Dow Jumps Over 150 Points; Karuna Therapeutics Shares Spike Higher

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

The Dow traded up 0.50% to 32,965.86 while the NASDAQ rose 0.67% to 12,742.92. The S&P also rose, gaining, 0.48% to 4,164.93.

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

Leading and Lagging Sectors

Consumer discretionary shares climbed 1.8% on Monday. Meanwhile, top gainers in the sector included Bed Bath & Beyond Inc. BBBY, up 39% and Volta Inc. VLTA up 23%.

In trading on Monday, information technology shares fell by 0.4%.

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

TOMI Environmental Solutions, Inc. TOMZ shares shot up 50% to $1.4901 after the company highlighted its SteraMist as a disinfectant against the Monkeypox virus.

Shares of CinCor Pharma, Inc. CINC got a boost, shooting 56% to $36.54 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 69% to $237.60 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 33% to $23.80 after the company announced Q2 results and provided an update on clinical development programs.

Shares of uniQure N.V. QURE were down 31% to $17.51 after the company posted a loss for the second quarter.

NuZee, Inc. NUZE was down, falling 23% to $0.8495 after the company priced its $3.4 million underwritten public offering of common stock.

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

Commodities

In commodity news, oil traded up 0.8% to $89.69, while gold traded up 0.7% to $1,804.10.

Silver traded up 4.1% to $20.645 on Monday while copper rose 1.7% to $3.6115.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.82%, London’s FTSE 100 rose 0.74% while Spain’s IBEX 35 Index rose 1.34%. The German DAX climbed 0.77%, French CAC 40 surged 0.88% and Italy’s FTSE MIB Index rose 0.57%.

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

 

US consumer inflation expectations for the year ahead dropped to 6.2% in July versus a record high level of 6.8% in the previous month.

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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.