Nasdaq Gains 1%; McDonald's Posts Downbeat Results

Author: Avi Kapoor | July 29, 2024 09:12am

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 1% on Monday.

Following the market opening Monday, the Dow traded up 0.06% to 40,612.10 while the NASDAQ rose 1% to 17,529.39. The S&P 500 also rose, gaining, 0.50% to 5,486.56.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 1.1% on Monday.

In trading on Monday, energy shares fell by 0.9%.

Top Headline

McDonald’s Corp (NYSE:MCD) posted worse-than-expected second-quarter financial results.

McDonald’s reported a second-quarter FY24 sales decline of 0.12% year-on-year to $6.490 billion, missing the analyst consensus of $6.608 billion. Adjusted EPS of $2.97 missed the analyst consensus estimate of $3.07.

Global comparable sales decreased 1.0%, while U.S. comparable sales slipped 0.7%.

Equities Trading UP
                       

• Lipella Pharmaceuticals Inc. (NASDAQ:LIPO) shares shot up 183% to $1.1741 after the company announced it commenced its Phase 2a trial for LP-310 in Oral Lichen Planus.
• Shares of Planet Image International Limited (NASDAQ:YIBO) got a boost, surging 81% to $5.33 after jumping around 56% on Friday.
• 2U, Inc. (NASDAQ:TWOU) shares were also up, gaining 65% to $2.06.

Equities Trading DOWN

• vTv Therapeutics Inc. (NASDAQ:VTVT) shares dropped 39% to $13.00 after the company announced the FDA has placed a clinical hold on the cadisegliatin clinical program.
• Shares of Cognition Therapeutics, Inc. (NASDAQ:CGTX) were down 37% to $1.49 after the company reported Phase 2 results for Alzheimer’s drug.
• CERo Therapeutics Holdings, Inc. (NASDAQ:CERO) was down, falling 32% to $0.1742 after gaining 6% on Friday.

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Commodities

In commodity news, oil traded up 0.1% to $77.18 while gold traded up 0.4% at $2,389.90.

Silver traded up 0.2% to $28.075 on Monday, while copper fell 1.1% to $4.0775.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 gained 1%, Germany's DAX fell 0.2% and France's CAC 40 fell 0.8%. Spain's IBEX 35 Index fell 0.2%, while London's FTSE 100 rose 0.5%.

UK's net consumer credit increased by £1.2 billion over a month during June, a decline from the £1.5 billion gain recorded in May.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan's Nikkei 225 surging 2.13%, Hong Kong's Hang Seng Index gaining 1.28%, China's Shanghai Composite Index gaining 0.03% and India's S&P BSE Sensex rising 0.03%.

Singapore's Domestic Supply Price Index increased by 4.3% year-over-year in June, accelerating from a revised 2.7% gain in the prior month. Producer prices in Malaysia increased to 1.6% year-over-year for June. Profits earned by Chinese industrial firms climbed by 3.5% year-over-year to CNY 3,511.03 billion during the first six months of 2024.

Economics

The Dallas Fed Manufacturing index will be released today.

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Posted In: CERO CGTX LIPO MCD TWOU VTVT YIBO