As the trading day drew to a close, the Dow Jones Industrial Average took a minor dip, contrasting the NASDAQ’s slight uptick. The Dow traded at 39,101.76, down 0.08%, while the NASDAQ climbed 0.04% to reach 16,003.09. Similarly, the S&P 500 experienced a 0.24% decline, resting at 5,076.80.
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Shifting Sectors: Winners and Losers
Energy stocks gained ground by 0.5% on Monday while utilities shares felt a 1.7% decline.
A Noteworthy Triumph: Pilgrim’s Pride Corporation PPC outshined market expectations with its fourth-quarter performance. Pilgrims Pride displayed robust sales growth of 9.7% year-over-year, hitting $4.528 billion for Q4 fiscal 2023, surpassing the consensus of $4.47 billion. The adjusted EPS stood at 59 cents, a significant improvement from the previous loss of 49 cents, exceeding the expected 40 cents.
Stocks Making Strides
Akili, Inc. AKLI saw its shares soar by 116% to $0.4782 post the positive results from Shionogi’s Phase 3 clinical trial of a localized version of Akili’s EndeavorRx® for Pediatric ADHD patients in Japan.
Interactive Strength Inc. TRNR enjoyed a 41% surge as it announced an exclusive worldwide distribution deal with WOODWAY to market and distribute CLMBR.
Agiliti, Inc. AGTI watched its shares rise by 29% to $9.86 after unveiling plans to go private under THL Partners.
Stocks on the Decline
Aclarion, Inc. ACON witnessed a 65% drop to $0.3134 following a public offering of 5.175 million units. Each unit comprises one share of common stock (or a pre-funded warrant) and two common warrants.
Shares of Intuitive Machines, Inc. LUNR slumped by 38% to $5.97 after acknowledging a possible tipping over of its lunar lander during a moon landing attempt.
Venus Concept Inc. VERO retreated by 25% to $0.98 after announcing a $1.2 million registered direct offering at $1.465 per share.
Market Movements in Commodities and Beyond
Oil ascended by 1.8% to $77.84, contrasting gold’s 0.6% decline to $2,037.70. Additionally, silver receded by 2.1% to $22.505 while copper fell by 1.5% to $3.8430.
Global Markets Overview
European markets showed a varied performance with the eurozone’s STOXX 600 dropping by 0.37%. While London’s FTSE 100 and Italy’s FTSE MIB Index faced declines, Spain’s IBEX 35 Index rose by 0.08%. Similarly, the German DAX ticked up by 0.02% while the French CAC 40 took a 0.46% dip. In Spain, researcher prices took a 3.8% year-over-year downturn in January after a 6.3% decrease in the previous month.
Asia-Pacific Markets Insights
Asian markets saw a mixed bag as Japan’s Nikkei 225 gained 0.35%, Hong Kong’s Hang Seng Index fell by 0.54%, China’s Shanghai Composite Index dropped by 0.93%, and India’s S&P BSE Sensex took a 0.4% hit. On the other hand, Singapore’s manufacturing production climbed by 1.1% year-over-year in January after a revised 2.4% fall in December.
Economic Trends Unpacked
Building permits in the U.S. fell by 0.3% to an annualized rate of 1.489 million in January. Meanwhile, the Federal Reserve Bank of Dallas reported a rise in the general business activity index for manufacturing in Texas, reaching -11.3 in February from an eight-month low of -27.4 in the previous month. In housing, sales of new single-family houses surged by 1.5% from the previous month to an annualized rate of 661,000 in January.
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