Why U.S. Stocks Are Trading Higher; Tyson Foods Earnings Miss Views

U.S. stocks traded higher this morning, following the release of strong jobs data on Friday.

The Dow traded up 0.51% to 32,971.92 while the NASDAQ rose 0.79% to 12,758. The S&P also rose, gaining, 0.57% to 4,168.95.

Also check this: Tyson Foods, Take-Two Interactive And 3 Stocks To Watch Heading Into Monday


Leading and Lagging Sectors


Communication services shares climbed 1.9% on Monday. Meanwhile, top gainers in the sector included AMC Entertainment Holdings, Inc. AMC, up 15% and Townsquare Media, Inc. TSQ up 7%.


In trading on Monday, energy shares rose by just 0.1%.


Top Headline


Tyson Foods Inc TSN reported third-quarter FY22 sales growth of 8.1% year-on-year to $13.49 billion, above the consensus of $13.24 billion. Adjusted EPS of $1.94 missed the analyst consensus of $1.97.


Equities Trading UP


Bonso Electronics International Inc. BNSO shares shot up 130% to $11.00. The company recent said it expects unaudited comprehensive loss of $1.6 million for fiscal year ended March 31, 2022.


Shares of CinCor Pharma, Inc. CINC got a boost, shooting 58% to $37.06 after the company's Phase 2 study for the treatment of hypertension met its primary endpoint.


Karuna Therapeutics, Inc. KRTX shares were also up, gaining 57% to $219.73 after the company announced topline results from its Phase 3 EMERGENT-2 trial of KarXT (xanomeline-trospium) in adults with schizophrenia. The trial met its primary endpoint, with KarXT demonstrating a statistically significant and clinically meaningful 9.6-point reduction in the Positive and Negative Syndrome Scale (PANSS) total score compared to placebo. The company also posted a Q2 loss of $2.17 per share.


Equities Trading DOWN

Reata Pharmaceuticals, Inc. RETA shares tumbled 32% to $24.33 after the company announced Q2 results and provided an update on clinical development programs.


Shares of uniQure N.V. QURE were down 25% to $19.14 after the company posted a loss for the second quarter.


Palantir Technologies Inc. PLTR was down, falling 14% to $9.88 after the company reported worse-than-expected earnings results and issued weak guidance.

Also check out: Traders More Optimistic After Better-Than-Expected Jobs Data


Commodities

In commodity news, oil traded down 0.8% to $88.32, while gold traded up 0.3% to $1,797.30.


Silver traded up 2.5% to $20.335 on Monday while copper rose 0.2% to $3.56.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 climbed 1%, London’s FTSE 100 rose 0.9% while Spain’s IBEX 35 Index rose 1.2%. The German DAX climbed 0.9%, French CAC 40 surged 1.2% and Italy’s FTSE MIB Index rose 0.8%.

The annual inflation rate in Greece fell to 11.5% in July from the 19-year high level of 12.1% in the prior month. The Swiss unemployment rate, meanwhile, remained at 2.0% in July


Economics

 

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


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


Check out this: Bitcoin, Ethereum Record Gains; Here Are The Top Crypto Movers For Monday


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 93,910,150 cases with around 1,058,730 deaths. India confirmed a total of at least 44,161,890 cases and 526,730 deaths, while France reported over 34,074,560 COVID-19 cases with 152,530 deaths. In total, there were at least 589,631,790 cases of COVID-19 worldwide with more than 6,436,830 deaths.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!