Oil Falls 3%; XPeng Shares Slide on Weak Q2 Results

US stocks were mixed in early trading Monday, with the Dow Jones Industrial Average rising more than 150 points.

The Dow rose 0.29% to 53,429.01, while the Nasdaq fell 0.44% to 26,064.84. The S&P 500 also declined, down 0.22% to 7,657.47.

Leading and Lagging Sectors

Consumer staples shares rose 1.5% on Monday.

In Monday trading, information technology shares fell 1.7%.

Top Headline

XPeng Inc. shares fell about 7% on Monday after the Chinese electric vehicle maker reported a wider-than-expected second-quarter loss and issued third-quarter revenue guidance below Wall Street estimates.

XPeng reported second-quarter revenue of 19.74 billion yuan, up 8% year-over-year and up 51.5% quarter-over-quarter. The figure missed the analyst consensus estimate of $2.95 billion. Adjusted loss per American Depositary Share was 1.29 yuan, or 19 cents, exceeding the analyst consensus estimate of a 0.76 yuan loss.

XPeng expects third-quarter deliveries of 115,000 to 121,000 vehicles. This represents a year-over-year change ranging from a decline of 0.87% to growth of 4.30%. The company forecasts revenue of 21.7 billion yuan to 23.4 billion yuan, representing growth of 6.47% to 14.81%. The guidance came in below the analyst consensus estimate of 25.88 billion yuan.

Stocks Rising

Napco Security Technologies Inc shares surged 11% to $42.36 after the company reported better-than-expected fourth-quarter financial results.

Expion360 Inc shares climbed sharply, surging 92% to $6.59 after the company announced the acquisition of Eastern Louisiana Oil and Gas Exploration Prospect for $3.425 million. The company announced the launch of a $9 million offering of 2.117 million shares at $4.25 per share.

Alvotech SA shares also rose, gaining 9% to $4.84 after BofA Securities initiated coverage on the stock with a Buy rating and a $7 price target.

Stocks Falling

Regenxbio Inc shares fell 25% to $8.09 after the company announced the FDA placed a clinical hold on RGX-121 due to asymptomatic spinal MRI abnormalities found in five participants in the CAMPSIITE study.

Applied Optoelectronics Inc shares fell 14% to $106.74 after the company announced the launch of a $600 million at-the-market equity offering program.

Azenta Inc declined, falling 10% to $33.52. Azenta appointed Martin Madaus as interim President and Chief Executive Officer. The company also reaffirmed its fourth-quarter revenue guidance.

Commodities

In commodity news, crude oil fell 3% to $84.48, while gold rose 1.1% to $4,733.50.

Silver fell 0.6% to $69.15 on Monday, while copper rose 0.4% to $6.6135.

Eurozone

European stocks were mixed today. The eurozone STOXX 600 index fell 0.1%, Spain's IBEX 35 rose 0.5%, London's FTSE 100 gained 0.2%, Germany's DAX fell 0.3%, and France's CAC 40 declined 0.4%.

Asia-Pacific Markets

Asia-Pacific markets closed lower on Monday, with Japan's Nikkei 225 falling 0.74%, Hong Kong's Hang Seng Index down 1.89%, China's Shanghai Composite Index declining 0.59%, and India's BSE Sensex falling 0.22%.

Economy

The Chicago Fed National Activity Index slipped to -0.08 in July, down from 0.06 in the prior month, indicating a slight deterioration in economic activity.