Dow Falls Over 150 Points; Sohu Posts Q1 Loss

Author: Avi Kapoor | May 20, 2024 02:31pm

U.S. stocks traded mixed toward the end of trading, with the Dow Jones index falling more than 150 points on Monday.

The Dow traded down 0.43% to 39,831.18 while the NASDAQ rose 0.53% to 16,775.01. The S&P 500 also rose, gaining, 0.09% to 5,307.88.

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Leading and Lagging Sectors

Information technology shares rose by 1.3% on Monday.

In trading on Monday, financial shares fell by 0.7%.

Top Headline

Shares of Sohu.com Limited (NASDAQ:SOHU) edged higher on Monday after the company reported its results for the fiscal first quarter of 2024.

Sohu.com reported a revenue decline of 14% year-over-year to $139.4 million for the fiscal first quarter of 2024. Revenue was down by 1% Q/Q. The Chinese internet company’s adjusted loss per ADS was 65 cents, missing the analyst consensus loss estimate of 49 cents.

Equities Trading UP

NKGen Biotech, Inc. (NASDAQ:NKGN) shares shot up 55% to $1.7350 after the company’s SNK01 NK Cell Therapy was cleared to begin a Phase 2 trial in Alzheimer’s disease.
Shares of MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA) got a boost, surging 36% to $0.8990 after the company said it has advanced new preclinical studies using Ketamir-2 towards clinical development.
MultiMetaVerse Holdings Limited (NASDAQ:MMV) shares were also up, gaining 141% to $1.4914. MultiMetaVerse Holdings signed a non-binding term sheet to acquire 100% of Bowong Technology (Shenzhen) Co., Ltd. and its subsidiaries.

Equities Trading DOWN

Virios Therapeutics, Inc. (NASDAQ:VIRI) shares dropped 43% to $0.20 after the company priced a $1.7 million public offering of 8.5 million shares of common stock at $0.20 per share.
Shares of Akoustis Technologies, Inc. (NASDAQ:AKTS) were down 56% to $0.1560 after Qorvo won a jury verdict against the company in a trade secret misappropriation and patent infringement case.
Jaguar Health, Inc (NASDAQ:JAGX) was down, falling 36% to $0.1649 after the company announced a 1-for-60 reverse stock split.

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Commodities

In commodity news, oil traded down 0.5% to $79.65 while gold traded up 0.9% at $2,439.90.

Silver traded up 3.6% to $32.37 on Monday, while copper rose 1.1% to $5.0545.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.18%, Germany's DAX rose 0.35% and France's CAC 40 climbed 0.35%. Spain's IBEX 35 Index rose 0.10%, while London's FTSE 100 rose 0.05%.

Spain’s consumer confidence indicator climbed to 84.5 in April compared to 82.5 in March. The construction output in Italy rose by 3.8% year-over-year in March.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan's Nikkei gaining 0.73%, China's Composite Index climbing 0.54%, Hong Kong's Hang Seng Index gaining 0.42% and India's S&P BSE Sensex gaining 0.46%.

Hong Kong's unemployment rate came in unchanged at 3% in the three months ending April 2024. Malaysia’s trade surplus shrank to MYR 7.7 billion in April from MYR 12.6 billion in the year-ago month. The People’s Bank of China held key lending rates at the recent fixing.

Economics

No major economic reports will be released today.

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Posted In: AKTS JAGX MIRA MMV NKGN SOHU VIRI