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Mid-Morning Market Update: Markets Open Higher; SYSCO Reports Mixed Q2 Results

Following the market opening Monday, the Dow traded up 1.15% to 28582.23 while the NASDAQ rose 1.37% to 9,276.74. The S&P also rose, gaining 1.08% to 3,260.33.

Benzinga · 02/03/2020 15:14

Following the market opening Monday, the Dow traded up 1.15% to 28582.23 while the NASDAQ rose 1.37% to 9,276.74. The S&P also rose, gaining 1.08% to 3,260.33.

Leading and Lagging Sectors

Consumer discretionary shares climbed 1.8% on Monday. Meanwhile, top gainers in the sector included Tesla Inc (NASDAQ: TSLA), up 10%, and TAL Education Group (NYSE: TAL), up 8%.

In trading on Monday, energy shares fell 0.5%.

Top Headline

SYSCO Corporation (NYSE: SYY) reported better-than-expected earnings for its second quarter, while sales missed views.

SYSCO reported quarterly earnings of $0.85 per share, which beat the analyst consensus estimate of $0.84. The company reported quarterly sales of $15 billion, which missed the analyst consensus estimate of $15.1 billion.

Equities Trading UP

Artelo Biosciences, Inc. (NASDAQ: ARTL) shares shot up 70% to $3.45 after the company reported NCI grant of $4.2 million to Stony Brook University to advance FABP5 inhibitor cancer program.

Shares of Insmed Incorporated (NASDAQ: INSM) got a boost, shooting up 35% to $27.72 after the company announced its Phase 2 WILLOW study of INS1007 met both primary and key secondary endpoints.

BOQI International Medical Inc. (NASDAQ: BIMI) shares were also up, gaining 30% to $6.46 after the company announced plans to acquire Chongqing Guanzan Technology.

Equities Trading DOWN

NanoViricides, Inc. (NYSE: NNVC) shares tumbled 28% to $12.01. Investors who made money in coronavirus-related stocks were taking some profit Monday morning. Following a 40% rally on Friday and up nearly 400% since the middle of January, NanoViricides shares were down about 28% Monday morning.

Shares of Cleveland BioLabs, Inc. (NASDAQ: CBLI) were down 26% to $3.1162 after gaining 34.3% on Friday.

Allied Healthcare Products, Inc. (NASDAQ: AHPI) was down, falling 22% to $3.02 after climbing 20.1% on Friday.

Commodities

In commodity news, oil traded up 0.1% to $51.57, while gold traded down 0.2% to $1,584.10.

Silver traded down 1.3% Monday to $17.785, while copper rose 0.5% to $2.529.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index rose 0.2%, while Italy’s FTSE MIB Index rose 0.6% Meanwhile, the German DAX gained 0.2%, and the French CAC 40 rose 0.3% while UK shares rose 0.4%.

Economics

The IHS Markit manuafacturing PMI rose to 51.9 in January, versus a preliminary reading of 51.7 and December’s reading of 52.4.

U.S. construction spending declined 0.2% in December, compared to revised 0.7% rise in November.

The ISM manufacturing PMI climbed to 50.9 in January, versus a reading of 47.8 in December.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 4:30 p.m. ET.