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 (NASDAQ:PDSB) and Ardelyx, Inc. (NASDAQ:ARDX).
In trading on Monday, consumer discretionary shares dipped by 1.7%.
Top Headline
Tyson Foods, Inc. (NYSE: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. (NASDAQ: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 (NYSE:HRT) got a boost, shooting 21% to $9.34. HireRight’s board authorized a $100 million share repurchase program.
- ToughBuilt Industries, Inc. (NASDAQ: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. (NASDAQ: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. (NASDAQ:SLS) were down 36% to $2.89 after the company reported Q3 earnings results and provided a business update.
- POINT Biopharma Global Inc. (NASDAQ: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.
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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 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.
