Dow Jumps 250 Points; Tyson Foods Posts Downbeat Results

U.S. stocks were higher this morning, with the Dow Jones gaining more than 250 points on Monday.

Following the market opening Monday, the Dow traded up 0.77% to 35,334.81 while the NASDAQ rose 0.42% to 13,967.81. The S&P 500, also rose, gaining, 0.64% to 4,506.68.

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Leading and Lagging Sectors

• Communication services shares jumped by 1% on Monday.
• In trading on Monday, consumer discretionary shares rose by just 0.3%.

Top Headline

Tyson Foods, Inc. TSN reported worse-than-expected third-quarter financial results.

Tyson Foods posted adjusted earnings of 15 cents per share, missing market expectations of 34 cents per share. The company’s quarterly sales came in at $13.14 billion, versus estimates of $13.78 billion.

Equities Trading UP

• Vistagen Therapeutics, Inc. VTGN shares shot up 911% to $16.99 after the company announced its Phase 3 PALISADE-2 trial evaluating the efficacy, safety, and tolerability of fasedienol met the primary and secondary endpoints.
• Shares of Save Foods, Inc. SVFD got a boost, shooting 80% to $1.15 on abnormally-high volume.
• Missfresh Limited MF shares were also up, gaining 48% to $2.9399 on continued upward momentum after the company last week announced entry of share purchase agreements for financing and business acquisition. Also, the company today announced it entered into a share transfer agreement with Freshking Limited.

Equities Trading DOWN

• Sage Therapeutics, Inc. SAGE shares dropped 48% to $18.81 after the company announced the FDA issued a Complete Response Letter for the New Drug Application for zuranolone in the treatment of adults with major depressive disorder.
• Shares of Tivic Health Systems, Inc. TIVC were down 39% to $0.0438 after the company priced $1.4 million public offering of 33.17 million shares at $0.041 per share.
• Quantum-Si incorporated QSI was down, falling 30% to $2.36 after the company reported worse-than-expected second-quarter sales results.

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Commodities

In commodity news, oil traded down 0.8% to $82.17 while gold traded down 0.1% at $1,973.70.

Silver traded down 0.7% to $23.555 on Monday while copper fell 0.2% to $3.8585.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index fell 0.2% The German DAX declined 0.1% French CAC 40 rose 0.1% and Italy’s FTSE MIB Index declined 0.1%.

The Halifax house price index in the UK declined by 2.4% year-over-year in July following a 2.6% fall in June. Industrial production in Germany fell by 1.5% month-over-month in June.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 rising 0.19%, China’s Shanghai Composite Index falling 0.59% and Hong Kong’s Hang Seng Index declining 0.01%. India’s S&P BSE Sensex, meanwhile, rose 0.3%.

China's foreign exchange reserves increased to $3.204 trillion at the end of July compared to $3.193 trillion in the previous month. Foreign exchange reserves in Singapore rose to SGD 452.5 billion in July from SGD 448.25 billion a month ago, while foreign exchange reserves in Hong Kong climbed to $421.6 billion in July.

The index of leading economic indicators in Japan fell to 108.9 in June versus a revised reading of 109.1 in the prior month, while index of coincident economic indicators increased to 115.2 in June versus a final 114.3. Reserve assets in Japan rose to $1.254 trillion in July versus $1.247 trillion in the prior month.

Economics

Data on consumer credit will be released at 3:00 p.m. ET.

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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 107,564,390 cases with around 1,170,780 deaths. India confirmed a total of at least 44,995,980 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 692,636,680 cases of COVID-19 worldwide with more than 6,905,360 deaths.