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Market Roller Coaster: Crude Oil Soars While Solowin Holdings Stocks Tumble

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Dow Jones Climbs Amidst Market Surge

U.S. stocks found their footing as the trading day came to a close, with the Dow Jones index rising by over 150 points on Monday.

The Dow surged by 0.40% to reach 38,870.91, accompanied by the NASDAQโ€™s 1.16% climb to 16,158.82. The S&P 500 also joined the rally, advancing by 0.86% to 5,161.08.

Check This Out: Top 4 Tech Stocks That May Collapse In March

Market Buzz: Leading and Lagging Sectors

Communication services sector witnessed a roaring 2.9% surge in Mondayโ€™s trading action.

On the flip side, industrial shares mustered only a modest 0.4% uptick.

Top Stories and Company Updates Unraveled

Shares of Science Applications International Corp SAIC spiraled downwards during Mondayโ€™s session following the release of their fourth-quarter results.

The companyโ€™s fourth-quarter revenue took a 12% year-over-year nosedive to $1.74 billion in fiscal 2024, surpassing the consensus of $1.64 billion. Meanwhile, the adjusted EPS of $1.43 met the consensus mark.

Equities on the Rise

Canoo Inc. GOEV saw its shares skyrocket by 56% to $3.0198 post the US Department of Commerce granting approval for its Oklahoma City facility as a Foreign Trade Zone.

Shares of Wearable Devices Ltd. WLDS surged by 27% to $0.5642. The XR team at Wearable Devices released a report suggesting โ€˜The Mudra Band Can Be The Neural Bridge For Apple And Meta In Their Next Wave Of Smart Glasses Interaction.โ€™

Nuvei Corporation. NVEI reported a commendable 32% surge in its shares, touching $28.51 following media reports hinting at potential buyout discussions.

Equities Heading South

Solowin Holdings SWIN experienced a harsh 30% decline, dropping to $7.73 after unveiling unaudited financial results for the first six months of fiscal year 2024.

Shares of Sonder Holdings Inc. SOND plummeted by 33% to $3.7126 as the company announced a delay in its fourth-quarter and FY23 financial results due to accounting discrepancies. Additionally, preliminary revenue results for the same period fell below estimated figures.

Worksport Ltd. WKSP witnessed a sharp 33% descent, reaching $0.4949 after disclosing the pricing of a $2.8 million registered direct offering & concurrent private placement.

Market Movements Across Various Frontiers

In the commodities arena, oil surged by a compelling 2.4% to settle at $82.95, while gold edged up by 0.1% to $2,163.50.

Silver experienced a slight 0.5% dip, closing at $25.26 on Monday, with copper marking a modest 0.1% growth to finalize at $4.13.

Global Market Recap

European markets displayed a mixed bag of results today, with the eurozoneโ€™s STOXX 600 slipping by 0.17%, Londonโ€™s FTSE 100 declining by 0.06%, Spainโ€™s IBEX 35 Index dipping by 0.01%, the German DAX sliding by 0.02%, the French CAC 40 falling by 0.20%, and Italyโ€™s FTSE MIB Index rising by 0.01%.

Asia Pacific Resonates With Positive Market Sentiment

Asian markets ended Monday on a high note, witnessing Japanโ€™s Nikkei 225 surge by 2.67%, Hong Kongโ€™s Hang Seng Index rise by 0.10%, Chinaโ€™s Shanghai Composite Index gain by 0.99%, and Indiaโ€™s S&P BSE Sensex climbing up by 0.2%.

Chinese retail sales exhibited a robust 5.5% growth year-over-year in January-February, with the unemployment rate averaging 5.3% during the same period. Furthermore, Chinese industrial production soared by 7.0% year-over-year in January-February. In Japan, core machinery orders saw a 1.7% month-over-month decline to 823.8 billion yen in January.

Economic Indicators Paint an Intriguing Picture

The NAHB/Wells Fargo Housing Market Index surged to 51 in March, marking the highest reading in eight months, surpassing the February reading of 48 and exceeding market expectations of 48.

Now Read This: How To Earn $500 A Month From Caleres Stock Ahead Of Q4 Earnings

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