Nasdaq Turns Lower; Crude Oil Rises Over 1%

U.S. stocks pared gains toward the end of trading, with the S&P 500 and the Nasdaq turning lower on Monday.

The Dow traded up 0.13% to 32,845.34 while the NASDAQ fell 0.20% to 12,631.80. The S&P also fell, dropping, 0.16% to 4,138.76.

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


Leading and Lagging Sectors


Energy shares climbed 0.9% on Monday. Meanwhile, top gainers in the sector included W&T Offshore, Inc. WTI, up 19% and Forum Energy Technologies Inc FET up 8%.


In trading on Monday, information technology shares fell by 1.2%.


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


Bed Bath & Beyond Inc BBBY shares shot up 37% to $11.20 amid significant social media mentions over the weekend.


Shares of CinCor Pharma, Inc. CINC got a boost, shooting 50% to $35.10 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 $237.50 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 $23.93 after the company announced Q2 results and provided an update on clinical development programs.


Shares of uniQure N.V. QURE were down 32% to $17.40 after the company posted a loss for the second quarter.


NuZee, Inc. NUZE was down, falling 24% to $0.85 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 1.2% to $90.10, while gold traded up 0.7% to $1,803.80.


Silver traded up 3.9% to $20.615 on Monday while copper rose 0.9% to $3.5850.



Euro zone


European shares closed higher today. The eurozone’s STOXX 600 climbed 0.74%, London’s FTSE 100 rose 0.57% while Spain’s IBEX 35 Index rose 1.28%. The German DAX climbed 0.84%, French CAC 40 surged 0.80% and Italy’s FTSE MIB Index rose 0.62%.

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.


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.

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