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U.S. stocks opened lower this morning, with the Dow Jones tumbling more than 300 points on Monday.
Following the market opening Monday, the Dow traded down 1.04% to 32,557.85 while the NASDAQ fell 2.06% to 11,894.73. The S&P also fell, dropping, 1.51% to 4,061.07.
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Leading and Lagging Sectors
Consumer staples shares fell by just 0.3% on Monday. Meanwhile, top gainers in the sector included Energizer Holdings, Inc. (NYSE:ENR), up 11% and BellRing Brands, Inc. (NYSE:BRBR) up 6%.
In trading on Monday, energy shares dipped by 3.8%.
Top Headline
Tyson Foods, Inc. (NYSE:TSN) reported better-than-expected results for its second quarter on Monday.
Tyson Foods posted quarterly earnings of $2.29 per share, beating analysts’ estimates of $1.88 per share. The company’s quarterly sales came in at $13.12 billion, versus expectations of $12.84 billion.
Tyson Foods said it sees FY22 sales of $52 billion to $54 billion, versus analysts’ views of$51.79 billion.
Equities Trading UP
Hemisphere Media Group, Inc (NASDAQ:HMTV) shares shot up 80% to $6.80 after the company announced it entered into a definitive agreement to be acquired for $7.00 per share in cash by a subsidiary of Gato Investments, a portfolio investment of Searchlight Capital Partners.
Shares of Points.com Inc. (NASDAQ:PCOM) got a boost, shooting 44% to $24.58. Plusgrade announced plans to acquire Points for $25 per share in cash.
Decisionpoint Systems, Inc. (NYSE:DPSI) shares were also up, gaining 21% to $8.11.
Equities Trading DOWN
Party City Holdco Inc. (NYSE:PRTY) shares tumbled 52% to $1.48 after the company reported worse-than-expected Q1 EPS and sales results. The company also issued FY22 sales guidance below analyst estimates.
Shares of TherapeuticsMD, Inc. (NASDAQ:TXMD) were down 28% to $5.50.
Energy Vault Holdings, Inc. (NYSE:NRGV) was down, falling 23% to $10.75.
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Commodities
In commodity news, oil traded down 2.2% to $107.31, while gold traded down 1% to $1,864.30.
Silver traded down 2.2% to $21.875 on Monday while copper fell 3% to $4.1375.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 slipped 1.9 %, London’s FTSE 100 fell 1.8% and Spain’s IBEX 35 Index fell 1%. The German DAX dropped 1.5%, French CAC 40 fell 1.8% and Italy’s FTSE MIB Index fell 1.7%.
French current account deficit narrowed to EUR 3.2 billion in March from a revised EUR 0.94 billion a month ago, while trade deficit increased to EUR 12.4 billion from 10.4 EUR billion.
Economics
U.S. wholesale inventories rose 2.3% for March.
The Treasury will auction 3-and 6-month bills at 11:30 a.m. ET.
The Investor Movement Index for April is scheduled for release at 12:30 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 83,581,710 cases with around 1,024,540 deaths. India confirmed a total of at least 43,105,400 cases and 524,090 deaths, while Brazil reported over 30,564,530 COVID-19 cases with 664,180 deaths. In total, there were at least 517,376,980 cases of COVID-19 worldwide with more than 6,276,710 deaths.
