Crude Oil Down 1%; Zynerba Pharmaceuticals Shares Spike Higher

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining around 90 points on Monday.

The Dow traded down 0.14% to 35,232.62 while the NASDAQ rose 0.66% to 13,735.42. The S&P 500, also rose, gaining, 0.28% to 4,476.67.

Check This Out: QUALCOMM, AIG And 2 Other Stocks Insiders Are Selling

 

Leading and Lagging Sectors

Information technology shares rose by 1.4% on Monday.

In trading on Monday, utilities shares fell by 0.8%.

 

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 $1.2895 after Harmony Biosciences HRMY announced it will acquire the company for $200 million.

Shares of Taysha Gene Therapies, Inc. TSHA got a boost, shooting 130% to $1.69 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.

Hanryu Holdings, Inc. HRYU shares were also up, gaining 47% to $6.84. Hanryu Holdings partnered with SALTLUX for the development of AI powered conversational virtual assistant on popular K-Culture fandom application, FANTOO.

 

Equities Trading DOWN

BioXcel Therapeutics, Inc. BTAI shares dropped 42% to $4.28 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 38% to $19.93 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 34% to $3.4490 after the company received court approval for its revised stock conversion plan.

Also Check This Out: Top 5 Consumer Stocks That May Rocket Higher In August

 

Commodities

In commodity news, oil traded down 1% to $82.40 while gold traded down 0.1% at $1,944.10.

Silver traded down 0.2% to $22.695 on Monday while copper rose 0.2% to $3.7280.

 

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 rose 0.15%, London’s FTSE 100 fell 0.23% while Spain’s IBEX 35 Index fell 0.05% The German DAX rose 0.46% French CAC 40 rose 0.12% and Italy’s FTSE MIB Index gained 0.57%.

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.

Now Read This: These 3 Tech Stocks Delivering High-Dividend Yields Are Recommended By Wall Street's Most Accurate Analysts

 

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.