Mid-Afternoon Market Update: Dow surges 125 points; Trade desk shares plunge
|Toward the end of trading Monday, the Dow traded up 0.36% to 34,903 while the NASDAQ fell 2.16% to 13,456.73. The S&P also fell, dropping 0.58% to 4,208.02.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,708,020 cases with around 581,750 deaths. India confirmed a total of at least 22,662,570 cases and 246,110 deaths, while Brazil reported over 15,184,790 COVID-19 cases with 422,340 deaths. In total, there were at least 158,399,250 cases of COVID-19 worldwide with more than 3,294,610 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Utilities shares rose 1.5% on Monday. Meanwhile, top gainers in the sector included Duke Energy Corporation DUK 2.91%, up 3%, and NRG Energy, Inc. NRG 2.01%, up 4%.
In trading on Monday, information technology shares fell 1.6%.
Top Headline
Tyson Foods, Inc. TSN 0.03% reported better-than-expected results for its second quarter.
Tyson Foods reported quarterly earnings of $1.34 per share, beating analysts’ estimates of $1.12 per share. The company’s quarterly sales came in at $11.30 billion, versus expectations of $11.19 billion.
Tyson Foods said it expects chicken results to be lower in FY21 versus FY20.
Equities Trading UP
Soliton, Inc. SOLY 24.5% shares shot up 24% to $22.35 following a $22.60 per share buyout from AbbVie Inc. AbbVie’s Allergan Aesthetics unit will pay $550 million in cash to scoop up Soliton and Resonic, its sound-wave device that improves the appearance of cellulite.
Shares of Precipio, Inc. PRPO 15.63% got a boost, shooting 36% to $5.21 after the company announced it launched a new, four-hour Acute Myeloid Leukemia HemeScreen panel to specifically determine the genetics of this aggressive, acute form of leukemia.
Cue Biopharma, Inc. CUE 27.71% shares were also up, gaining 29% to $14.55 as the company reported confirmed partial response in ongoing Phase 1 monotherapy study of CUE-101 in late stage second line and beyond patients with HPV+ recurrent/metastatic head and neck cancer.
Equities Trading DOWN
The Trade Desk, Inc. TTD 25.98% shares tumbled 27% to $485.00 after the company reported it is facing a period of higher uncertainty in its business outlook. The company’s board also declared a ten-for-one split in the form of a stock dividend. The company’s quarterly earnings also exceeded market estimates.
Shares of Village Farms International, Inc. VFF 24.66% were down 22% to $8.65 after the company swung to a loss in the first quarter.
Insmed Incorporated INSM 20.23% was down, falling 21% to $25.74 after the company reported a proposed concurrent public offerings of $250 million of common stock and $500 million convertible senior notes due 2028. Morgan Stanley maintained Insmed with an Overweight and lowered the price target from $58 to $56.
Commodities
In commodity news, oil traded up 0.1% to $64.96, while gold traded up 0.3% to $1,837.30.
Silver traded up 0.1% Monday to $27.485 while copper fell 0.5% to $4.7230.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.10%, the Spanish Ibex Index rose 0.94% and the German DAX 30 gained 0.01%. Meanwhile, the London’s FTSE 100 fell 0.08%, French CAC 40 rose 0.01% and Italy’s FTSE MIB gained 0.78%.
The UK’s Halifax house price index increased 8.2% year-over-year in April.
Economics
On the economics calendar Monday, there is no important data due out.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.