Dow Edges Lower; Verizon Shares Fall After Q2 Results
U.S. stocks traded mostly higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Monday.
The Dow traded down 0.03% to 40,276.45 while the NASDAQ rose 0.81% to 17,870.43. The S&P 500 also rose, gaining, 0.51% to 5,533.14.
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Leading and Lagging Sectors
Information technology shares jumped by 0.9% on Monday.
In trading on Monday, energy shares fell by 0.5%.
Top Headline
Verizon Communications Inc (NYSE:VZ) shares fell around 6% on Monday after it reported fiscal second-quarter results.
Its sales increased 0.6% year over year to $32.8 billion, marginally missing the analyst consensus estimate of $33.1 billion. Adjusted EPS of $1.15 was in line with the analyst consensus estimate.
Equities Trading UP
- MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA) shares shot up 391% to $3.38 after the company announced new preclinical study results for its novel oral ketamine analog, Ketamir-2.
- Shares of Tellurian Inc. (NASDAQ:TELL) got a boost, surging 66% to $0.95 after the company announced it will be acquired by Woodside Energy for approximately $900 million.
- Serve Robotics Inc. (NASDAQ:SERV) shares were also up, gaining 55% to $11.73 after Nvidia last week disclosed a stake in the company.
Equities Trading DOWN
- CrowdStrike Holdings, Inc. (NASDAQ:CRWD) shares dropped 13% to $265.61. Guggenheim analyst John Difucci downgraded the stock from Buy to Neutral, while BTIG analyst Gray Powell downgraded the stock from Buy to Neutral. CrowdStrike shares fell sharply on Friday after the company suffered a major outage impacting businesses around the world.
- Shares of Ryanair Holdings plc (NASDAQ:RYAAY) were down 17% to $95.05 after the company said profits dipped 46% to 360 million euros (£303 million) for the three months to June 30.
- Savers Value Village, Inc. (NYSE:SVV) was down, falling 12% to $10.23 after JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $21 to $12.
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Commodities
In commodity news, oil traded down 0.4% to $79.80 while gold traded down 0.5% at $2,387.30.
Silver traded down 0.6% to $29.125 on Monday, while copper fell 1.3% to $4.1805.
Euro zone
European shares were higher today. The eurozone's STOXX 600 climbed 0.98%, Germany's DAX gained 1.35% and France's CAC 40 climbed 1.18%. Spain's IBEX 35 Index rose 0.59%, while London's FTSE 100 rose 0.62%.
Asia Pacific Markets
Asian markets closed mostly lower on Monday, with Japan's Nikkei 225 falling 1.16%, Hong Kong's Hang Seng Index gaining 1.25%, China's Shanghai Composite Index declining 0.61% and India's S&P BSE Sensex declining 0.13%.
The annual inflation rate in Hong Kong rose to 1.5% in June from 1.2% in the prior month. The People’s Bank of China slashed one-year loan prime rate by 10bps to 3.35%.
Economics
The Chicago Fed National Activity index fell to 0.05 for June, versus previous reading of 0.23. However, analysts were expecting a reading of -0.09.
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