US Stocks Higher; Dow Gains Over 50 Points

U.S. stocks traded higher this morning, with the Dow Jones index gaining over 50 points on Monday.

Following the market opening Monday, the Dow traded up 0.18% to 38,974.17 while the NASDAQ rose 0.17% to 16,276.01. The S&P 500 also rose, gaining, 0.10% to 5,209.69.

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Leading and Lagging Sectors

 

Consumer discretionary shares jumped by 0.7% on Monday.

In trading on Monday, health care shares fell by 0.3%.

 

Top Headline

 

Shares of Ducommun Inc DCO jumped over 16% on Monday after the company confirmed that its Board of Directors received an unsolicited non-binding indication of interest from Albion River LLC.

 

Equities Trading UP

 

Auddia Inc. AUUD shares shot up 260% to $5.14 after the company announced the USPTO awarded it with U.S. Patent 11,935,520 for the core AI technology the company uses in its flagship faidr app to deliver ad-free AM/FM radio stations to paid subscribers.

Shares of UTime Limited WTO got a boost, surging 68% to $0.3101 after the company completed a private placement.

Longeveron Inc. LGVN shares were also up, gaining 76% to $3.88 after the company submitted paperwork for a share offering.

 

Equities Trading DOWN

 

Perion Network Ltd. PERI shares dropped 38% to $13.01 after the company slashed FY24 revenue guidance and issued first-quarter outlook below estimates.

Shares of MediaCo Holding Inc. MDIA were down 26% to $2.87. Shares of MediaCo Holding jumped 177% on Friday after a 13D amended filing showed Standard General L.P. reported a 95.2% stake in the company as of April 1, 2024.

Selina Hospitality PLC SLNA was down, falling 24% to $0.0419.

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Commodities

 

In commodity news, oil traded down 0.8% to $86.20 while gold traded up 0.6% at $2,358.90.

Silver traded up 1.5% to $27.915 on Monday, while copper rose 1% to $4.2765.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.3%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index fell 0.1% The German DAX gained 0.7% French CAC 40 climbed 0.7% while Italy’s FTSE MIB Index gained 0.7%.

Imports into Germany increased 3.2% month-over-month to EUR 111.5 billion in February, while exports from Germany fell 2% month-over-month to EUR 132.9 billion. German industrial production climbed by 2.1% month-over-month during February.

 

Asia Pacific Markets

 

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 gaining 0.91%, Hong Kong’s Hang Seng Index gaining 0.05%, China’s Shanghai Composite falling 0.72% and India’s S&P BSE Sensex gaining 0.67%.

Foreign exchange reserves in Singapore increased to SGD 497.3 billion in March from SGD 480.4 billion a month ago. The gauge for Japanese service sector declined to 49.8 in March versus 51.3 a month ago. Japan’s current account surplus widened to JPY 2,644.2 billion in February from JPY 2,200.3 billion in the year-ago month. Chinese foreign exchange reserves jumped by $19.8 billion to $3.246 trillion during March.

 

Economics

 

There were no major US economic releases Monday.

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