Stock Market News: Philip Morris International Gets Smoked; Beyond Meat Heads to China
Tuesday morning brought more losses to the stock market, building on Monday's declines as pressure on crude oil prices continued to weigh on market sentiment. After seeing May futures contracts for West Texas intermediate crude go negative on Monday, June futures followed suit today with substantial drops as well. The trend points to ongoing supply-and-demand mismatches throughout the rest of the spring and potentially into the summer. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 565 points to 23,086. The S&P 500 (SNPINDEX: ^GSPC) fell 82 points to 2,742, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) dropped 322 points to 3,238.
Earnings season continued to pick up the pace, and Philip Morris International (NYSE: PM) gave some insight on how the coronavirus pandemic has affected the tobacco market. Meanwhile, Beyond Meat (NASDAQ: BYND) got some good news from China, which has started to reopen some of its markets and represents a solid growth opportunity for the producer of plant-based meat alternatives.
Shares of Philip Morris International fell 5% after the global tobacco manufacturer reported its first-quarter financial results. The numbers were strong, but Philip Morris also warned that coronavirus impacts could hurt performance for the rest of 2020.
Source Fool.com