Dow Dips Over 300 Points; Campbell's Posts Upbeat Earnings

Benzinga
02 Jun

U.S. stocks traded lower this morning, with the Dow Jones index falling over 300 points on Monday.

Following the market opening Monday, the Dow traded down 0.72% to 41,967.43 while the NASDAQ fell 0.38% to 19,040.92. The S&P 500 also fell, dropping, 0.58% to 5,877.58.

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Leading and Lagging SectorsEnergy shares jumped by 0.6% on Monday.

In trading on Monday, real estate stocks fell by 1.5%.

Top Headline

The Campbell’s Company (NASDAQ:CPB) posted better-than-expected third-quarter results on Monday.

The company reported third-quarter sales growth of 4% year over year (Y/Y) to $2.475 billion, beating the analyst consensus estimate of $2.43 billion. Adjusted EPS of $0.73 beat the consensus estimate of $0.66.

Equities Trading UP           

  • Lyra Therapeutics, Inc. (NASDAQ:LYRA) shares shot up 486% to $28.90 after the company announced its ENLIGHTEN 2 Phase 3 trial of LYR-210 met its primary endpoint.
  • Shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) got a boost, surging 194% to $7.31.
  • Oragenics, Inc. (NYSE:OGEN) shares were also up, gaining 113% to $0.2455. Oragenics recently announced a 1-for-30 reverse stock split.

Equities Trading DOWN

  • Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 31% to $5.64.
  • Shares of SharpLink Gaming, Inc. (NASDAQ:SBET) were down 34% to $50.45 after the company announced a mixed-shelf offering
  • Xilio Therapeutics, Inc. (NASDAQ:XLO) was down, falling 30% to $0.7457 after the company announced it commenced a public offering of pre-funded warrants.

CommoditiesIn commodity news, oil traded up 3.1% to $62.67 while gold traded up 2.5% at $3,398.50.

Silver traded up 3.9% to $34.330 on Monday, while copper rose 4.5% to $4.8865.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.6%, while Spain's IBEX 35 Index fell 0.3%. London's FTSE 100 fell 0.3%, Germany's DAX 40 dipped 0.8% and France's CAC 40 fell 0.7% during the session.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan's Nikkei falling 1.30%, Hong Kong's Hang Seng Index dipping 0.57% and India's BSE Sensex declining 0.1%.

Economics

  • The ISM Manufacturing PMI declined to 48.5 in May compared to 48.7 in April, also missing market estimates of 49.5.
  • U.S. construction spending declined by 0.4% month-over-month to an annual rate of $2,152.4 billion in April following a revised 0.8% fall in March.
  • The S&P Global manufacturing PMI was revised lower to a reading of 52 in May versus a preliminary reading of 52.3.

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Photo via Shutterstock

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