Mid-Morning Market Update: Markets Open Higher; Cal-Maine Foods Posts Wider-Than-Expected Loss

Following the market opening Monday, the Dow traded up 0.30 percent to 22,472.26 while the NASDAQ climbed 0.37 percent to 6,519.87. The S&P also rose, gaining 0.24 percent to 2,525.31.

Leading and Lagging Sectors

Monday morning, the Healthcare shares surged 0.74 percent. Meanwhile, top gainers in the sector included Rigel Pharmaceuticals, Inc. RIGL, up 26 percent, and AcelRx Pharmaceuticals Inc ACRX, up 10 percent.

In trading on Monday, energy shares fell 0.61 percent. Meanwhile, top losers in the sector included Helix Energy Solutions Group Inc HLX, down 3 percent, and SM Energy Co SM down 3 percent.

Top Headline

Cal-Maine Foods Inc CALM reported a wider-than-expected loss for its first quarter on Monday.

Cal-Maine reported a Q1 loss of $0.33 per share on sales of $262.8 billion. However, analysts were expecting a loss of $0.22 per share on sales of $273.7 million.

Equities Trading UP

Social Reality Inc SRAX shares shot up 19 percent to $2.97 after surging 31.58 percent on Friday. SRAX reported the acquisition ofs OpenDSP's Demand-Side Platform.

Shares of Synchronoss Technologies, Inc. SNCR got a boost, shooting up 19 percent to $11.08 after the company disclosed Friday that it remains in active discussions with multiple parties.

Rigel Pharmaceuticals, Inc. RIGL shares were also up, gaining 21 percent to $3.07 after the company issued an update on FDA review of fostamatinib for ITP.

Equities Trading DOWN

Biohaven Pharmaceutical Holding Co Ltd BHVN shares dropped 18 percent to $30.58 after the company reported topline data from spinocerebellar ataxia Phase 2/3 trial.

Shares of CyberOptics Corporation CYBE were down 24 percent to $12.32 after the company reported a $3 million buyback plan and lowered its Q3 outlook.

Seres Therapeutics Inc MCRB was down, falling around 20 percent to $12.81 after the company reported topline results from SER-287 Phase 1b study in patients with Ulcerative Colitis.

Commodities

In commodity news, oil traded down 1.95 percent to $50.66 while gold traded down 0.60 percent to $1,277.10.

Silver traded down 0.13 percent Monday to $16.655, while copper fell 0.12 percent to $2.9515.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.20 percent, the Spanish Ibex Index fell 1.56 percent, while Italy’s FTSE MIB Index rose 0.18 percent. Meanwhile the German DAX gained 0.27 percent, and the French CAC 40 gained 0.16 percent while U.K. shares rose 0.60 percent.

Economics

The Markit manufacturing PMI rose to 53.10 for September, versus prior reading of 53.00. However, economists were expecting a reading of 53.00.

The ISM manufacturing index gained to 60.80 in September, versus previous reading of 58.80. Economists projected a reading of 58.00.

U.S. construction spending rose 0.5 percent for August, versus economists’ expectations for a 0.4 percent gain.

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

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in El Paso, Texas at 2:00 p.m. ET.