Dow Jumps 100 Points; PDD Posts Weak Revenue

U.S. stocks traded higher this morning, with the Dow Jones index gaining around 100 points on Monday.

Following the market opening Monday, the Dow traded up 0.25% to 41,278.87 while the NASDAQ rose 0.01% to 17,878.79. The S&P 500 also rose, gaining, 0.19% to 5,645.45.

Check This Out: Top 3 Financials Stocks That Could Blast Off This Quarter

Leading and Lagging Sectors

Energy shares climbed by 1.4% on Monday.

In trading on Monday, consumer discretionary shares fell by 0.1%.

Top Headline

PDD Holdings Inc PDD reported weaker-than-expected revenue for its fiscal second quarter.

The company posted revenue growth of 86% year-on-year to $13.36 billion (97.06 billion Chinese yuan), missing the analyst consensus estimate of $14.02 billion. The Chinese online retailer's adjusted earnings per ADS of $3.20 (23.24 Chinese yuan) increased from 10.47 Chinese yuan Y/Y, beating the analyst consensus estimate of $2.73.

Equities Trading UP
                       

• Medirom Healthcare Technologies Inc MRM shares shot up 177% to $6.86 after the company announced that its subsidiary MEDIROM MOTHER Labs formed a capital and business alliance with NFES Technologies.
• Shares of Prestige Wealth Inc PWM got a boost, surging 87% to $1.41 after the company announced that it entered into a definitive acquisition agreement to purchase all shares of SPW Global.
• Richtech Robotics Inc. RR shares were also up, gaining 34% to $1.84.

Equities Trading DOWN

• Alarum Technologies Ltd. ALAR shares dropped 28% to $15.52 after the company reported mixed second-quarter financial results.
• Shares of PDD Holdings Inc. PDD were down 24% to $106.05 after the company announced downbeat quarterly sales.
• Guardion Health Sciences, Inc. GHSI was down, falling 23% to $13.83. Guardion Health Sciences recently announced its declared a $5 per share dividend.

Commodities

In commodity news, oil traded up 3% to $77.10 while gold traded up 0.6% at $2,560.90.

Silver traded up 0.6% to $30.005 on Monday, while copper rose 0.2% to $4.2095.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.1%, Germany's DAX fell 0.1% and France's CAC 40 gained 0.3%. Spain's IBEX 35 Index rose 0.1%, while London's FTSE 100 rose 0.5%.

The Ifo Business Climate indicator for Germany fell to 86.6 in August, recording the weakest level since February. Producer prices in Spain declined by 1.4% year-over-year in July versus a revised 3.2% decline in the earlier month.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan's Nikkei 225 falling 0.66%, Hong Kong's Hang Seng Index gaining 1.06%, China's Shanghai Composite Index rising 0.04% and India's BSE Sensex rising 0.75%.

Economics

U.S. new orders for manufactured durable goods gained by 9.9% from the prior month in July, compared to a revised 6.9% plunge in the prior period.

Now Read This:

• How To Earn $500 A Month From Nordstrom Stock Ahead Of Q2 Earnings Report