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U.S. stocks traded higher this morning, with the Dow Jones index gaining around 100 points on Monday.
Following the market opening Monday, the Dow traded up 0.25% to 41,278.87 while the NASDAQ rose 0.01% to 17,878.79. The S&P 500 also rose, gaining, 0.19% to 5,645.45.
Check This Out: Top 3 Financials Stocks That Could Blast Off This Quarter
Leading and Lagging Sectors
Energy shares climbed by 1.4% on Monday.
In trading on Monday, consumer discretionary shares fell by 0.1%.
Top Headline
PDD Holdings Inc reported weaker-than-expected revenue for its fiscal second quarter.
The company posted revenue growth of 86% year-on-year to $13.36 billion (97.06 billion Chinese yuan), missing the analyst consensus estimate of $14.02 billion. The Chinese online retailer's adjusted earnings per ADS of $3.20 (23.24 Chinese yuan) increased from 10.47 Chinese yuan Y/Y, beating the analyst consensus estimate of $2.73.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 3% to $77.10 while gold traded up 0.6% at $2,560.90.
Silver traded up 0.6% to $30.005 on Monday, while copper rose 0.2% to $4.2095.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 gained 0.1%, Germany's DAX fell 0.1% and France's CAC 40 gained 0.3%. Spain's IBEX 35 Index rose 0.1%, while London's FTSE 100 rose 0.5%.
The Ifo Business Climate indicator for Germany fell to 86.6 in August, recording the weakest level since February. Producer prices in Spain declined by 1.4% year-over-year in July versus a revised 3.2% decline in the earlier month.
Asia Pacific Markets
Asian markets closed mostly higher on Monday, with Japan's Nikkei 225 falling 0.66%, Hong Kong's Hang Seng Index gaining 1.06%, China's Shanghai Composite Index rising 0.04% and India's BSE Sensex rising 0.75%.
Economics
U.S. new orders for manufactured durable goods gained by 9.9% from the prior month in July, compared to a revised 6.9% plunge in the prior period.
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By Denny Jacob
Temu parent PDD Holdings ADRs dived 19% in premarket trading on Monday as revenue growth in the quarter missed expectations and management warned of challenges to come.
ADRs were trading around $112.80. They are down 4.4% on the year so far.
PDD logged revenue of $13.355 billion in the second quarter ended June 30, below estimates of $14.03 billion.
Jun Liu, vice president of finance, said the company's past quarter revenue growth rate slowed quarter on quarter.
"Looking ahead, revenue growth will inevitably face pressure due to intensified competition and external challenges," said Liu. "Profitability will also likely be impacted as we continue to invest resolutely."
Co-Chief Executive Lei Chen said PDD saw many challenges ahead and that the company was prepared to accept short-term sacrifices and a potential decline in profitability.
Write to Denny Jacob at denny.jacob@wsj.com
Financial stocks were advancing premarket Monday as the Financial Select Sector SPDR Fund was 0.4% higher recently.
The Direxion Daily Financial Bull 3X Shares was 1.4% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares was down 1.3%.
Prestige Wealth shares surged past 125% after the company said Friday that it agreed to acquire SPW Global for $4.5 million, subject to customary closing price adjustments.
B. Riley Financial shares were down more than 4% after saying it was notified by Nasdaq that the company is not in compliance with Nasdaq listing rules due to the delayed filing of its quarterly report on Form 10-Q for the period ended June 30 with the Securities and Exchange Commission.
KKR is reportedly exploring options for mushroom spawn producer Sylvan, including bringing in new investors, Bloomberg reported, citing unnamed people familiar with the matter. KKR shares were up 1% pre-bell.
Consumer stocks were mixed in Monday's premarket hours with the Consumer Staples Select Sector SPDR Fund 0.2% higher and the Consumer Discretionary Select Sector SPDR Fund down 0.1% recently.
PDD Holdings shares fell past 19% after it reported a Q2 revenue of 97.06 billion Chinese renminbi ($13.63 billion), up from 52.28 billion renminbi a year earlier but missing the forecast of 100.1 million renminbi from analysts surveyed by Capital IQ.
Unilever is planning to divest skincare brands Kate Somerville and REN, British news channel Sky News reported Sunday, citing unnamed sources. Unilever shares were 0.5% lower pre-bell.
Walmart Mexico's new chief executive, Ignacio Caride, is aiming to double sales to 1.8 trillion Mexican pesos ($93.92 billion) by 2033, the Financial Times reported Sunday. Walmart shares were up 0.01% premarket.
US equity futures were mixed ahead of Monday's opening bell after closing higher in the previous session following hints from Federal Reserve Chair Jerome Powell about easing monetary policy.
The Dow Jones Industrial Average futures gained 0.2%, S&P 500 futures increased 0.1%, and Nasdaq futures slipped 0.1%.
"The time has come for policy to adjust," Powell said during the Jackson Hole economic symposium last week.
Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.6% at $80.14 per barrel and US West Texas Intermediate crude up 3% at $77.06 per barrel.
New orders for durable goods, released at 8:30 am ET, rose 9.9% in July following a 6.9% drop in June, ahead of estimates compiled by Bloomberg for a 5% increase.
In other world markets, Japan's Nikkei closed 0.7% lower, Hong Kong's Hang Seng ended 1.1% higher, and China's Shanghai Composite finished 0.04% higher. Germany's DAX index slipped 0.1% in Europe's early afternoon session, while the UK market was closed for a holiday.
In equities, shares of Alarum Technologies were 20% lower pre-bell after the company reported lower Q2 adjusted earnings per American depositary share. PDD Holdings shares fell 18% after the company reported Q2 revenue that trailed analysts' estimates.
On the winning side, Medirom Healthcare Technologies shares soared 178% after the company said its Medirom Mother Labs subsidiary had secured a series A investment from NFES Technologies.
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