US Stocks Mostly Lower; Nasdaq Drops Over 100 Points

U.S. stocks traded mostly lower this morning, with the Nasdaq Composite dropping more than 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.07% to 33,725.40 while the NASDAQ fell 1.18% to 11,189.86. The S&P 500 also fell, dropping, 0.51% to 3,972.43.

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Leading and Lagging Sectors

Health care shares jumped 0.7% on Monday. Leading the sector was strength from PDS Biotechnology Corporation PDSB and Ardelyx, Inc. ARDX.

In trading on Monday, consumer discretionary shares dipped by 1.7%.

Top Headline

Tyson Foods, Inc. TSN reported mixed results for its fourth quarter on Monday.

Tyson Foods reported fourth-quarter FY22 sales growth of 7.2% year-on-year to $13.74 billion, beating the consensus of $13.49 billion. Adjusted EPS of $1.63 missed the analyst consensus of $1.73.

Tyson Foods expects FY23 sales of $55 billion - $57 billion, versus the consensus of $53.61 billion. It sees FY23 capital expenditure of $2.5 billion.

Equities Trading UP

• Opiant Pharmaceuticals, Inc. OPNT shares shot up 115% to $20.21. Indivior PLC agreed to acquire Opiant Pharmaceuticals for $20.00 per share in cash, plus contingent value rights (CVRs) of up to $8.00 per share.
• Shares of HireRight Holdings Corporation HRT got a boost, shooting 21% to $9.34. HireRight’s board authorized a $100 million share repurchase program.
• ToughBuilt Industries, Inc. TBLT shares were also up, gaining 21% to $2.6699 after the company reported better-than-expected Q3 EPS results.

Equities Trading DOWN

• Satsuma Pharmaceuticals, Inc. STSA shares tumbled 81% to $0.7501 after the company reported topline results from the STS101 SUMMIT Phase 3 efficacy trial in migraine patients.
• Shares of SELLAS Life Sciences Group, Inc. SLS were down 36% to $2.89 after the company reported Q3 earnings results and provided a business update.
• POINT Biopharma Global Inc. PNT was down, falling 29% to $6.46. Lantheus and POINT Biopharma announced collaboration and exclusive license agreements for commercialization of PNT2002 & PNT2003.

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Commodities

In commodity news, oil traded down 1.5% to $87.62 while gold traded up 0.1% at $1,769.90.

Silver traded up 0.8% to $21.83 on Monday while copper fell 1.8% to $3.8420.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.4%, London’s FTSE 100 rose 1% while Spain’s IBEX 35 Index rose 1.1%. The German DAX climbed 0.7%, French CAC 40 rose 0.6% and Italy’s FTSE MIB Index gained 0.7%.

Industrial production in the Eurozone increased 0.9% from a month ago in September versus a revised 2.0% increase in the previous month.

Asia Pacific Markets

Asian markets closed mixed on Monday, with the Japan’s Nikkei dropping 1.06% and Hong Kong’s Hang Seng Index gaining 1.7%. China’s Shanghai Composite Index slipped 0.13%.

The annual wholesale price inflation rate in India eased to 8.39% in October from 10.7% percent in the earlier month, while total passenger vehicles sales in the country fell by 5.4% percent month-over-month to 291,113 units during October.

Economics

Federal Reserve Bank of New York President John Williams is set to speak at 6:30 p.m. ET.

Check out this: Volatility In Markets Eases Further As US Stocks Extend Gains

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,898,460 cases with around 1,100,120 deaths. India confirmed a total of at least 44,666,920 cases and 530,530 deaths, while France reported over 37,127,170 COVID-19 cases with 157,700 deaths. In total, there were at least 640,440,610 cases of COVID-19 worldwide with more than 6,615,720 deaths.