US Stocks Close Mixed as Nasdaq Dips
Wall Street closed with a mixed bag on Monday, with the tech-heavy Nasdaq Composite falling more than 50 points, while the Dow Jones Industrial Average registered gains. The S&P 500 also dipped slightly.
The Dow Jones Industrial Average closed up 0.69% at 44,294.18, reflecting investor optimism. However, the Nasdaq Composite ended the day down 0.36% at 19,217.22. The S&P 500, a broad market index, closed down 0.04% at 5,993.15.
Monday.com Plunges After Earnings Report
Shares of Monday.com Ltd (MNDY) tumbled around 16% on Monday following the company’s third-quarter earnings release. The company reported impressive revenue growth of 33% year-over-year, reaching $251.0 million, surpassing analyst estimates of $246.1 million. Its adjusted earnings per share also beat expectations, coming in at 85 cents compared to the analyst consensus of 63 cents.
Despite these positive figures, Monday.com raised its 2024 revenue guidance to $964 million–$966 million, slightly above the consensus estimate of $960.2 million. However, this guidance may have sparked concerns among investors, leading to the stock’s decline.
Financials Shine, Technology Lags
Sector-wise, the financial sector saw significant gains, surging by 1.5% on Monday. This positive performance reflects investor confidence in the financial sector’s prospects.
On the other hand, information technology shares experienced a dip, falling by 1.4%. This decline was likely driven by the weakness in Monday.com’s stock, which is a major player in the project management software sector.
Notable Stock Movers
Besides Monday.com, other stocks that saw significant price movements on Monday include:
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CERo Therapeutics Holdings, Inc. (CERO):
Shares soared 155% to $0.1770 after the company announced preclinical data demonstrating the potential of its drug, CER-1236, in treating ovarian cancer.*
Canaan Inc. (CAN):
Shares surged 35% to $1.7013 as Bitcoin prices rose above $82,000, boosting sentiment in the cryptocurrency sector.*
MARA Holdings, Inc. (MARA):
Shares gained 25% to $24.06, also riding the wave of Bitcoin’s price surge.On the downside, these stocks experienced significant declines:
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1847 Holdings LLC (EFSH):
Shares dropped 38% to $2.2550 after the company announced an agreement to acquire a cabinet, door & millwork manufacturer for $18.75 million.*
RAPT Therapeutics, Inc. (RAPT):
Shares were down 45% to $1.5994 following the company’s decision to terminate its Zelnecirnon program due to an FDA clinical hold related to a severe adverse event involving liver injury.*
Sapiens International Corporation N.V. (SPNS):
Shares fell 26% to $29.13 after the company reported disappointing third-quarter earnings and lowered its FY24 revenue guidance.Commodities and Global Markets
In the commodity markets, oil prices dipped by 3.2% to $68.10. Gold prices also fell by 2.7% to $2,621.70, while silver dropped by 2.8% to $30.570. Copper prices declined by 1.3% to $4.2495.
European markets closed higher on Monday, with the eurozone’s STOXX 600 gaining 1.14%. Germany’s DAX rose by 1.28%, while France’s CAC 40 gained 1.16%.
Asian markets closed mostly higher, with Japan’s Nikkei 225 gaining 0.08%, Hong Kong’s Hang Seng Index falling 1.45%, and China’s Shanghai Composite Index gaining 0.51%. India’s BSE Sensex also registered a slight gain of 0.01%.
