Crude Oil Rises Sharply; Daqo New Energy Reports Weak Q2 Results

Author: Avi Kapoor | August 26, 2024 02:40pm

U.S. stocks traded mixed toward the end of trading, with the Dow Jones index gaining around 0.1% on Monday.

The Dow traded up 0.12% to 41,224.50 while the NASDAQ fell 0.82% to 17,731.01. The S&P 500 also fell, dropping, 0.32% to 5,616.51.

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Leading and Lagging Sectors

Energy shares climbed by 0.8% on Monday.

In trading on Monday, information technology shares fell by 0.9%.

Top Headline

Daqo New Energy Corp. (NYSE:DQ) reported worse-than-expected second-quarter financial results on Monday.

Revenue of $219.9 million, down from $636.7 million in the year-ago quarter, missed the consensus of $337.1 million. Adjusted loss per ADS of $1.50 missed the consensus loss of $0.56.

Equities Trading UP
                       

• Medirom Healthcare Technologies Inc (NASDAQ:MRM) shares shot up 152% to $6.24 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 77% to $1.3201 after the company announced that it entered into a definitive acquisition agreement to purchase all shares of SPW Global.
• MoneyLion Inc. (NYSE:ML) shares were also up, gaining 8% to $46.66 after announcing a $20 million share repurchase program.

Equities Trading DOWN

• Alarum Technologies Ltd. (NASDAQ:ALAR) shares dropped 30% to $15.03 after the company reported mixed second-quarter financial results.
• Shares of PDD Holdings Inc. (NASDAQ:PDD) were down 29% to $99.79 after the company announced downbeat quarterly sales.
• Napco Security Technologies, Inc. (NASDAQ:NSSC) was down, falling 15% to $47.07 following fourth-quarter results.

Commodities

In commodity news, oil traded up 3.5% to $77.41 while gold traded up 0.2% at $2,550.70.

Silver traded up 0.1% to $29.825 on Monday, while copper rose 0.1% to $4.2025.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 slipped 0.02%, Germany's DAX fell 0.09% and France's CAC 40 gained 0.18%. Spain's IBEX 35 Index fell 0.11%, while London's FTSE 100 rose 0.48%.

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 DQ ML MRM NSSC PDD PWM