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. ENR, up 11% and TreeHouse Foods, Inc. THS up 15%.
In trading on Monday, energy shares dipped by 6.8%.
Tyson Foods, Inc. 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 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. PCOM got a boost, shooting 44% to $24.49. Plusgrade announced plans to acquire Points for $25 per share in cash.
TreeHouse Foods, Inc. THS shares were also up, gaining 15% to $34.96 after the company reported better-than-expected Q1 results.
Equities Trading DOWN
Party City Holdco Inc. 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. 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 ADCT was down, falling 25% to $8.21 after the company reported Q1 earnings results.
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.
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.
U.S. wholesale inventories rose 2.3% for March.
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.
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