US Stocks Mixed; SAIC Posts Upbeat Results

U.S. stocks traded mixed this morning, with Dow Jones dropping around 20 points on Monday.

Following the market opening Monday, the Dow traded down 0.06% to 33,740.98 while the NASDAQ rose 0.08% to 13,251.38. The S&P 500, also rose, gaining, 0.13% to 4,288.00.

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Leading and Lagging Sectors

• Energy shares jumped by 1.1% on Monday. Meanwhile, top gainers in the sector included Nine Energy Service, Inc. NINE, up 7%, and Aemetis, Inc. AMTX, up 7%.
• In trading on Monday, financial shares fell by 0.1%.

Top Headline

Science Applications International Corp SAIC reported better-than-expected results for its first quarter.

SAIC posted a 2% revenue growth Y/Y to $2.03 billion, beating the consensus of $1.96 billion. Adjusted EPS of $2.14 beat the consensus of $1.77.

Equities Trading UP

• Chijet Motor Company, Inc. CJET shares shot up 62% to $6.20 after dipping around 33% on Friday.
• Shares of Elicio Therapeutics, Inc. ELTX got a boost, shooting 12% to $19.45 after the company reported positive interim data from the Phase 1 study of an investigational therapeutic cancer immunotherapy, ELI-002, in patients with high relapse risk pancreatic and colorectal cancer at the ASCO Annual Meeting.
• MultiMetaVerse Holdings Limited MMV shares were also up, gaining 8% to $2.21. MultiMetaVerse shares jumped 117% on Friday after the company announced it signed a non-binding term sheet to acquire an equity stake in Taomee group.

Equities Trading DOWN

• Bellerophon Therapeutics, Inc. BLPH shares dropped 83% to $1.20 after the company's Phase 3 REBUILD trial did not meet its primary endpoint.
• Shares of Blueprint Medicines Corporation BPMC were down 9% to $53.00. SVB Leerink downgraded Blueprint Medicines from Market Perform to Underperform and lowered the price target from $48 to $43.
• Castle Biosciences, Inc. CSTL was down, falling 43% to $13.02. Baird and Lake Street both lowered their price targets on the stock.

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Commodities

In commodity news, oil traded up 2.7% to $73.64 while gold traded down 0.8% at $1,954.50.

Silver traded down 1.6% to $23.375 on Monday while copper rose 0.2% to $3.7355.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.4% The German DAX gained 0.2% French CAC 40 fell 0.1% and Italy’s FTSE MIB Index fell 0.3%.

Producer price inflation in the Eurozone fell to 1.0% year-over-year in April from 5.5% in the previous month. The HCOB Eurozone services PMI fell to 55.1 in May versus a preliminary level of 55.9

The S&P Global/CIPS UK services PMI was revised higher to 55.2 in May versus a preliminary reading of 55.1. France’s services PMI was revised lower to 52.5 in May versus a flash level of 52.8, while German services PMI slipped to 57.2 in May versus a preliminary reading of 57.8.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 2.20%, Hong Kong’s Hang Seng Index jumping 0.84% and China’s Shanghai Composite Index rising 0.07%. India’s S&P BSE Sensex rose 0.4%.

The S&P Global Indian services PMI slipped to 61.2 in May versus April’s reading of 62. The Caixin China general services PMI rose to 57.1 in May compared to 56.4 a month ago. The S&P Global Hong Kong SAR PMI dropped to 50.6 in May from April’s reading of 52.4. The au Jibun Bank Japan services PMI was revised lower to 55.9 in May from a preliminary level of 56.3.

Economics

The ISM services index for May will be released at 10:00 a.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,137,340 cases with around 1,165,730 deaths. India confirmed a total of at least 44,991,750 cases and 531,880 deaths, while France reported over 40,098,410 COVID-19 cases with 167,370 deaths. In total, there were at least 689,912,490 cases of COVID-19 worldwide with more than 6,887,330 deaths.