Dow Jumps 100 Points; PDD Posts Weak Revenue

Author: Avi Kapoor | August 26, 2024 09:41am

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.

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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 (NASDAQ:PDD) 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
                       

• Medirom Healthcare Technologies Inc (NASDAQ:MRM) shares shot up 177% to $6.86 after the company announced that its subsidiary MEDIROM MOTHER Labs formed a capital and business alliance with NFES Technologies.
• Shares of Prestige Wealth Inc (NASDAQ:PWM) got a boost, surging 87% to $1.41 after the company announced that it entered into a definitive acquisition agreement to purchase all shares of SPW Global.
• Richtech Robotics Inc. (NASDAQ:RR) shares were also up, gaining 34% to $1.84.

Equities Trading DOWN

• Alarum Technologies Ltd. (NASDAQ:ALAR) shares dropped 28% to $15.52 after the company reported mixed second-quarter financial results.
• Shares of PDD Holdings Inc. (NASDAQ:PDD) were down 24% to $106.05 after the company announced downbeat quarterly sales.
• Guardion Health Sciences, Inc. (NASDAQ:GHSI) was down, falling 23% to $13.83. Guardion Health Sciences recently announced its declared a $5 per share dividend.

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.

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Posted In: ALAR GHSI MRM PDD PWM RR