Market Overview
As the trading day drew to a close, a surge in U.S. stocks was witnessed, with the Dow Jones index climbing over 150 points on Monday. The Dow showed a 0.40% increase, reaching 38,870.91, while the NASDAQ rose by 1.16% to 16,158.82. The S&P 500 also experienced growth, gaining 0.86% to 5,161.08.
Leading and Lagging Sectors
Surging ahead, communication services shares rose by 2.9% on Monday, showcasing robust performance. On the other hand, industrials shares saw a more modest increase of just 0.4% during trading.
Equity Movements
Driving investor interest, Canoo Inc. shares soared by 56% to $3.0198 following the approval of its Oklahoma City facility as a Foreign Trade Zone by the US Department of Commerce. Wearable Devices Ltd. also experienced a surge, with shares rising by 27% to $0.5642 after publishing a report on their XR team’s findings. Additionally, Nuvei Corporation shares climbed 32% to $28.51 after reports of buyout talks.
Conversely, Solowin Holdings shares plummeted by 30% to $7.73 after releasing unaudited financial results for the first six months of fiscal year 2024. Sonder Holdings Inc. saw a significant drop of 33% to $3.7126 due to announced delays in financial reporting and revenue results below estimates. Worksport Ltd. also experienced a decline, falling 33% to $0.4949 after announcing pricing of a registered direct offering and concurrent private placement.
Commodities Update
In commodity news, oil prices surged by 2.4% to $82.95, reflecting increased demand and market dynamics. Gold also saw a slight increase of 0.1% to $2,163.50. However, silver traded down by 0.5% to $25.26, while copper rose by 0.1% to $4.13, indicating mixed movements in the metal market.
Global Market Recap
European markets closed mostly lower, with the eurozone’s STOXX 600 falling by 0.17%. Asian markets, in contrast, closed higher, with major indices such as Japan’s Nikkei 225, Hong Kong’s Hang Seng Index, China’s Shanghai Composite Index, and India’s S&P BSE Sensex all recording gains. Various economic indicators in China and Japan reflected mixed trends in retail sales, unemployment rate, and industrial production.
Economic Indicators
The NAHB/Wells Fargo Housing Market Index showed promising signs, rising to 51 in March – the highest reading in eight months. This positive momentum outperformed market estimates, indicating a potential uptick in the housing sector.