US Stocks Higher; Tencent Music Shares Fall After Q1 Results
U.S. stocks traded higher this morning, with the Dow Jones gaining around 90 points on Monday.
Following the market opening Monday, the Dow traded up 0.24% to 39,606.48 while the NASDAQ rose 0.32% to 16,392.92. The S&P 500 also rose, gaining, 0.22% to 5,233.92.
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Leading and Lagging Sectors
Consumer discretionary shares rose by 0.1% on Monday.
In trading on Monday, communication services shares fell by 0.2%.
Top Headline
Shares of Tencent Music Entertainment Group (NYSE:TME) gained over 5% on Monday after the company reported results for its first quarter.
The company reported a fiscal first-quarter 2024 revenue decline of 3.4% year-over-year to $937.0 million (6.77 billion Chinese yuan), beating the analyst consensus estimate of $917.6 million. Its adjusted EPADS of $0.15 (CNY1.09) beat the analyst consensus estimate of $0.14.
Equities Trading UP
- GameStop Corp. (NYSE:GME) shares shot up 54% to $26.89 amid possible retail investor interest following a social media post by Roaring Kitty.
- Shares of CareCloud, Inc. (NASDAQ:CCLD) got a boost, surging 33% to $1.68 after the company announced it retained an investment bank to examine and evaluate the terms of its Series A Preferred Stock and to make recommendations to the board that may be beneficial to the company and its shareholders.
- Koss Corporation (NASDAQ:KOSS) shares were also up, gaining 34% to $4.25.
Equities Trading DOWN
- Barnes & Noble Education, Inc. (NYSE:BNED) shares dropped 38% to $0.1804 after declining 7% on Friday. Barnes & Noble Education, during April, announced a short-term shareholder rights plan and a new equity investment.
- Shares of Seritage Growth Properties (NYSE:SRG) were down 36% to $5.95 after the company reported first-quarter financial results.
- Amprius Technologies, Inc. (NASDAQ:AMPX) was down, falling 31% to $1.35 after the company announced a temporary offer allowing public and private warrants to be exercised at a reduced price.
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Commodities
In commodity news, oil traded up 0.6% to $78.70 while gold traded down 1.2% at $2,347.30.
Silver traded down 0.4% to $28.39 on Monday, while copper rose 0.7% to $4.6945.
Euro zone
European shares were slightly lower today. The eurozone's STOXX 600 fell 0.1%, Germany's DAX fell 0.2% and France's CAC 40 slipped 0.2%. Spain's IBEX 35 Index slipped 0.1%, while London's FTSE 100 fell 0.2%.
The BNP Paribas Real Estate Construction PMI in Ireland rose to 53.2 in April compared to previous month's reading of 51.6.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan's Nikkei falling 0.13%, China's Composite Index falling 0.21%, Hong Kong's Hang Seng Index gaining 0.80% and India's S&P BSE Sensex gaining 0.15%.
China’s producer prices fell by 2.5% year-over-year in April compared to a 2.8% decline in March, while annual inflation rate increased to 0.3% in April. China’s vehicle sales climbed by 9.3% year-over-year to 2.36 million in April.
Economics
No major economic reports are scheduled for release today.
