US Stocks Mixed; Perion Network Shares Plunge

U.S. stocks traded mixed this morning, with the Nasdaq Composite falling around 50 points on Monday.

Following the market opening Monday, the Dow traded up 0.08% to 38,828.81 while the NASDAQ fell 0.34% to 17,074.08. The S&P 500 also rose, gaining, 0.19% to 5,336.80.

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Leading and Lagging Sectors

Utilities shares climbed by 0.7% on Monday.

In trading on Monday, information technology shares fell by 0.5%.

Top Headline

GameStop Corp GME shares fell around 4% during Monday's session.

Last Friday, the stock closed lower by 39% after the company reported fiscal first-quarter earnings ahead of its schedule and Roaring Kitty held a live stream.

Equities Trading UP
                       

• Big Tree Cloud Holdings Limited DSY shares shot up 108% to $3.9450 following the completion of the company’s business combination with Plutonian Acquisition Corp. and amid continued volatility following its Nasdaq debut last week.
• Shares of KWESST Micro Systems Inc. KWE got a boost, surging 71% to $0.6752 after the company was awarded a sub-contract worth up to C$48 million by Thales Canada for software development services.
• New Horizon Aircraft Ltd. HOVR shares were also up, gaining 47% to $1.0499 after declining around 8% on Friday.

Equities Trading DOWN

• Perion Network Ltd. PERI shares dropped 28% to $8.81 after the company cut its Q2 and FY24 revenue outlook.
• Shares of Sify Technologies Limited SIFY were down 27% to $0.6099 after the company announced the voluntary delisting date of its ADS rights from Nasdaq.
• Tonix Pharmaceuticals Holding Corp. TNXP was down, falling 27% to $2.44. Tonix Pharmaceuticals recently announced a 1-for-32 reverse stock split.

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Commodities

In commodity news, oil traded up 0.3% to $75.78 while gold traded down 0.3% at $2,317.90.

Silver traded up 1.4% to $29.86 on Monday, while copper rose 0.8% to $4.5195.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.5%, Germany's DAX declined 0.6% and France's CAC 40 fell 1.6%. Spain's IBEX 35 Index fell 0.7%, while London's FTSE 100 fell 0.3%.

Industrial production in Italy declined by 1% month-over-month in April compared to a 0.5% decline in March.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei gaining 0.92%, and India's S&P BSE Sensex falling 0.27%.

Japan's current account surplus widened to JPY 2,050.5 billion in April versus JPY 1,895.4 billion in the year-ago period, while Japanese economy shrank by 1.8% on an annualized basis in the first quarter. The gauge for Japanese service sector declined to 45.7 in May compared to 47.4 in the prior month.

Industrial production in Malaysia gained by 6.1% year-over-year in April, while unemployment rate in Malaysia fell to 3.3% in April from 3.5% in the year-ago month.

Economics

No major economic reports will be released today.

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