Mid-Morning Market Update: Markets Open Lower; United Natural Foods Tops Q3 Views

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.44% to 32,770.84 while the NASDAQ fell 0.41% to 12,011.39. The S&P also fell, dropping, 0.38% to 4,105.77.

Also check this: Home Depot And 2 Other Stocks Insiders Are Buying


Leading and Lagging Sectors


Energy shares jumped by 1.6% on Tuesday. Meanwhile, top gainers in the sector included Peabody Energy Corporation BTU, up 11% and Arch Resources, Inc. ARCH up 7%.


In trading on Tuesday, consumer discretionary shares fell 1.6%.


Top Headline


United Natural Foods Inc UNFI reported upbeat results for its third quarter.

United Natural Foods reported third-quarter FY22 sales growth of 9.2% year-on-year to $7.24 billion, beating the consensus of $7.10 billion. Adjusted EPS of $1.10 beat the analyst consensus of $0.97.

United Natural Foods sees FY22 sales of $28.8 billion - $29.1 billion (prior view $28.2 billion - $28.7 billion), against the consensus of $28.66 billion. It currently expects FY22 adjusted EPS of $4.65 - $4.90 (prior view $3.90 - $4.20) versus the consensus of $4.16.


Equities Trading UP


JanOne Inc. JAN shares shot up 47% to $3.67 after the company announced that a patent was issued that covers a method of improving nerve function using JAN101.


Shares of Mirati Therapeutics, Inc. MRTX got a boost, shooting 26% to $54.49 after JMP Securities upgraded the stock from Market Perform to Market Outperform and announced a $72 price target.


Houston American Energy Corp. HUSA shares were also up, gaining 20% to $5.87.


Equities Trading DOWN

Boxed, Inc. BOXD shares tumbled 22% to $4.29. Boxed announced addition to the Russell 2000 index.


Shares of REV Group, Inc. REVG were down 19% to $9.85 after the company reported downbeat Q2 results and lowered FY22 guidance


AeroClean Technologies, Inc. AERC was down, falling 17% to $3.9350. AeroClean Technologies shares jumped 100% on Monday after the FDA granted clearance for the company's pūrgo technology, classifying it as a class II medical device.


Also check out: Executives Sell Around $325M Of 3 Stocks


Commodities

In commodity news, oil traded down 0.3% to $118.19, while gold traded up 0.3% to $1,849.60.


Silver traded down 0.5% to $21.99 on Tuesday while copper fell 1.2% to $4.3805.



Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 slipped 0.1% while Spain’s IBEX 35 Index fell 0.2%. The German DAX dropped 0.9%, French CAC 40 fell 0.7% and Italy’s FTSE MIB Index declined 0.9%.

The S&P Global Eurozone construction PMI declined to 49.2 in May from 50.4 in April, while the S&P Global/CIPS UK services PMI rose to 53.4 in May from a preliminary reading of 51.8. Italy’s construction PMI dropped to 54.3 in May from 59 a month ago, while Germany’s construction PMI fell to 45.4 in May from 46.0 in April. France’s construction PMI climbed to 50.9 in May from 50.6 in the previous month.

 

Economics


The trade deficit shrank to a four-month low of $87.1 billion in April from a record level of $107.7 billion in March. Exports from the US increased by 3.5%, while imports dropped by 3.7% in April.


The Logistics Manager’s Index dropped to 67.1 in May, recording the lowest level since December 2020.


The Treasury is set to auction 3-year notes at 1:00 p.m. ET.

Data on consumer credit for April will be released at 3:00 p.m. ET.

Check out this: HP And 3 Other Stocks Insiders Are Selling

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 86,637,480 cases with around 1,033,830 deaths. India confirmed a total of at least 43,185,040 cases and 524,700 deaths, while Brazil reported over 31,195,110 COVID-19 cases with 667,100 deaths. In total, there were at least 536,026,890 cases of COVID-19 worldwide with more than 6,321,790 deaths.

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.