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

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 Sectors

Energy 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.

Commodities

In 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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