Nasdaq Jumps 100 Points; Tyson Foods Sales Miss Views

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 100 points on Monday.

The Dow traded up 0.25% to 38,772.28 while the NASDAQ rose 0.64% to 16,260.19. The S&P 500 also rose, gaining, 0.59% to 5,157.96.

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Leading and Lagging Sectors

Energy shares rose by 1.5% on Monday.

In trading on Friday, consumer staples shares fell by 0.4%.

Top Headline

Tyson Foods Inc TSN reported weaker-than-expected sales for its second quarter.

The company posted a second-quarter FY24 sales decline of 0.46% year-on-year to $13.072 billion, missing the analyst consensus estimate of $13.157 billion. Adjusted EPS of 62 cents beat the consensus estimate of 39 cents.

Equities Trading UP
                       

• Holdco Nuvo Group D.G Ltd NUVO shares shot up 222% to $6.57.
• Shares of Strong Global Entertainment, Inc. SGE got a boost, surging 150% to $2.84 fter FG Acquisition Corp. announced the proposed acquisition of Strong/MDI Screen Systems and the launch of Saltire Holdings.
• XBP Europe Holdings, Inc. XBP shares were also up, gaining 62% to $3.4293. XBP Europe Holdings was recently awarded a $40 million multi-year contract for a nationwide transformation project for His Majesty’s Passport Office.

Equities Trading DOWN

• Lyra Therapeutics, Inc LYRA shares dropped 90% to $0.4013 after the company announced the ENLIGHTEN 1 trial did not meet its primary endpoint.
• Shares of GlycoMimetics, Inc GLYC were down 79% to $0.3831 after the company announced topline results from its Phase 3 global pivotal study of uproleselan in relapsed/refractory acute myeloid leukemia (R/R AML).
• EyePoint Pharmaceuticals, Inc EYPT was down, falling 39% to $11.99 after the company’s Phase 2 PAVIA trial of DURAVYU did not meet its pre-specified primary endpoint.

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Commodities

In commodity news, oil traded up 0.7% to $78.63 while gold traded up 0.9% at $2,329.90.

Silver traded up 2.9% to $27.45 on Monday, while copper rose 1.3% to $4.6165.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.5%, Germany's DAX rose 0.9% and France's CAC 40 gained 0.4%. Spain's IBEX 35 Index rose 0.5%, while London's FTSE 100 rose 0.5%.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei falling 0.1%, Hong Kong's Hang Seng Index jumping 0.55% and India's S&P BSE Sensex rising 0.02%.

Economics

No major economic reports will be released today.