Crude Oil Down 3%; Aramark Posts Upbeat Earnings

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling more than 50 points on Monday.

The Dow traded up 0.76% to 44,324.99 while the NASDAQ fell 0.15% to 19,257.81. The S&P 500 also rose, gaining, 0.04% to 5,998.191.

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Leading and Lagging Sectors

Financials shares surged by 1.4% on Monday.

In trading on Monday, information technology shares fell by 1.3%.

Top Headline

Aramark ARMK reported better-than-expected fourth-quarter financial results and announced a $500 million share repurchase program. Also, the company approved a 11% increase to its quarterly dividend.

Revenue grew 5% year-over-year (Organic revenue: +7%) to $4.42 billion, missing the consensus of $4.46 billion. Adjusted EPS of 54 cents exceeded the consensus of 53 cents.

Aramark's Board of Directors approved an 11% increase in the quarterly dividend, raising it to 10.5 cents per share. The dividend will be payable on December 12, 2024, to stockholders of record as of December 2, 2024

Equities Trading UP
                       

• CERo Therapeutics Holdings, Inc. CERO shares shot up 122% to $0.1552 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 34% to $1.6915 after Bitcoin rose above $82,000.
• MARA Holdings, Inc. MARA shares were also up, gaining 25% to $23.96 amid strength in Bitcoin.

Equities Trading DOWN

• 1847 Holdings LLC EFSH shares dropped 40% to $2.1600. 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 44% to $1.6250 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 $29.25 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 3.1% to $68.18 while gold traded down 2.8% at $2,619.40.

Silver traded down 2.6% to $30.620 on Monday, while copper fell 1.8% to $4.2270.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 gained 1.13%, Germany's DAX gained 1.21% and France's CAC 40 gained 1.20%. Spain's IBEX 35 Index rose 0.40%, while London's FTSE 100 rose 0.65%.

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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