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Mon. 6 Jun 2022, 2:42pm ET Benzinga Earnings, News, Penny Stocks, Eurozone, Commodities, Small Cap, Global, Intraday Update, Markets

U.S. stocks pared gains, with the Dow Jones turning lower toward the end of trading on Monday.

The Dow traded down 0.07% to 32,877.52 while the NASDAQ rose 0.27% to 12,045.02. The S&P also rose, gaining, 0.23% to 4,118.09.

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Leading and Lagging Sectors


Communication services shares jumped by 0.9% on Monday. Meanwhile, top gainers in the sector included The Arena Group Holdings, Inc. (NYSE:AREN), up 29% and Kanzhun Limited (NASDAQ:BZ) up 20%.


In trading on Monday, energy shares fell 0.2%.


Top Headline


Science Applications International Corporation (NYSE:SAIC) reported upbeat results for its first quarter.

Science Applications posted quarterly earnings of $1.88 per share, beating analysts’ estimates of $1.77 per share. The company’s quarterly sales came in at $2.00 billion, versus expectations of $1.93 billion.

Science Applications raised its FY23 EPS guidance from $6.80-$7.10 to $6.90-$7.20 and narrowed its FY23 sales guidance from $7.35 billion-$7.55 billion to $7.43 billion-$7.55 billion.


Equities Trading UP


DiDi Global Inc. (NYSE:DIDI) shares shot up 38% to $2.56 after the Chinese government said the company can resume adding new users.


Shares of Futu Holdings Limited (NASDAQ:FUTU) got a boost, shooting 19% to $43.91 after the company reported Q1 earnings results.


Yumanity Therapeutics, Inc. (NASDAQ:YMTX) shares were also up, gaining 39% to $1.9708 after the company announced definitive agreements for two strategic transactions. Yumanity Therapeutics agreed to sell its lead clinical-stage product candidate, YTX-7739, and discovery-stage neuroscience candidates to Janssen Pharmaceutica NV, a unit of Johnson & Johnson for $26 million. Under the second agreement, Kineta will become a wholly-owned subsidiary of Yumanity in an all-stock transaction, resulting in a combined publicly-traded company renamed Kineta Inc.


Equities Trading DOWN

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares tumbled 76% to $2.0697 after the company announced the PRAX-114 Phase 2/3 monotherapy Aria study did not achieve statistical significance on the primary endpoint.


Shares of Gevo, Inc. (NASDAQ:GEVO) were down 33% to $3.0417 after the company announced a $150 million registered direct offering priced at-the-market under Nasdaq rules.


Pear Therapeutics, Inc. (NASDAQ:PEAR) was down, falling 27% to $3.15. Pear Therapeutics announced new analysis showing reduction in healthcare resource utilization and associated costs in patients using reSET at 6 months.


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Commodities

In commodity news, oil traded down 0.2% to $118.64, while gold traded down 0.3% to $1,844.70.


Silver traded up 1% to $22.125 on Monday while copper fell 0.8% to $4.4345.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 gained 0.92%, London’s FTSE 100 gained 1% while Spain’s IBEX 35 Index rose 1.28%. The German DAX gained 1.34%, French CAC 40 rose 0.98% and Italy’s FTSE MIB Index jumped 1.65%.

 

Economics


There were no major US economic releases Monday

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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 86,522,560 cases with around 1,033,590 deaths. India confirmed a total of at least 43,181,330 cases and 524,700 deaths, while Brazil reported over 31,153,760 COVID-19 cases with 667,050 deaths. In total, there were at least 535,513,050 cases of COVID-19 worldwide with more than 6,320,680 deaths.