Nasdaq Surges 100 Points; Wix.com Shares Jump Following Q1 Results

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Monday.

The Dow traded up 0.04% to 40,020.16 while the NASDAQ rose 0.64% to 16,792.13. The S&P 500 also rose, gaining, 0.32% to 5,320.47.

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Leading and Lagging Sectors

Information technology shares rose by 1.1% on Monday.

In trading on Monday, consumer discretionary shares fell by 0.3%.

Top Headline

Shares of Wix.com Ltd WIX jumped around 24% on Monday after the company reported its fiscal first-quarter 2024 results.

Revenue grew 12% Y/Y to $419.8 million, beating the analyst consensus estimate of $417.8 million. Adjusted EPS of $1.29 beat the analyst consensus estimate of $1.03. The stock gained after the results.

Equities Trading UP
                       

• NKGen Biotech, Inc. NKGN shares shot up 55% to $1.7340 after the company’s SNK01 NK Cell Therapy was cleared to begin a Phase 2 trial in Alzheimer’s disease.
• Shares of Rekor Systems, Inc. REKR got a boost, surging 24% to $1.64 after the company announced a partnership with MS2.
• MultiMetaVerse Holdings Limited MMV shares were also up, gaining 130% to $1.4350. MultiMetaVerse Holdings signed a non-binding term sheet to acquire 100% of Bowong Technology (Shenzhen) Co., Ltd. and its subsidiaries.

Equities Trading DOWN

• Virios Therapeutics, Inc. VIRI shares dropped 46% to $0.19 after the company priced a $1.7 million public offering of 8.5 million shares of common stock at $0.20 per share.
• Shares of Akoustis Technologies, Inc. AKTS were down 51% to $0.1732 after Qorvo won a jury verdict against the company in a trade secret misappropriation and patent infringement case.
• Jaguar Health, Inc JAGX was down, falling 36% to $0.1660 after the company announced a 1-for-60 reverse stock split.

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Commodities

In commodity news, oil traded down 0.4% to $79.72 while gold traded up 0.4% at $2,426.30.

Silver traded up 2.9% to $32.15 on Monday, while copper rose 0.1% to $5.0545.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.18%, Germany's DAX rose 0.35% and France's CAC 40 climbed 0.35%. Spain's IBEX 35 Index rose 0.10%, while London's FTSE 100 rose 0.05%.

Spain’s consumer confidence indicator climbed to 84.5 in April compared to 82.5 in March. The construction output in Italy rose by 3.8% year-over-year in March.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan's Nikkei gaining 0.73%, China's Composite Index climbing 0.54%, Hong Kong's Hang Seng Index gaining 0.42% and India's S&P BSE Sensex gaining 0.46%.

Hong Kong's unemployment rate came in unchanged at 3% in the three months ending April 2024. Malaysia’s trade surplus shrank to MYR 7.7 billion in April from MYR 12.6 billion in the year-ago month. The People’s Bank of China held key lending rates at the recent fixing.

Economics

No major economic reports will be released today.

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