Dow Dips 150 Points; Monday.com Posts Upbeat Earnings

U.S. stocks traded lower this morning, with the Dow Jones index falling around 150 points on Monday.

The Dow traded down 0.39% to 39,344.36 while the NASDAQ fell 0.15% to 16,719.45. The S&P 500 also fell, dropping, 0.24% to 5,331.60.

Leading and Lagging Sectors

Information technology shares climbed by 0.9% on Monday.

In trading on Monday, real estate shares fell 0.6%.

Top Headline

Monday.com Ltd MNDY reported better-than-expected earnings for its fiscal second quarter.

The company posted revenue growth of 34% Y/Y to $236.1 million, beating the analyst consensus estimate of $228.8 million. The project management software company's adjusted EPS of 94 cents beat the analyst consensus estimate of 56 cents.

Monday.com expects third-quarter revenue of $243 million–$247 million (versus the consensus of $243.05 million) and adjusted operating margin of 8%–9%. Monday.com expects 2024 revenue guidance of $956 million—$961 million (prior $942 million—$948 million) against the consensus of $947.79 million and an adjusted operating margin of 10%—11% (prior 8%—9%).

Equities Trading UP
                       

• Greenlane Holdings, Inc. GNLN shares shot up 243% to $8.59 after the company announced a non-binding letter of intent to be the exclusive distributor in the U.S. of Safety Strips, Inc.’s Fentanyl, Xylazine and Drink Spike Detection Test Strips.
• Shares of Revance Therapeutics, Inc. RVNC got a boost, surging 85% to $6.53 after the company entered into a merger agreement with Crown Laboratories.
• Interactive Strength Inc. TRNR shares were also up, gaining 75% to $0.6126 after the company received a letter stating that the Nasdaq Hearings Panel granted its request for continued listing on the Nasdaq Stock Market.

Equities Trading DOWN

• B. Riley Financial, Inc. RILY shares dropped 49% to $8.66 after the company reported preliminary second-quarter financial results.
• Shares of Neuronetics, Inc. STIM were down 46% to $0.9608 after the company reported worse-than-expected second-quarter financial results and issued third-quarter revenue guidance below estimates. Also, the company announced it will acquire Greenbrook TMS in an all-stock transaction.
• iLearningEngines, Inc. AILE was down, falling 42% to $3.35. iLearningEngines will report financial results for the second quarter before the opening bell on Tuesday, Aug. 13.

Commodities

In commodity news, oil traded up 1.4% to $78.00 while gold traded up 0.6% at $2,488.20.

Silver traded up 1.2% to $27.91 on Monday, while copper rose 1.4% to $4.0495.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.1%, Germany's DAX rose 0.2% and France's CAC 40 fell 0.1%. Spain's IBEX 35 Index rose 0.1%, while London's FTSE 100 rose 0.5%.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Hong Kong's Hang Seng Index gaining 0.13%, China's Shanghai Composite Index falling 0.14% and S&P BSE Sensex falling 0.07%.

Economics

The US government budget report will be released today.

Now Read This:

• This Robinhood Analyst Turns Bullish; Here Are Top 5 Upgrades For Monday