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Midway through trading Monday, the Dow traded down 2.07% to 25937.99 while the NASDAQ fell 2.76% to 7,783.48. The S&P also fell, dropping 2.08% to 2,871.19.
Leading and Lagging Sectors
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Utilities shares slipped by just 0.1% on Monday. Meanwhile, top gainers in the sector included WEC Energy Group, Inc. (NYSE:WEC), up 2%, and Portland General Electric Company (NYSE:POR), up 1.5%.
In trading on Monday, information technology shares fell 2.9%.
Top Headline
Tyson Foods, Inc. (NYSE:TSN) reported better-than-expected earnings for its third quarter, while sales missed estimates.
Tyson reported second-quarter earnings of $1.47 per share, which beat the analyst consensus estimate of $1.45 per share. The company posted quarterly sales of $10.885 billion, versus analysts’ estimates of $11.08 billion. Tyson Foods reaffirmed FY2019 EPS guidance of $5.75 to 6.10 per share.
Equities Trading UP
Allakos Inc. (NASDAQ:ALLK) shares shot up 112% to $65.60 after the company's AK002 met all primary and secondary endpoints in its Phase 2 study. The company also reported better-than-expected Q2 EPS results.
Shares of Boise Cascade Company (NYSE:BCC) got a boost, shooting up 9% to $29.67 after the company posted upbeat Q2 earnings.
Tyson Foods, Inc. (NYSE:TSN) shares were also up, gaining 8% to $86.41 after reporting better-than-expected earnings for its third quarter.
Equities Trading DOWN
GlycoMimetics, Inc. (NASDAQ:GLYC) shares tumbled 62% to $3.5050 after the company announced Pfizer's Phase 3 clinical trial evaluating Rivipansel in Sickle Cell did not meet its Primary or key Secondary endpoints.
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Shares of Cars.com Inc. (NYSE:CARS) were down 34% to $11.87 after the company said it concluded a strategic review process and received no bids for the company. The company also reported worse-than-expected Q2 results and cut FY19 guidance.
Genie Energy Ltd. (NYSE:GNE) was down, falling 26% to $7.88 following Q2 results. Genie Energy posted Q2 loss of $0.29 per share on sales of $61.009 million.
Commodities
In commodity news, oil traded down 1.1% to $55.06, while gold traded up 0.8% to $1,468.50.
Silver traded up 0.2% Monday to $16.305, while copper fell 0.9% to $2.549.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 2.22%, the Spanish Ibex Index fell 1.25%, while Italy’s FTSE MIB Index dropped 1.32%. Meanwhile, the German DAX dropped 1.62%, and the French CAC 40 fell 2.04% while UK shares fell 2.38%.
Economics
US final services PMI increased to 53 in July, versus a flash reading of 52.2.
The ISM's non-manufacturing index fell to 53.7 in July, compared to a reading of 55.1 in June. However, economists projected a reading of 55.5.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.