Dow Falls 50 Points; Monday.com Posts Upbeat Results

U.S. stocks traded mostly lower this morning, with the Dow Jones falling around 50 points on Monday.

Following the market opening Monday, The Dow traded down 0.14% to 35,230.38 while the NASDAQ fell 0.07% to 13,634.71. The S&P 500, also fell, dropping, 0.09% to 4,460.02.

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Leading and Lagging Sectors

Information technology shares rose by 0.2% on Monday.

In trading on Monday, energy shares fell by 1%.

 

Top Headline

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

Monday.com reported second-quarter revenue growth of 42% Y/Y to $175.7 million, beating the consensus of $169.2 million. Non-GAAP EPS of $0.41 beat the consensus of 14 cents.

Monday.com raised 2023 revenue guidance to $713 million-$717 million (prior $702 million - $706 million) and consensus: $704.7 million.

 

Equities Trading UP

Zynerba Pharmaceuticals, Inc. ZYNE shares shot up 280% to $1.29 after Harmony Biosciences entered into definitive agreement to acquire the company for total potential consideration of up to $200 million in cash.

Shares of Taysha Gene Therapies, Inc. TSHA got a boost, shooting 140% to $1.77 after the company reported Initial clinical data from first adult rett syndrome patient dosed in REVEAL Phase 1/2 trial. The company also announced second-quarter results.

TMC the metals company Inc. TMC shares were also up, gaining 33% to $1.4684 after the company announced a registered direct offering at $2/share plus warrants.

 

Equities Trading DOWN

BioXcel Therapeutics, Inc. BTAI shares dropped 47% to $3.93 after the company reported second-quarter results and announced plans to reduce over 50% of jobs.

Shares of Hawaiian Electric Industries, Inc. HE were down 40% to $19.57 after Wells Fargo downgraded maintained an Underweight rating on the stock and lowered its price target from $35 to $25.

AMC Entertainment Holdings, Inc. AMC was down, falling 38% to $3.2650 after the company received court approval for its revised stock conversion plan.

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Commodities

In commodity news, oil traded down 1.2% to $82.23 while gold traded down 0.2% at $1,942.70.

Silver traded up 0.1% to $22.775 on Monday while copper fell 0.2% to $3.7125.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.1% The German DAX rose 0.3% French CAC 40 fell 0.1% and Italy’s FTSE MIB Index gained 0.6%.

Germany's wholesale prices fell 2.8% year-over-year in July following a 2.9% decline in the prior month.

 

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 falling 1.27%, China’s Shanghai Composite Index falling 0.34% and Hong Kong’s Hang Seng Index falling 1.58%. India’s S&P BSE Sensex, meanwhile, rose 0.2%.

Indian merchandise trade deficit shrank to $20.67 billion in July from $25.43 billion in the year-ago month. India's wholesale prices fell by 1.36% year-over-year in July compared to a 4.12% decline in the previous month. Total passenger vehicle sales in India rose by 2.9% year-over-year to 302,251 in July.

 

Economics

There were no major US economic releases Monday.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,729,980 cases with around 1,172,090 deaths. India confirmed a total of at least 44,996,270 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,569,420 cases of COVID-19 worldwide with more than 6,907,670 deaths.