Mid-Afternoon Market Update: Crude Oil Down 6%; Palantir Technologies Shares Slide
U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping more than 400 points on Monday.
The Dow traded down 1.35% to 32,455.73 while the NASDAQ fell 3.67% to 11,698.91. The S&P also fell, dropping, 2.53% to 4,018.95.
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Leading and Lagging Sectors
Consumer staples shares rose 0.9% on Monday. Meanwhile, top gainers in the sector included MedAvail Holdings, Inc. (NASDAQ:MDVL), up 21% and TreeHouse Foods, Inc. (NYSE:THS) up 17%.
In trading on Monday, energy shares dipped by 7.3%.
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 79% to $6.76 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 $24.52. Plusgrade announced plans to acquire Points for $25 per share in cash.
TreeHouse Foods, Inc. (NYSE:THS) shares were also up, gaining 17% to $35.66 after the company reported better-than-expected Q1 results.
Equities Trading DOWN
Party City Holdco Inc. (NYSE:PRTY) shares tumbled 63% to $1.1311 after the company reported worse-than-expected Q1 EPS and sales results. The company also issued FY22 sales guidance below analyst estimates.
Shares of Palantir Technologies Inc. (NYSE:PLTR) were down 22% to $7.36 after the company reported downbeat Q1 earnings and issued weak revenue forecast for the second quarter.
ADC Therapeutics SA (NYSE:ADCT) was down, falling 27% to $7.94 after the company reported Q1 earnings results.
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Commodities
In commodity news, oil traded down 6.1% to $103.11, while gold traded down 1.5% to $1,854.40.
Silver traded down 2.6% to $21.78 on Monday while copper fell 1.8% to $4.1895.
Euro zone
European shares closed lower today. The eurozone’s STOXX 600 slipped 2.9%, London’s FTSE 100 fell 2.32% and Spain’s IBEX 35 Index fell 2.2%. The German DAX dropped 2.15%, French CAC 40 fell 2.75% and Italy’s FTSE MIB Index fell 2.74%.
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.
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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.