US Stock Markets End Day Mixed: Nasdaq Dips, Dow and S&P 500 See Gains
The US stock market closed the day with mixed results on Monday. While the Dow Jones Industrial Average climbed 0.76% to close at 44,324.99 and the S&P 500 rose 0.04% to 5,998.191, the Nasdaq Composite lagged behind, falling 0.15% to 19,257.81.
Aramark Shines with Strong Q4 Results and Share Buyback
Food services company Aramark (ARMK) was a standout performer, reporting better-than-expected fourth-quarter financial results. The company announced a $500 million share repurchase program and approved an 11% increase in its quarterly dividend. Aramark’s revenue grew by 5% year-over-year (organic revenue growth of 7%) to $4.42 billion, slightly missing analysts’ estimates of $4.46 billion. Adjusted earnings per share (EPS) of 54 cents beat the consensus of 53 cents. The increased dividend of 10.5 cents per share will be paid on December 12, 2024, to shareholders of record as of December 2, 2024.
Strong Movers in the Market
Several companies experienced significant stock price fluctuations during the day. CERo Therapeutics Holdings, Inc. (CERO) saw a remarkable surge of 122% to $0.1552 per share after presenting preclinical data demonstrating the potential of its drug CER-1236 to kill ovarian cancer cells. Canaan Inc. (CAN) shares soared 34% to $1.6915 following Bitcoin’s rise above $82,000. MARA Holdings, Inc. (MARA) also benefited from Bitcoin’s strength, with its shares gaining 25% to $23.96.
Stocks Experiencing Declines
On the flip side, several companies faced significant stock price drops. 1847 Holdings LLC (EFSH) shares plummeted 40% to $2.1600 after the company signed an agreement to acquire a cabinet, door, and millwork manufacturer for $18.75 million. RAPT Therapeutics, Inc. (RAPT) saw its stock fall 44% to $1.6250 following the termination of its Zelnecirnon program due to a severe adverse event involving liver injury and a subsequent clinical hold by the Food and Drug Administration (FDA). Sapiens International Corporation N.V. (SPNS) reported worse-than-expected third-quarter EPS and sales figures and lowered its FY24 revenue guidance, resulting in a 26% decline in its stock price to $29.25.
Commodities and European Markets
In commodity markets, oil prices decreased by 3.1% to $68.18 per barrel, while gold declined by 2.8% to $2,619.40 per ounce. Silver and copper also experienced losses, falling 2.6% to $30.620 per ounce and 1.8% to $4.2270 per pound, respectively.
European markets closed higher for the day, with the eurozone’s STOXX 600 index rising 1.13%. Germany’s DAX index gained 1.21%, France’s CAC 40 index increased by 1.20%, and Spain’s IBEX 35 index rose 0.40%. London’s FTSE 100 index also saw gains, increasing by 0.65%. The BNP Paribas Real Estate Construction PMI in Ireland rose to 49.4 in October from 49.0 in September.
Asian Markets Close Mixed
Asian markets exhibited mixed performance on Monday. Japan’s Nikkei 225 index gained 0.08%, while Hong Kong’s Hang Seng Index fell 1.45%. China’s Shanghai Composite Index gained 0.51%, and India’s BSE Sensex rose 0.01%. China’s annual inflation rate was 0.3% in October compared to 0.4% in September, while producer prices declined by 2.9% year-over-year. Vehicle sales in China climbed by 7% year-over-year to 3.05 million units in October. Japan’s service sector gauge fell to 47.5 in October from a revised reading of 47.8 in the previous month, and the country’s current account surplus fell to JPY 1,717.1 billion in September from JPY 2,954.2 billion in the year-ago month.
