U.S. stock markets opened higher on Monday, buoyed by a positive sentiment across the board. The Dow Jones Industrial Average gained over 100 points, rising 0.25% to 41,278.87. The NASDAQ also saw a modest increase, rising 0.01% to 17,878.79, while the S&P 500 gained 0.19% to close at 5,645.45.
The energy sector emerged as a standout performer, with shares climbing 1.4%. In contrast, consumer discretionary stocks lagged behind, falling 0.1%. This suggests investors may be expecting a shift in consumer spending patterns.
One notable development was the decline in shares of PDD Holdings Inc. (PDD). The Chinese online retailer reported weaker-than-expected revenue for its fiscal second quarter, missing analyst estimates. The company’s revenue grew 86% year-on-year to $13.36 billion, but this fell short of the anticipated $14.02 billion. Despite this, PDD’s adjusted earnings per ADS of $3.20 exceeded analyst expectations.
Other companies saw significant stock price movements. Medirom Healthcare Technologies Inc. (MRM) shares surged 177% after announcing a capital and business alliance for its subsidiary. Prestige Wealth Inc. (PWM) shares soared 87% following the announcement of a definitive acquisition agreement. Richtech Robotics Inc. (RR) shares also gained 34%.
On the other hand, Alarum Technologies Ltd. (ALAR) shares dropped 28% after reporting mixed second-quarter financial results. Guardion Health Sciences, Inc. (GHSI) shares fell 23% following the announcement of a $5 per share dividend.
Commodities traded mixed. Oil prices rose 3% to $77.10, while gold prices climbed 0.6% to $2,560.90. Silver also gained 0.6% to $30.005, and copper rose 0.2% to $4.2095.
European markets were mostly higher. The eurozone’s STOXX 600 gained 0.1%, while France’s CAC 40 rose 0.3%. However, Germany’s DAX index fell 0.1%. Spain’s IBEX 35 Index gained 0.1%, and London’s FTSE 100 climbed 0.5%. Economic indicators in Europe showed mixed signals. Germany’s Ifo Business Climate indicator fell to its lowest level since February, while producer prices in Spain declined in July.
Asian markets closed mostly higher, with Japan’s Nikkei 225 falling 0.66%. Hong Kong’s Hang Seng Index gained 1.06%, China’s Shanghai Composite Index rose 0.04%, and India’s BSE Sensex climbed 0.75%.
In the United States, new orders for manufactured durable goods increased by 9.9% in July, following a revised 6.9% plunge in the previous month. This indicates a potential rebound in manufacturing activity.
