Why U.S. Stocks Are Trading Higher; Tyson Foods Earnings Miss Views

Why U.S. Stocks Are Trading Higher; Tyson Foods Earnings Miss Views

U.S. stocks traded higher this morning, following the release of strong jobs data on Friday.

The Dow traded up 0.51% to 32,971.92 while the NASDAQ rose 0.79% to 12,758. The S&P also rose, gaining, 0.57% to 4,168.95.

Also check this: Tyson Foods, Take-Two Interactive And 3 Stocks To Watch Heading Into Monday


Leading and Lagging Sectors


Communication services shares climbed 1.9% on Monday. Meanwhile, top gainers in the sector included AMC Entertainment Holdings, Inc. AMC, up 15% and Townsquare Media, Inc. TSQ up 7%.


In trading on Monday, energy shares rose by just 0.1%.


Top Headline


Tyson Foods Inc TSN reported third-quarter FY22 sales growth of 8.1% year-on-year to $13.49 billion, above the consensus of $13.24 billion. Adjusted EPS of $1.94 missed the analyst consensus of $1.97.


Equities Trading UP


Bonso Electronics International Inc. BNSO shares shot up 130% to $11.00. The company recent said it expects unaudited comprehensive loss of $1.6 million for fiscal year ended March 31, 2022.


Shares of CinCor Pharma, Inc. CINC got a boost, shooting 58% to $37.06 after the company's Phase 2 study for the treatment of hypertension met its primary endpoint.


Karuna Therapeutics, Inc. KRTX shares were also up, gaining 57% to $219.73 after the company announced topline results from its Phase 3 EMERGENT-2 trial of KarXT (xanomeline-trospium) in adults with schizophrenia. The trial met its primary endpoint, with KarXT demonstrating a statistically significant and clinically meaningful 9.6-point reduction in the Positive and Negative Syndrome Scale (PANSS) total score compared to placebo. The company also posted a Q2 loss of $2.17 per share.


Equities Trading DOWN

Reata Pharmaceuticals, Inc. RETA shares tumbled 32% to $24.33 after the company announced Q2 results and provided an update on clinical development programs.


Shares of uniQure N.V. QURE were down 25% to $19.14 after the company posted a loss for the second quarter.


Palantir Technologies Inc. PLTR was down, falling 14% to $9.88 after the company reported worse-than-expected earnings results and issued weak guidance.

Also check out: Traders More Optimistic After Better-Than-Expected Jobs Data


Commodities

In commodity news, oil traded down 0.8% to $88.32, while gold traded up 0.3% to $1,797.30.


Silver traded up 2.5% to $20.335 on Monday while copper rose 0.2% to $3.56.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 climbed 1%, London’s FTSE 100 rose 0.9% while Spain’s IBEX 35 Index rose 1.2%. The German DAX climbed 0.9%, French CAC 40 surged 1.2% and Italy’s FTSE MIB Index rose 0.8%.

The annual inflation rate in Greece fell to 11.5% in July from the 19-year high level of 12.1% in the prior month. The Swiss unemployment rate, meanwhile, remained at 2.0% in July


Economics

 

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.


The Investor Movement Index for July is scheduled for release at 12:30 p.m. ET.


Check out this: Bitcoin, Ethereum Record Gains; Here Are The Top Crypto Movers For Monday


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 93,910,150 cases with around 1,058,730 deaths. India confirmed a total of at least 44,161,890 cases and 526,730 deaths, while France reported over 34,074,560 COVID-19 cases with 152,530 deaths. In total, there were at least 589,631,790 cases of COVID-19 worldwide with more than 6,436,830 deaths.

Posted In: Mid-Morning Market UpdateEarningsNewsEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets