Dow Turns Positive; Greenbrier Shares Spike Higher

U.S. stocks traded mixed toward the end of trading, with the Dow Jones turning higher on Monday.

The Dow traded up 0.03% to 33,496.17 while the NASDAQ fell 0.30% to 12,052.14. The S&P 500, also fell, dropping, 0.19% to 4,097.15.

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Leading and Lagging Sectors

  • Energy shares rose by 0.9% on Monday. Meanwhile, top gainers in the sector included Communication Services BANL, up 18%, and Verde Clean Fuels, Inc. VGAS, up 8%.
  • In trading on Monday, communication services fell by 0.8%.

 

Top Headline

Greenbrier Companies Inc GBX reported solid Q2 results and raised FY23 outlook.

The company reported second-quarter FY23 sales growth of 64% year-on-year, to $1.12 billion, beating the consensus of $782.27 million. Adjusted EPS of $0.99 beat the analyst consensus of $0.36.

 

Equities Trading UP

  • Arrival ARVL shares shot up 22% to $0.1494 after the company announced a business combination with Kensington Capital Acquisition Corp. V.
  • Shares of Ebix, Inc. EBIX got a boost, shooting 20% to $15.60. Ebix named executive Amit K. Garg as CFO effective April 21. EbixCash Limited, a subsidiary of Ebix, received Securities and Exchange Board of India clearance for its proposed initial public offering.
  • The Greenbrier Companies, Inc. GBX shares were also up, gaining 9% to $32.92 after the company reported better-than-expected Q2 sales results and raised guidance.

 

Equities Trading DOWN

  • Tupperware Brands Corporation TUP shares dropped 47% to $1.2850 after the company announced a substantial doubt about its ability to continue as a going concern.
  • Shares of AudioCodes Ltd. AUDC were down 20% to $11.54 after the company issued Q1 guidance.
  • Pear Therapeutics, Inc. PEAR was down, falling 42% to $0.13. Pear Therapeutics filed for Chapter 11 and will seek to sell assets through sales process.

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Commodities

In commodity news, oil traded down 0.9% to $79.98 while gold traded down 1.1% at $2,003.80.

Silver traded down 0.8% to $24.905 on Monday while copper fell 0.9% to $3.9805.

 

Euro zone

European markets were closed for Easter Monday.

 

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 gaining 0.42% and China’s Shanghai Composite Index dropping 0.37%. India’s S&P BSE Sensex rose 0.02%.

The gauge for Japan's service sector sentiment rose 1.3 points to 53.3 in March, while consumer confidence index rose to 33.9 in March from 31.1 in the prior month. Japan recorded a current account surplus of JPY 2,197.2 billion in February versus a record gap of JPY 1,976.6 billion in the prior month.

 

Economics

  • On Friday, the Labor Department reported the U.S. economy added 236,000 jobs in March, just shy of market estimates of 240,000 jobs. U.S. wages increased 4.2% year-over-year, while the unemployment rate fell from 3.6% to 3.5%.
  • Wholesale inventories in the U.S. rose 0.1% from a month ago in February, compared to the preliminary estimate of a 0.2% increase and compared to a revised 0.6% drop in January.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,363,940 cases with around 1,156,890 deaths. India confirmed a total of at least 44,762,490 cases and 530,970 deaths, while France reported over 39,850,030 COVID-19 cases with 165,850 deaths. In total, there were at least 684,984,570 cases of COVID-19 worldwide with more than 6,837,790 deaths.

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