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U.S. stocks extended losses midway through trading, with the Nasdaq Composite dropping around 450 points on Monday.
The Dow traded down 1.92% to 32,267.68 while the NASDAQ fell 3.75% to 11,689.18. The S&P also fell, dropping, 2.82% to 4,007.12.
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Leading and Lagging Sectors
Consumer staples shares fell by just 0.04% on Monday. Meanwhile, top gainers in the sector included Energizer Holdings, Inc. (NYSE:ENR), up 11% and TreeHouse Foods, Inc. (NYSE:THS) up 15%.
In trading on Monday, energy shares dipped by 6.8%.
Top Headline
Tyson Foods, Inc. (NYSE:TSN) reported better-than-expected results for its second quarter on Monday.
Tyson Foods posted quarterly earnings of $2.29 per share, beating analysts’ estimates of $1.88 per share. The company’s quarterly sales came in at $13.12 billion, versus expectations of $12.84 billion.
Tyson Foods said it sees FY22 sales of $52 billion to $54 billion, versus analysts’ views of$51.79 billion.
Equities Trading UP
Hemisphere Media Group, Inc (NASDAQ:HMTV) shares shot up 79% to $6.76 after the company announced it entered into a definitive agreement to be acquired for $7.00 per share in cash by a subsidiary of Gato Investments, a portfolio investment of Searchlight Capital Partners.
Shares of Points.com Inc. (NASDAQ:PCOM) got a boost, shooting 44% to $24.49. Plusgrade announced plans to acquire Points for $25 per share in cash.
TreeHouse Foods, Inc. (NYSE:THS) shares were also up, gaining 15% to $34.96 after the company reported better-than-expected Q1 results.
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Equities Trading DOWN
Party City Holdco Inc. (NYSE:PRTY) shares tumbled 53% to $1.45 after the company reported worse-than-expected Q1 EPS and sales results. The company also issued FY22 sales guidance below analyst estimates.
Shares of Palantir Technologies Inc. (NYSE:PLTR) were down 21% to $7.45 after the company reported downbeat Q1 earnings and issued weak revenue forecast for the second quarter.
ADC Therapeutics SA (NYSE:ADCT) was down, falling 25% to $8.21 after the company reported Q1 earnings results.
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Commodities
In commodity news, oil traded down 4.5% to $104.86, while gold traded down 1.2% to $1,860.40.
Silver traded down 2.5% to $21.805 on Monday while copper fell 2.7% to $4.1520.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 slipped 2.63%, London’s FTSE 100 fell 2.06% and Spain’s IBEX 35 Index fell 1.94%. The German DAX dropped 1.84%, French CAC 40 fell 2.36% and Italy’s FTSE MIB Index fell 2.44%.
French current account deficit narrowed to EUR 3.2 billion in March from a revised EUR 0.94 billion a month ago, while trade deficit increased to EUR 12.4 billion from 10.4 EUR billion.
Economics
U.S. wholesale inventories rose 2.3% for March.
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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 83,581,710 cases with around 1,024,540 deaths. India confirmed a total of at least 43,105,400 cases and 524,090 deaths, while Brazil reported over 30,564,530 COVID-19 cases with 664,180 deaths. In total, there were at least 517,376,980 cases of COVID-19 worldwide with more than 6,276,710 deaths.
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.