U.S. stocks traded slightly lower this morning, with the Dow Jones dropping around 40 points on Monday.

Following the market opening Monday, the Dow traded down 0.12% to 33,635.06 while the NASDAQ fell 0.35% to 12,191.99. The S&P 500, also fell, dropping, 0.11% to 4,131.81.

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Top Headline

Tyson Foods, Inc. (NYSE:TSN) reported a loss for the second quarter and cut its FY23 financial outlook.

Tyson reported second-quarter FY23 sales growth of 0.12% year-on-year to $13.13 billion, missing the consensus of $13.62 billion. Adjusted EPS of $(0.04) missed the analyst consensus of $0.80.

Tyson Foods cut its FY23 revenue outlook to $53 billion - $54 billion (previously $55 billion - $57 billion) versus the consensus of $55.04 billion.

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Commodities

In commodity news, oil traded up 2.3% to $72.99 while gold traded up 0.3% at $2,031.30.

Silver traded down 0.1% to $25.915 on Monday while copper rose 1% to $3.9220.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.2%, London’s FTSE 100 rose 1% while Spain’s IBEX 35 Index rose 0.6% The German DAX fell 0.1%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index gained 0.2%.

Industrial production in Germany fell 3.4% month-over-month in March following a revised 2.1% increase in February.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 dropping 0.71%, Hong Kong’s Hang Seng Index gaining 1.24% and China’s Shanghai Composite Index climbing 1.81%. India’s S&P BSE Sensex rose 1.2%.

The au Jibun Bank Japan services PMI was revised higher to 55.4 in April versus a flash reading of 55.0, while composite PMI rose to 52.9 in April versus a flash reading of 52.5. Chinese foreign exchange reserves increased to $3.205 trillion at the end of April 2023, compared to $3.184 trillion in the previous month.

Economics

U.S. wholesale inventories came in flat for March, versus market expectations for a 0.1% increase.

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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 106,768,290 cases with around 1,162,430 deaths. India confirmed a total of at least 44,971,460 cases and 531,690 deaths, while France reported over 40,021,190 COVID-19 cases with 166,810 deaths. In total, there were at least 687,819,180 cases of COVID-19 worldwide with more than 6,871,100 deaths.