U.S. stocks performed a morning ballet of gains and losses on Monday, with the Dow Jones index falling approximately 20 points.
At the market’s opening, the Dow traded down 0.05% to 38,651.80 while the NASDAQ rose 0.09% to 16,004.39. The S&P 500 also rose, gaining 0.01% to 5,026.74.
Check This Out: Caterpillar, Marathon Petroleum And More On CNBC’s ‘Final Trades’
Leading and Lagging Sectors
Energy shares climbed by 0.8% on Monday.
Contrarily, health care shares took a tumble, falling by 0.3% in Monday’s trading.
Trimble Inc’s Disappointing Outlook
Trimble Inc reported optimistic earnings for its fourth quarter but provoked disappointment among investors by issuing a weak forecast for the first quarter.
Trimble reported a fourth-quarter FY23 revenue growth of 9% to $932.40 million, surpassing the consensus of $909.53 million, with revenue growing by 3% year over year on an organic basis. The adjusted EPS of $0.63 also bested the consensus of $0.59.
However, Trimble’s projected fiscal 2024 revenue of $3.57 billion to $3.67 billion fell short of the consensus of $3.84 billion. The company also anticipated adjusted EPS of $2.60 to $2.80, against the Street view of $2.72.
Trimble’s outlook for first-quarter revenue of $905 million to $935 million (consensus $977.07 million) and adjusted EPS of 57 cents to 62 cents (consensus 68 cents) was also disappointing.
Equities Exult and Plunge
Beamr Imaging Ltd. BMR experienced a whopping 234% surge, reaching $7.05, after the company announced it will present its joint research relating to automated video modernization with NVIDIA at the ACM Mile-High-Video 2024 conference.
Millennium Group International Holdings Limited MGIH also soared, with shares surging 154% to $2.62 after YC 1926 (BVI) Limited disclosed an 88.89% stake in the company in a 13G filing on Friday.
DIH Holdings US, Inc. DHAI found favor with investors, gaining 66% to $2.14, as DIH Holding US secured $1.5 million in private placement financing from OrbiMed.
AN2 Therapeutics, Inc. ANTX shares, however, took a nosedive, dropping 73% to $5.35 after the company announced it will voluntarily pause enrollment in the Phase 3 part of the Phase 2/3 pivotal clinical trial evaluating epetraborole in treatment-refractory MAC lung disease.
WiSA Technologies, Inc. WISA also experienced a substantial decline, with shares plummeting 39% to $0.0482, as the company priced 153,840,000 unit offering for gross proceeds of $10 million.
MedAvail Holdings, Inc. MDVL was also down, falling 36% to $2.04.
Commodities Collide
In commodity news, oil traded down 0.2% to $76.69, while gold traded down 0.5% at $2,028.60.
Silver traded up 0.1% to $22.62 on Monday, while copper rose 0.3% to $3.6925.
Global Market Performance
European shares demonstrated strength today, with the eurozone’s STOXX 600 rising by 0.4%. London’s FTSE 100 also rose by 0.1%, and Spain’s IBEX 35 Index saw a 0.7% increase. The German DAX rose by 0.3%, and the French CAC 40 by 0.4%, while Italy’s FTSE MIB Index gained 0.30%.
The BNP Paribas Real Estate Construction PMI in Ireland inched higher to 45.9 in January from December’s reading of 45.1.
Asia Pacific markets, however, closed lower on Monday, with India’s S&P BSE Sensex falling 0.60% and Australia’s S&P/ASX 200 slipping by 0.39%.
Upcoming Economic Indicators
The U.S. Treasury statement for January will be released at 2:00 p.m. ET.
Now Read This: How To Earn $500 A Month From Coca-Cola Stock Ahead Of Q4 Print