U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 0.1% on Monday.
The Dow traded up 0.04% to 38,919.32 while the NASDAQ rose 0.11% to 16,266.07. The S&P 500 also rose, gaining, 0.07% to 5,208.09.
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Leading and Lagging Sectors
Consumer discretionary shares jumped by 0.9% on Monday.
In trading on Monday, health care shares fell by 0.3%.
Additional Insights:
The rise in the Nasdaq Composite shows continued investor confidence in the tech sector despite fluctuations in other sectors. The focus on consumer discretionary stocks indicates positive sentiment towards consumer spending, while the decline in health care shares may reflect concerns about regulatory changes impacting the industry.
Top Headline
Perion Network Ltd. (NASDAQ:PERI) slashed its FY24 revenue guidance.
Perion Network said it sees first-quarter revenue of $157 million, versus market estimates of $175.53 million. The company said it now expects FY24 revenue of $590 million to $610 million, versus prior outlook of $860 million to $880 million.
Equities Trading UP
Auddia Inc. (NASDAQ:AUUD) shares shot up 199% to $4.27 after the company announced the USPTO awarded it with U.S. Patent 11,935,520 for the core AI technology the company uses in its flagship faidr app to deliver ad-free AM/FM radio stations to paid subscribers.
Shares of UTime Limited (NASDAQ:WTO) got a boost, surging 48% to $0.2738 after the company completed a private placement.
Longeveron Inc. (NASDAQ:LGVN) shares were also up, gaining 62% to $3.5599 after the company submitted paperwork for a share offering.
Equities Trading DOWN
Perion Network Ltd. (NASDAQ:PERI) shares dropped 40% to $12.62 after the company slashed FY24 revenue guidance and issued first-quarter outlook below estimates.
Shares of Agenus Inc. (NASDAQ:AGEN) were down 18% to $0.4151. Agenus disclosed a 1-for-20 reverse stock split of common stock.
Douglas Dynamics, Inc. (NYSE:PLOW) was down, falling 7% to $22.39. Baird analyst Timothy Wojs downgraded Douglas Dynamics from Outperform to Neutral and lowered the price target from $36 to $25.
Commodities
In commodity news, oil traded down 0.4% to $86.57 while gold traded up 0.6% at $2,358.40.
Silver traded up 1.7% to $27.97 on Monday, while copper rose 1.3% to $4.2920.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.47%, London’s FTSE 100 rose 0.41% while Spain’s IBEX 35 Index fell 0.04% The German DAX gained 0.79% French CAC 40 climbed 0.72% while Italy’s FTSE MIB Index gained 0.90%.
Imports into Germany increased 3.2% month-over-month to EUR 111.5 billion in February, while exports from Germany fell 2% month-over-month to EUR 132.9 billion. German industrial production climbed by 2.1% month-over-month during February.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan’s Nikkei 225 gaining 0.91%, Hong Kong’s Hang Seng Index gaining 0.05%, China’s Shanghai Composite falling 0.72% and India’s S&P BSE Sensex gaining 0.67%.
Foreign exchange reserves in Singapore increased to SGD 497.3 billion in March from SGD 480.4 billion a month ago. The gauge for Japanese service sector declined to 49.8 in March versus 51.3 a month ago. Japan’s current account surplus widened to JPY 2,644.2 billion in February from JPY 2,200.3 billion in the year-ago month. Chinese foreign exchange reserves jumped by $19.8 billion to $3.246 trillion during March.
Economics
There were no major US economic releases Monday.
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