Mid-Morning Market Update: Markets Open Lower; Morgan Stanley Q1 Profit Beats Expectations

Following the market opening Monday, the Dow traded down 0.07 percent to 17,885.65 while the NASDAQ declined 0.34 percent to 4,921.37. The S&P also fell, dropping 0.17 percent to 2,077.18. Leading and Lagging SectorsOn Monday, cyclical consumer goods & services shares gained by 0.11 percent. Meanwhile, top gainers in the sector included Standard Motor Products, Inc. (NYSE: SMP), up 8 percent, and Hasbro, Inc. (NASDAQ: HAS), up 4 percent. In trading on Monday, energy shares fell by 0.81 percent. Meanwhile, top losers in the sector included Willbros Group Inc (NYSE: WG), down 13 percent, and Calumet Specialty Products Partners, L.P (NASDAQ: CLMT), down 47 percent.Top HeadlineMorgan Stanley (NYSE: MS) reported better-than-expected earnings for the first quarter on Monday.The bank reported Q1 earnings of $0.55 per share on revenue of $7.79 billion. However, analysts were expecting earnings of $0.46 per share on revenue of $7.87 billion.Equities Trading UP Cvent Inc (NYSE: CVT) shares shot up 66 percent to $35.34 after the company agreed to be acquired by Vista Equity Partners for around $1.65 billion.Shares of Amedica Corporation (NASDAQ: AMDA) got a boost, shooting up 69 percent to $2.75 after the company reported that it has signed an exclusive 10 year Chinese silicon nitride distribution agreement. Ignyta Inc (NASDAQ: RXDX) shares were also up, gaining 9 percent to $8.83 after the company reported updated data from Entrectinib Phase 1 clinical trials at the 2016 AACR Annual Meeting. The company's release showed that Entrectinib was well tolerated in Phase 1 trial.Equities Trading DOWN Chiasma Inc (NASDAQ: CHMA) shares dropped 58 percent to $4.24 after the company reported that it has received Complete Response Letter for its New Drug Application for Mycapssa.Shares of Calumet Specialty Products Partners, L.P (NASDAQ: CLMT) were down 47 percent to $5.49. Calumet Specialty Products reported preliminary Q1 results and reported the suspension in its quarterly cash distribution of $0.685 per unit. The company also priced a private placement of senior secured notes due 2021. Raymond James downgraded Calumet Specialty from Market Perform to Underperform. Transition Therapeutics Inc (USA) (NASDAQ: TTHI) was down, falling around 20 percent to $1.00. Transition Therapeutics said that its partner Eli Lilly and Co (NYSE: LLY) will not advance TT401 into Phase 3 development.CommoditiesIn commodity news, oil traded down 4.41 percent to $38.58 while gold traded up 0.57 percent to $1,241.60. Silver traded down 0.23 percent Monday to $16.28, while copper fell 0.12 percent to $2.16.EurozoneEuropean shares were mostly lower today. The eurozone's STOXX 600 declined 0.29 percent, the Spanish Ibex Index fell 0.53 percent, while Italy's FTSE MIB Index rose 0.08 percent. Meanwhile, the German DAX dropped 0.25 percent, and the French CAC 40 slipped 0.43 percent, while U.K. shares fell 0.37 percent.EconomicsThe NAHB housing market index was unchanged at 58 for April.