Nasdaq Moves Lower; Canaan Shares Surge

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling more than 50 points on Monday.

The Dow traded up 0.69% to 44,294.18 while the NASDAQ fell 0.36% to 19,217.22. The S&P 500 also fell, dropping, 0.04% to 5,993.15.

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Leading and Lagging Sectors

Financials shares surged by 1.5% on Monday.

In trading on Monday, information technology shares fell by 1.4%.

Top Headline

Shares of Monday.com Ltd MNDY fell around 16% 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 155% to $0.1770 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 Canaan Inc. CAN got a boost, surging 35% to $1.7013 after Bitcoin rose above $82,000.
• MARA Holdings, Inc. MARA shares were also up, gaining 25% to $24.06 amid strength in Bitcoin.

Equities Trading DOWN

• 1847 Holdings LLC EFSH shares dropped 38% to $2.2550. 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 45% to $1.5994 after the company terminated its Zelnecirnon program following an FDA clinical hold due to a severe adverse event involving liver injury.
• Sapiens International Corporation N.V. SPNS was down, falling 26% to $29.13 after the company reported worse-than-expected third-quarter EPS and sales and lowered its FY24 revenue guidance.

Commodities

In commodity news, oil traded down 3.2% to $68.10 while gold traded down 2.7% at $2,621.70.

Silver traded down 2.8% to $30.570 on Monday, while copper fell 1.3% to $4.2495.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 1.14%, Germany's DAX gained 1.28% and France's CAC 40 gained 1.16%. Spain's IBEX 35 Index rose 0.42%, while London's FTSE 100 rose 0.61%.

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.

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