% on Friday.

Check out these big movers of the day

Equities Trading DOWN

ATI Physical Therapy, Inc. ATIP shares tumbled 42% to $4.9050 after the company lowered 2021 financial expectations, driven by lower-than-expected physical therapist headcount.

Shares of Youdao, Inc. DAO were down 23% to $9.74. Youdao elaborated on the General Office of the Communist Party of China Central Committee and the General Office of the State Council's joint guideline issued on Jul. 24 regarding homework and after-school tutoring for students.

NanoVibronix, Inc. NAOV was down, falling 23% to $2.00. NanoVibronix shares surged over 248% on Friday after the company got Australian Therapeutic Goods Administration approval for its UroShield System.

Commodities

In commodity news, oil traded down 0.8% to $71.51, while gold traded up 0.4% to $1,808.50.

Silver traded up 0.9% Monday to $25.46 while copper rose 1.4% to $4.4630.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.3%, the Spanish Ibex Index rose 0.1% and the German DAX 30 dropped 0.4%. Meanwhile, the London’s FTSE 100 fell 0.2%, French CAC 40 fell 0.2% and Italy’s FTSE MIB gained 0.1%.

Producer prices in Spain rose 15.4% year-over-year in June. The Ifo Business Climate indicator for Germany fell to 100.8 in July from 101.7 a month ago.

Economics

US new home sales for June fell 6.6% to an annual rate of 676,000 in June.

The Dallas Fed manufacturing index for July is scheduled for release at 10:30 a.m. ET.

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

The Treasury will auction 2-year notes at 1:00 p.m. ET.

Check out the full economic calendar here