The U.S. stock market showed signs of life as the Nasdaq Composite gained around 75 points on Monday, defying market expectations.
As trading neared its conclusion, the Dow saw a slim 0.03% uptick to 38,121.11, while the NASDAQ rose 0.48% to 15,529.84. The S&P 500 also joined the party, ticking up 0.19% to reach 4,900.27.
Curious about it? Would American Airlines push as high as 32% upward? Here Are 10 Top Analyst Forecasts For Monday to mull over.
Winners and Losers: Not All Sectors Gain Equally
Ebullient Consumer discretionary shares rose by 0.6% on Monday. A promising sign for future market movements.
Not all sectors danced to the same tune, as energy shares suffered an 0.8% dent during Monday’s trading session.
Major Headline: Texas Manufacturing Signals Trouble
A gloomy pallor descended upon the market with the Federal Reserve Bank of Dallas reporting a stark 17-point drop in its general business activity index for Texas manufacturing, plunging to a reading of -27.4 in January.
Stocks on the Rise
Science 37 Holdings, Inc. SNCE shares soared an impressive 16% to $5.67 as the company agreed to be acquired by eMed.
Shares of SoFi Technologies, Inc. SOFI surged an impressive 16% to $8.87 following the company’s report of better-than-expected quarterly revenue.
Cardlytics, Inc. CDLX also experienced a notable upsurge, as their shares leaped 28% to $7.37 after the company announced a settlement agreement with SRS and released updated preliminary fourth-quarter 2023 results.
Stocks on the Decline
Panbela Therapeutics, Inc. PBLA saw a heavy 67% decline to $1.40 after the company announced pricing of a roughly $9 million public offering.
Shares of Bullfrog AI Holdings, Inc. BFRG took a hit, dropping by 24% to $5.36 following Bullfrog AI’s filing of a shelf offering of 786,938 shares and accompanying warrants at $6.63 per share and accompanying warrant.
Bloom Energy Corporation BE faced a 7% decline to $11.59 after B of A Securities downgraded the stock from Neutral to Underperform. A sharp contrast from the others enjoying an uptick.
More Insight: Here’s a glance at the Top 3 Consumer Stocks That May Crash In January
Commodity Market: Ups and Downs
In the realm of commodities, oil took a hefty 1.3% dip to $76.98 while gold experienced a 0.6% boost, soaring to $2,028.80.
Silver saw a considerable 2% hike to $23.32 on Monday and copper rose a significant 0.9% to $3.8860. A mixed bag in the world of commodities.
Euro Zone
European shares unveiled a mixed bag today. With the eurozone’s STOXX 600 witnessing a 0.21% rise, London’s FTSE 100 fell 0.03%, and Spain’s IBEX 35 Index dropped 0.47%. The German DAX fell 0.12%, French CAC 40 gained 0.09%, and Italy’s FTSE MIB Index fell 0.48%.
Ireland’s Credit Union Consumer Sentiment Index climbed to 74.2 in January from a reading of 62.4 in December, painting an optimistic picture.
Asia Pacific Markets
Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 gaining 0.77%, Hong Kong’s Hang Seng Index gaining 0.78% and China’s Shanghai Composite Index falling 0.92%. Meanwhile, India’s S&P BSE Sensex jumped vigorously by 1.74%.
Profits earned by Chinese industrial firms witnessed a tough 2.3% year-over-year decline to CNY 7,685.83 billion last year. The Domestic Supply Price Index in Singapore underwent a 1.1% year-over-year decline in December, while Malaysia’s producer prices took a 1.3% year-over-year dip in December.
Economics in Motion
The Federal Reserve Bank of Dallas, in a report that shook the market, unveiled a red flag— its general business activity index for manufacturing in Texas plummeted 17 points to a reading of -27.4 in January. A sign of alarm for the health of the economy.
Something to ponder over: What are Meta Platforms, Caterpillar And 2 Other Stocks Insiders Selling? A question that keeps the market on its toes.
