Mid-Day Market Update: Crude Oil Down Over 1%; Allakos Shares Spike Higher

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

Utilities shares slipped by just 0.1% on Monday. Meanwhile, top gainers in the sector included WEC Energy Group, Inc. WEC, up 2%, and Portland General Electric Company POR, up 1.5%.

In trading on Monday, information technology shares fell 2.9%.

Top Headline

Tyson Foods, Inc. 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. 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 BCC got a boost, shooting up 9% to $29.67 after the company posted upbeat Q2 earnings.

Tyson Foods, Inc. 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. 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.

Shares of Cars.com Inc. 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. 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.