Dow Jumps 250 Points; Tyson Foods Posts Downbeat Results

Author: Lisa Levin | August 07, 2023 09:50am

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. (NYSE: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. (NASDAQ: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. (NASDAQ:SVFD) got a boost, shooting 80% to $1.15 on abnormally-high volume.
• Missfresh Limited (NASDAQ: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. (NASDAQ: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. (NASDAQ: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 (NASDAQ: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.

Posted In: MF QSI SAGE SVFD TIVC TSN VTGN