Mid-Morning Market Update: Markets Open Lower; Sysco Earnings Miss Views

Following the market opening Tuesday, the Dow traded down 0.52% to 36,244.48 while the NASDAQ fell 0.80% to 15,855.27. The S&P also fell, dropping 0.59% to 4,674.19.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 47,453,950 cases with around 776,310 deaths. India confirmed a total of at least 34,376,290 cases and 461,370 deaths, while Brazil reported over 21,886,070 COVID-19 cases with 609,600 deaths. In total, there were at least 251,254,020 cases of COVID-19 worldwide with more than 5,075,040 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares gained by 0.4% on Tuesday. Meanwhile, top gainers in the sector included Centrais Elétricas Brasileiras S.A. - Eletrobrás EBR, up 5% and Central Puerto S.A. CEPU up 4%.

In trading on Tuesday, consumer discretionary shares fell 1.1%.

Top Headline

Sysco Corporation SYY reported weaker-than-expected earnings for its first quarter.

Sysco posted quarterly adjusted earnings of $0.83 per share, missing analysts’ estimates of $0.86 per share. The company’s quarterly sales came in $16.50 billion, versus expectations of $15.87 billion.

Equities Trading UP

Dover Motorsports, Inc. DVD shares shot up 60% to $3.5850 after Speedway Motorsports announced it will acquire the company for $3.61 per share in cash.

Shares of New Relic, Inc. NEWR got a boost, shooting 31% to $119.18 after the company reported better-than-expected Q2 results and issued sales guidance above estimates. JP Morgan upgraded New Relic from Underweight to Overweight and raised the price target from $70 to $150.

Roblox Corporation RBLX shares were also up, gaining 28% to $98.22 after the company reported better-than-expected Q3 EPS results. The company also reported Q3 DAUs were up 31% year over year.

Check out these big movers of the day

Equities Trading DOWN

LifeStance Health Group, Inc. LFST shares tumbled 34% to $8.41 after the company posted a wider-than-expected Q3 loss. JP Morgan downgraded LifeStance Health Group from Overweight to Neutral and lowered the price target from $24 to $12.

Shares of Amyris, Inc. AMRS were down 31% to $8.99 after the company reported Q3 2021 EPS results were down year over year.

Pioneer Power Solutions, Inc. PPSI was down, falling 27% to $7.55. Pioneer Power Solutions shares jumped 219% on Monday after the company announced the launch of its E-Boost portfolio of mobile Electric Vehicle charging solutions for a full range of applications.

Commodities

In commodity news, oil traded up 1% to $82.74, while gold traded up 0.1% to $1,828.60.

Silver traded down 0.8% Tuesday to $24.335 while copper fell 0.7% to $4.3675.

Euro zone

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

The trade surplus in Germany shrank to EUR 16.2 billion in September from EUR 20 billion a year ago, while current account surplus narrowed to EUR 19.6 billion from EUR 25 billion. French current account deficit widened to EUR 2.7 billion in September from EUR 1.4 billion in the prior month, while trade deficit widened to EUR 6.78 billion in September.

Economics

The NFIB small business optimism index dropped for the second straight month to 98.2 points in October.

Producer prices for final demand rose 0.6% in October.

San Francisco Federal Reserve President Mary Daly is set to speak at 11:35 a.m. ET.

The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

Minneapolis Fed President Neel Kashkari will speak at 1:30 p.m. ET.

Check out the full economic calendar here