Nasdaq Surges 150 Points; Sonder Holdings Shares Surge

Author: Avi Kapoor | August 19, 2024 02:37pm

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 150 points on Monday.

The Dow traded up 0.37% to 40,809.60 while the NASDAQ rose 0.87% to 17,785.49. The S&P 500 also rose, gaining, 0.64% to 5,589.66.

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Leading and Lagging Sectors

Communication services shares climbed by 0.8% on Monday.

In trading on Monday, information technology shares rose by just 0.2%.

Top Headline

ZIM Integrated Shipping Services Ltd (NYSE:ZIM) reported better-than-expected results for its second quarter.

The company reported a second-quarter sales increase of 48% Y/Y to $1.93 billion, beating the consensus of $1.80 billion. The Haifa, Israel-based company generated an EPS of $3.08, vs a loss of $1.79 last year, beating the consensus of $1.66.

Equities Trading UP
                       

• Alzamend Neuro, Inc. (NASDAQ:ALZN) shares shot up 474% to $11.66 after the company announced that it is partnering with Massachusetts General Hospital as its contract research organization to conduct first of its kind Phase II clinical study of AL001 for treatment of patients with PTSD.
• Shares of Virax Biolabs Group Limited (NASDAQ:VRAX) got a boost, surging 197% to $6.32. Shares of vaccine and mpox-related stocks traded higher on continued strength after the WHO last week declared the virus a global health emergency.
• Sonder Holdings Inc. (NASDAQ:SOND) shares were also up, gaining 98% to $5.17 after the company announced a long-term licensing agreement with Marriott. Additionally, the company secured $146 million in additional liquidity.

Equities Trading DOWN

• Liquidia Corporation (NASDAQ:LQDA) shares dropped 29% to $9.99. The company announced that the FDA granted tentative approval of YUTREPIA inhalation powder to treat adults with pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease.
• Shares of Theriva Biologics, Inc. (NASDAQ:TOVX) were down 33% to $0.1350 after the company announced a 1-for-25 reverse stock split.
• Cingulate Inc. (NASDAQ:CING) was down, falling 30% to $12.33 after the company increased the maximum offering price for common stock under its sales agreement from $8.47 million to $11.33 million.

Commodities

In commodity news, oil traded down 2.4% to $74.83 while gold traded up 0.2% at $2,541.60.

Silver traded up 1.7% to $29.325 on Monday, while copper rose 0.8% to $4.1780.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 rose 0.61%, Germany's DAX rose 0.54% and France's CAC 40 rose 0.70%. Spain's IBEX 35 Index rose 1.40%, while London's FTSE 100 rose 0.55%.

Spain’s trade deficit narrowed to EUR 0.7 billion in June from EUR 2.4 billion in the year-ago month.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei 225 falling 1.77%, Hong Kong's Hang Seng Index climbing 0.80%, China's Shanghai Composite Index gaining 0.49% and India's BSE Sensex falling 0.02%.

Economics

The CB Leading Index fell 0.6% month-over-month in July, compared to market expectations for a 0.4% decline.

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Posted In: ALZN CING LQDA META SOND TOVX VRAX ZIM