Dow Jumps Over 400 Points; Monday.com Shares Fall After Q3 Results

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 400 points on Monday.

Following the market opening Monday, the Dow traded up 0.98% to 44,417.88 while the NASDAQ rose 0.18% to 19,321.30. The S&P 500 also rose, gaining, 0.32% to 6,014.50.

Check This Out: Top 4 Health Care Stocks That May Plunge This Quarter

Leading and Lagging Sectors

Consumer discretionary shares surged by 1.9% on Monday.

In trading on Monday, information technology shares fell by 0.4%.

Top Headline

Shares of Monday.com Ltd MNDY fell around 18% on Monday after the company reported results for its third quarter.

The company reported fiscal third-quarter 2024 revenue growth of 33% Y/Y to $251.0 million, beating the analyst consensus estimate of $246.1 million. The project management software company’s adjusted EPS of 85 cents beat the analyst consensus estimate of 63 cents.

Monday.com raised 2024 revenue guidance to $964 million–$966 million (prior $956 million–$961 million) against the consensus of $960.2 million and an adjusted operating margin of 12%–13% (prior 10%-11%)

Equities Trading UP
                       

• CERo Therapeutics Holdings, Inc. CERO shares shot up 190% to $0.2043 after the company announced the presentation of preclinical data demonstrating the capability of CER-1236 to kill ovarian cancer cells in preclinical models
• Shares of FOXO Technologies Inc. FOXO got a boost, surging 44% to $0.7149.
• New Horizon Aircraft Ltd. HOVR shares were also up, gaining 37% to $0.3969.

Equities Trading DOWN

• 1847 Holdings LLC EFSH shares dropped 46% to $1.96. 1847 Holdings signed a definitive agreement to acquire a cabinet, door & millwork manufacturer for $18.75 million.
• Shares of RAPT Therapeutics, Inc. RAPT were down 38% to $1.80 after the company terminated its Zelnecirnon program following an FDA clinical hold due to a severe adverse event involving liver injury.
• Nexalin Technology, Inc. NXL was down, falling 30% to $2.65. Nexalin Technology's CEO issued a letter to shareholders.

Commodities

In commodity news, oil traded down 2.2% to $68.81 while gold traded down 1.2% at $2,661.90.

Silver traded down 0.8% to $31.19 on Monday, while copper fell 0.9% to $4.2690.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 1.2%, Germany's DAX gained 1.4% and France's CAC 40 gained 1.2%. Spain's IBEX 35 Index rose 0.6%, while London's FTSE 100 rose 0.7%.

The BNP Paribas Real Estate Construction PMI in Ireland rose to 49.4 in October versus 49.0 in September,

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan's Nikkei 225 gaining 0.08%, Hong Kong's Hang Seng Index falling 1.45%, China's Shanghai Composite Index gaining 0.51% and India's BSE Sensex gaining 0.01%.

China's annual inflation rate was 0.3% in October compared to September's reading of 0.4%, while producer prices declined by 2.9% year-over-year in October. China’s vehicle sales climbed by 7% year-over-year to 3.05 million units in October compared to a 1.7% decline in the prior month.

The gauge for Japan's service sector fell to 47.5 in October compared to a revised reading of 47.8 in the prior month, while Japan's current account surplus fell to JPY 1,717.1 billion in September from JPY 2,954.2 billion in the year-ago month.

Economics

No major economic reports are scheduled for released today.

Now Read This:

• Aramark, Live Nation Entertainment And 3 Stocks To Watch Heading Into Monday