Mid-Morning Market Update: Markets Edge Higher; Tyson Foods Tops Q2 Estimates

Following the market opening Monday, the Dow traded up 0.14 percent to 17,765.08 while the NASDAQ climbed 0.34 percent to 4,752.35. The S&P also rose, gaining 0.20 percent to 2,061.15.

On Monday, the healthcare sector proved to be a source of strength for the market. Top gainers in the sector included

,

, and

. In trading on Monday, basic materials shares fell by 2.5 percent. Meanwhile, top losers in the sector included

, down 16 percent, and

, down 14 percent.

reported better than expected results for the second quarter. As a result, the company increased its adjusted earnings forecast for the current year. Tyson Foods' quarterly earnings jumped 46.7 percent to $1.10 a share from $0.75 a share in the year-ago quarter. This was $0.14 a share better than the Street analysts' expectations of $0.96 a share. The company's top line fell 8.11 percent to $9.17 billion from $9.98 billion in the previous year quarter. This was also better than the Street predictions of $9.04 billion as analysts expected revenue drop of 9.4 percent in the first quarter. Tyson foods said it was boosting its adjusted earnings forecast to $4.20-4.30 per share for the full year 2016. This was way ahead of the Street analysts' estimations of $4.06 a share.

shares shot up 24 percent to $20.87 after the company agreed to be acquired by JAB Beech in a $1.35 billion deal. Shares of

got a boost, shooting up 13 percent to $14.92 after the company reported better-than-expected Q1 results.

shares were also up, gaining 12 percent to $39.87 as the company reported strong results for its first quarter.

shares dropped 24 percent to $5.40 after the company reported the resignation of its CEO Renaud Laplanche within its first quarter results. Lending Club said it earned $0.01 per share in the first quarter on revenue of $151.27 million. Wall Street analysts were expecting the company to earn $0.05 per share on revenue of $148.23 million. Shares of

were down 14 percent to $1.35 as the company reported plans to raise $5 million through at-the-market offering.

was down, falling around 7 percent to $10.08 as the company reported downbeat Q1 earnings.

In commodity news, oil traded up 0.13 percent to $44.72 while gold traded up 1.61 percent to $1,273.20. Silver traded down 1.38 percent Monday to $17.29, while copper fell 1.67 percent to $2.12.

European shares were mostly higher today. The eurozone's STOXX 600 surged 1.01 percent, the Spanish Ibex Index gained 0.52 percent, while Italy's FTSE MIB Index declined 0.62 percent. Meanwhile, the German DAX gained 1.59 percent, and the French CAC 40 gained 1.11 percent while U.K. shares rose 0.25 percent.

On the economics calendar Monday, there is no important data due out.