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.

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