Mid-Afternoon Market Update: Dow Falls Over 800 Points; Shares Slide

Toward the end of trading Monday, the Dow traded down 3.06% to 25,674.23 while the NASDAQ fell 3.7% to 7,708.12. The S&P also fell, dropping 3.07% to 2,842.10.

Leading and Lagging Sectors

Utilities shares slipped by just 0.5% on Monday. Meanwhile, top gainers in the sector included WEC Energy Group, Inc. (NYSE: WEC), up 2%, and Xcel Energy Inc. (NYSE: XEL), up 1%.

In trading on Monday, information technology shares fell 3.7%.

Top Headline

Tyson Foods, Inc. (NYSE: TSN) reported better-than-expected earnings for its third quarter, while sales missed estimates.

Tyson reported second-quarter earnings of $1.47 per share, which beat the analyst consensus estimate of $1.45 per share. The company posted quarterly sales of $10.885 billion, versus analysts' estimates of $11.08 billion. Tyson Foods reaffirmed FY2019 EPS guidance of $5.75 to 6.10 per share.

Equities Trading UP

Allakos Inc. (NASDAQ: ALLK) shares shot up 130% to $71.25 after the company's AK002 met all primary and secondary endpoints in its Phase 2 study. The company also reported better-than-expected Q2 EPS results.

Shares of Boise Cascade Company (NYSE: BCC) got a boost, shooting up 8% to $29.52 after the company posted upbeat Q2 earnings.

Tyson Foods, Inc. (NYSE: TSN) shares were also up, gaining 7% to $85.19 after reporting better-than-expected earnings for its third quarter.

Equities Trading DOWN

GlycoMimetics, Inc. (NASDAQ: GLYC) shares tumbled 64% to $3.2509 after the company announced Pfizer's Phase 3 clinical trial evaluating Rivipansel in Sickle Cell did not meet its primary or key secondary endpoints.

Shares of Inc. (NYSE: CARS) were down 34% to $11.92 after the company said it concluded a strategic review process and received no bids for the company. The company also reported worse-than-expected Q2 results and cut FY19 guidance.

Genie Energy Ltd. (NYSE: GNE) was down, falling 28% to $7.64 following Q2 results. Genie Energy posted Q2 loss of $0.29 per share on sales of $61.009 million.


In commodity news, oil traded down 1.2% to $55.00, while gold traded up 1.2% to $1,475.2.

Silver traded up 0.6% Monday to $16.37, while copper fell 0.9% to $2.5475.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 2.31%, the Spanish Ibex Index fell 1.35%, while Italy's FTSE MIB Index dropped 1.3%. Meanwhile, the German DAX dropped 1.80%, and the French CAC 40 fell 2.19% while UK shares fell 2.47%.


US final services PMI increased to 53 in July, versus a flash reading of 52.2.

The ISM's non-manufacturing index fell to 53.7 in July, compared to a reading of 55.1 in June. However, economists projected a reading of 55.5.

© 2020 Benzinga does not provide investment advice. All rights reserved.

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