Mid-Day Market Update: US Stocks Down; Nasdaq Falls 50 Points

Midway through trading Monday, the Dow traded down 0.10% to 35,053.40 while the NASDAQ fell 0.36% to 14,046.74. The S&P also fell, dropping, 0.26% to 4,488.93.

Also check out this: Executives Sell Over $45M Of 5 Stocks

Leading and Lagging Sectors

Energy shares rose by 1.6% on Monday. Meanwhile, top gainers in the sector included Calumet Specialty Products Partners, L.P. CLMT, up 9% and PBF Energy Inc. PBF up 6%.

In trading on Monday, communication services shares tumbled by 1.3%.

Top Headline

 

Tyson Foods Inc TSN posted better-than-expected earnings for its first quarter on Monday.

Tyson Foods posted quarterly earnings of $2.87 per share, beating analysts’ estimates of $1.90 per share. The company’s quarterly sales came in at $12.93 billion, versus market expectations of $12.18 billion.

Tyson Foods expects FY22 sales to be in the upper end of $49 billion - $51 billion, versus the consensus of $50.35 billion.

Equities Trading UP

Anghami Inc. ANGH shares shot up 57% to $18.87 following its recent listing on NASDAQ.

Shares of Nuvectis Pharma, Inc. NVCT got a boost, shooting 50% to $4.8650. The company, on Friday, priced its IPO at $5 per share.

Bakkt Holdings, Inc. BKKT shares were also up, gaining 25% to $5.41.

Executives Buy More Than $28M Of 4 Stocks

Equities Trading DOWN

American Rebel Holdings, Inc. AREB shares tumbled 17% to $2.50. American Rebel Holdings reported pricing of $10.5 million public offering.

Shares of Dermata Therapeutics, Inc. DRMA were down 35% to $1.45. Dermata Therapeutics has requested the FDA to waive the requirements to complete a 90-day dermal minipig study and a standard dermal pharmacokinetics study before the End of Phase 2 meeting for its DMT310 acne program.

Cerence Inc. CRNC was down, falling 34% to $41.72 after the company issued Q2 sales guidance below estimates and lowered FY22 sales guidance below estimates. The company also said CFO Mark Gallenberger will retire effective March 11, 2022.

Also check out these insider buying in penny stocks here

 

Commodities

In commodity news, oil traded down 0.6% to $91.72, while gold traded up 0.6% to $1,818.40.

Silver traded up 2.3% Monday to $22.985 while copper fell 0.6% to $4.4620.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.9%, London’s FTSE 100 gained 0.9%, while Spain’s IBEX 35 Index rose 0.2%. The German DAX rose 0.9%, French CAC 40 rose 1% and Italy’s FTSE MIB Index fell 0.9%.

Economics

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

The Investor Movement Index for January is scheduled for release at 12:30 p.m. ET.

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

Check out the full economic calendar here

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 77,150,410 cases with around 920,820 deaths. India confirmed a total of at least 41,952,710 cases and 500,080 deaths, while Brazil reported over 26,099,730 COVID-19 cases with 630,000 deaths. In total, there were at least 389,010,750 cases of COVID-19 worldwide with more than 5,733,250 deaths.