Crude Oil Surges Over 2%; Solowin Holdings Shares Plummet

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 150 points on Monday.

The Dow traded up 0.40% to 38,870.91 while the NASDAQ rose 1.16% to 16,158.82. The S&P 500 also rose, gaining, 0.86% to 5,161.08.

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Leading and Lagging Sectors

Communication services shares jumped by 2.9% on Monday.

In trading on Monday, industrials shares rose by just 0.4%.

Top Headline

Shares of Science Applications International Corp SAIC fell during Monday’s session after reporting fourth-quarter results.

The company reported a 12% revenue decline Y/Y in the fourth quarter of fiscal 2024 to $1.74 billion, beating the consensus of $1.64 billion. Adjusted EPS of $1.43 was in line with the consensus.

Equities Trading UP

Canoo Inc. GOEV shares shot up 56% to $3.0198 after the US Department of Commerce has approved its Oklahoma City facility as a Foreign Trade Zone.

Shares of Wearable Devices Ltd. WLDS got a boost, surging 27% to $0.5642. Wearable Devices published a report by its XR team suggesting 'The Mudra Band Can Be The Neural Bridge For Apple And Meta In Their Next Wave Of Smart Glasses Interaction.'

Nuvei Corporation. NVEI shares were also up, gaining 32% to $28.51 after a media report and the company’s confirmation that it is in buyout talks.

Equities Trading DOWN

Solowin Holdings SWIN shares dropped 30% to $7.73 after reporting unaudited financial results for the first six months of fiscal year 2024.

Shares of Sonder Holdings Inc. SOND were down 33% to $3.7126 after the company announced that it will delay its fourth-quarter and FY23 financial results due to accounting errors. Also, the company reported preliminary fourth-quarter and FY23 revenue results below estimates.

Worksport Ltd. WKSP was down, falling 33% to $0.4949 after the company announced pricing of $2.8 million registered direct offering & concurrent private placement.

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Commodities

In commodity news, oil traded up 2.4% to $82.95 while gold traded up 0.1% at $2,163.50.

Silver traded down 0.5% to $25.26 on Monday, while copper rose 0.1% to $4.13.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.17%, London’s FTSE 100 fell 0.06% while Spain’s IBEX 35 Index fell 0.01% The German DAX fell 0.02% French CAC 40 fell 0.20% while Italy’s FTSE MIB Index rose 0.01%.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 jumping 2.67%, Hong Kong’s Hang Seng Index rising 0.10%, China’s Shanghai Composite Index gaining 0.99% and India’s S&P BSE Sensex gaining 0.2%.

China's retail sales rose by 5.5% year-over-year in January-February, while unemployment rate averaged 5.3% in the same period. Chinese industrial production surged by 7.0% year-over-year in January-February. Japanese core machinery orders declined 1.7% month-over-month to 823.8 billion yen in January.

Economics

The NAHB/Wells Fargo Housing Market Index rose to 51 in March, notching the highest reading in eight months, versus a reading of 48 in February and beating market estimates of 48.

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