US Stocks Mixed; Li Auto Shares Plummet After Q1 Results

U.S. stocks traded mixed this morning, with the Nasdaq Composite gaining around 0.5% on Monday.

Following the market opening Monday, the Dow traded down 0.19% to 39,925.91 while the NASDAQ rose 0.50% to 16,769.45. The S&P 500 also rose, gaining, 0.19% to 5,313.25.

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Leading and Lagging Sectors

Information technology shares rose by 0.9% on Monday.

In trading on Monday, real estate shares fell by 0.6%.

Top Headline

Shares of Li Auto Inc LI dipped more than 14% on Monday after the company reported fiscal first-quarter 2024 results.

The company posted revenue growth of 36.4% year-on-year to $3.55 billion, missing the analyst consensus estimate of $3.84 billion. Adjusted net earnings per ADS was 17 cents missed the analyst consensus estimate of 35 cents.

Equities Trading UP
                       

• GT Biopharma, Inc. GTBP shares shot up 142% to $7.54. GT Biopharma, last week, posted a narrower-than-expected quarterly loss.
• Shares of Tantech Holdings Ltd TANH got a boost, surging 119% to $1.44.
• MultiMetaVerse Holdings Limited MMV shares were also up, gaining 102% to $1.25. MultiMetaVerse Holdings signed a non-binding term sheet to acquire 100% of Bowong Technology (Shenzhen) Co., Ltd. and its subsidiaries.

Equities Trading DOWN

• Virios Therapeutics, Inc. VIRI shares dropped 49% to $0.1790 after the company priced a $1.7 million public offering of 8.5 million shares of common stock at $0.20 per share.
• Shares of Akoustis Technologies, Inc. AKTS were down 47% to $0.1899 after Qorvo won a jury verdict against the company in a trade secret misappropriation and patent infringement case.
• Jaguar Health, Inc JAGX was down, falling 44% to $0.1457 after the company announced a 1-for-60 reverse stock split.

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Commodities

In commodity news, oil traded down 0.4% to $79.74 while gold traded up 0.8% at $2,436.90.

Silver traded up 1.9% to $31.84 on Monday, while copper rose 0.7% to $5.0860.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.2%, Germany's DAX rose 0.4% and France's CAC 40 climbed 0.5%. Spain's IBEX 35 Index rose 0.2%, while London's FTSE 100 rose 0.3%.

Spain’s consumer confidence indicator climbed to 84.5 in April compared to 82.5 in March. The construction output in Italy rose by 3.8% year-over-year in March.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan's Nikkei gaining 0.73%, China's Composite Index climbing 0.54%, Hong Kong's Hang Seng Index gaining 0.42% and India's S&P BSE Sensex gaining 0.46%.

Hong Kong's unemployment rate came in unchanged at 3% in the three months ending April 2024. Malaysia’s trade surplus shrank to MYR 7.7 billion in April from MYR 12.6 billion in the year-ago month. The People’s Bank of China held key lending rates at the recent fixing.

Economics

No major economic reports will be released today.

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