Midway through Monday’s trading session, US stocks climbed, with the S&P 500 index advancing around 1%.
The Dow edged up 0.37% to 38,859.32, while the NASDAQ surged 1.61% to 16,231.11. The S&P 500 also rose, gaining 1.05% to 5,171.00.
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Sectors in Action
Communication services shares jumped by 3.6% on Monday.
In trading on Monday, healthcare shares rose by just 0.2%.
Noteworthy News
The NAHB/Wells Fargo Housing Market Index surged to 51 in March, marking the highest reading in eight months. This surpassed February’s reading of 48 and exceeded market estimates.
Winners and Losers in Equities
Canoo Inc. GOEV saw its shares soar 53% to $2.98 after the US Department of Commerce approved its Oklahoma City facility as a Foreign Trade Zone.
Shares of Wearable Devices Ltd. WLDS surged 29% to $0.5750. The company’s XR team published a report suggesting ‘The Mudra Band Can Be The Neural Bridge For Apple And Meta In Their Next Wave Of Smart Glasses Interaction.’
Verb Technology Company, Inc. VERB also experienced an uptick, with shares rising 41% to $0.6224, possibly fueled by the success of its Market.live Facebook and Instagram social shopping technology integration announcement last Friday.
Declines in Equities
Solowin Holdings SWIN witnessed a 19% drop to $8.90 after reporting unaudited financial results for the first six months of fiscal year 2024.
Shares of Sonder Holdings Inc. SOND were down 31% to $3.79 following an announcement of delayed financial results for Q4 and FY23 due to accounting errors, with preliminary revenue results falling short of estimates.
Worksport Ltd. WKSP declined 26% to $0.5499 after announcing a $2.8 million registered direct offering and concurrent private placement.
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Commodity Market Updates
In the commodity realm, oil rose 0.6% to $81.50, while gold inched up 0.1% to $2,163.60.
Silver increased by 0.1% to $25.385 on Monday, with copper also rising by 0.9% to $4.1595.
European Markets Overview
European shares displayed mixed performance, with the STOXX 600 in the eurozone dropping 0.16%. London’s FTSE 100 slightly rose by 0.01%, whereas Spain’s IBEX 35 Index fell by 0.13%. The German DAX and French CAC 40 also experienced declines of 0.07% and 0.25%, respectively, while Italy’s FTSE MIB Index dipped by 0.06%.
Asia Pacific Market Movements
Asian markets closed positively on Monday, with Japan’s Nikkei 225 soaring 2.67%, Hong Kong’s Hang Seng Index rising 0.10%, China’s Shanghai Composite Index gaining 0.99%, and India’s S&P BSE Sensex climbing 0.2%.
China recorded a 5.5% year-over-year rise in retail sales for January-February, while the unemployment rate averaged at 5.3% during the same period. Industrial production in China also surged 7.0% year-over-year in January-February. Japan saw a 1.7% month-over-month decline in core machinery orders to 823.8 billion yen in January.
Economic Insights
The NAHB/Wells Fargo Housing Market Index ascended to 51 in March, marking the highest reading in the past eight months, surpassing February’s 48 and outperforming market projections of 48.
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