Crude Oil Surges Over 2%; Solowin Holdings Shares Plummet
U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 150 points on Monday.
The Dow traded up 0.40% to 38,870.91 while the NASDAQ rose 1.16% to 16,158.82. The S&P 500 also rose, gaining, 0.86% to 5,161.08.
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Leading and Lagging Sectors
Communication services shares jumped by 2.9% on Monday.
In trading on Monday, industrials shares rose by just 0.4%.
Top Headline
Shares of Science Applications International Corp (NYSE:SAIC) fell during Monday’s session after reporting fourth-quarter results.
The company reported a 12% revenue decline Y/Y in the fourth quarter of fiscal 2024 to $1.74 billion, beating the consensus of $1.64 billion. Adjusted EPS of $1.43 was in line with the consensus.
Equities Trading UP
Canoo Inc. (NASDAQ:GOEV) shares shot up 56% to $3.0198 after the US Department of Commerce has approved its Oklahoma City facility as a Foreign Trade Zone.
Shares of Wearable Devices Ltd. (NASDAQ:WLDS) got a boost, surging 27% to $0.5642. Wearable Devices published a report by its XR team suggesting 'The Mudra Band Can Be The Neural Bridge For Apple And Meta In Their Next Wave Of Smart Glasses Interaction.'
Nuvei Corporation. (NASDAQ:NVEI) shares were also up, gaining 32% to $28.51 after a media report and the company’s confirmation that it is in buyout talks.
Equities Trading DOWN
Solowin Holdings (NASDAQ:SWIN) shares dropped 30% to $7.73 after reporting unaudited financial results for the first six months of fiscal year 2024.
Shares of Sonder Holdings Inc. (NASDAQ:SOND) were down 33% to $3.7126 after the company announced that it will delay its fourth-quarter and FY23 financial results due to accounting errors. Also, the company reported preliminary fourth-quarter and FY23 revenue results below estimates.
Worksport Ltd. (NASDAQ:WKSP) was down, falling 33% to $0.4949 after the company announced pricing of $2.8 million registered direct offering & concurrent private placement.
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Commodities
In commodity news, oil traded up 2.4% to $82.95 while gold traded up 0.1% at $2,163.50.
Silver traded down 0.5% to $25.26 on Monday, while copper rose 0.1% to $4.13.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.17%, London’s FTSE 100 fell 0.06% while Spain’s IBEX 35 Index fell 0.01% The German DAX fell 0.02% French CAC 40 fell 0.20% while Italy’s FTSE MIB Index rose 0.01%.
Asia Pacific Markets
Asian markets closed higher on Monday, with Japan’s Nikkei 225 jumping 2.67%, Hong Kong’s Hang Seng Index rising 0.10%, China’s Shanghai Composite Index gaining 0.99% and India’s S&P BSE Sensex gaining 0.2%.
China's retail sales rose by 5.5% year-over-year in January-February, while unemployment rate averaged 5.3% in the same period. Chinese industrial production surged by 7.0% year-over-year in January-February. Japanese core machinery orders declined 1.7% month-over-month to 823.8 billion yen in January.
Economics
The NAHB/Wells Fargo Housing Market Index rose to 51 in March, notching the highest reading in eight months, versus a reading of 48 in February and beating market estimates of 48.
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