U.S. stocks veered in different directions this morning, marking the start of trading with a marginal 20-point decline for the Dow Jones index on Monday.
As the market opened, the Dow showed a 0.05% reduction to 38,651.80, while the NASDAQ climbed 0.09% to 16,004.39. Simultaneously, the S&P 500 also rose by 0.01% to 5,026.74.
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Sector Performance
Energy shares surged by 0.8% on Monday, whereas health care shares faced a 0.3% decline in trading on the same day.
Trimble Inc’s Outlook
Despite reporting upbeat earnings for its fourth quarter, Trimble Inc TRMB issued a weak forecast for the first quarter of the fiscal year.
Trimble disclosed a 9% revenue growth in the fourth quarter of FY23, reaching $932.40 million, surpassing the consensus of $909.53 million. Additionally, revenue experienced a 3% year-over-year increase on an organic basis. The adjusted EPS stood at $0.63, surpassing the consensus of $0.59.
The company forecasted fiscal 2024 revenue in the range of $3.57 billion to $3.67 billion, falling short of the consensus of $3.84 billion. It also anticipated an adjusted EPS between $2.60 and $2.80 compared to the Street view of $2.72.
Moreover, Trimble expects a first-quarter revenue spanning $905 million to $935 million, below the consensus of $977.07 million. The adjusted EPS projection for the same period is 57 cents to 62 cents, as opposed to the consensus of 68 cents.
Stocks on the Rise
Several equities experienced an upsurge, such as Beamr Imaging Ltd., whose shares rocketed 234% to $7.05 following the announcement of presenting joint research with NVIDIA at the ACM Mile-High-Video 2024 conference.
Additionally, Millennium Group International Holdings Limited witnessed a surge of 154% to $2.62 after YC 1926 (BVI) Limited reported an 88.89% stake in the company in a 13G filing on Friday. Meanwhile, DIH Holdings US, Inc. shares surged by 66% to $2.14 after securing $1.5 million in private placement financing from OrbiMed.
Stocks Declining
On the contrary, AN2 Therapeutics, Inc. shares plummeted by 73% to $5.35, as the company announced a voluntary pause in enrollment for a pivotal clinical trial. WiSA Technologies, Inc. saw a 39% dip to $0.0482 after pricing a unit offering for gross proceeds of $10 million. MedAvail Holdings, Inc. fell by 36% to $2.04.
Commodity Market
In the commodities arena, oil registered a 0.2% decrease, reaching $76.69, whereas gold experienced a 0.5% reduction, resting at $2,028.60. Silver witnessed a 0.1% rise to $22.62, while copper escalated by 0.3% to $3.6925 on Monday.
Eurozone and Asia-Pacific Trends
European shares exhibited an upward trajectory, with the eurozone’s STOXX 600 increasing by 0.4%, London’s FTSE 100 by 0.1%, and Spain’s IBEX 35 Index by 0.7%. The German DAX, French CAC 40, and Italy’s FTSE MIB Index also displayed positive movements. Moreover, Asia Pacific markets concluded the day on a downward spiral, with India’s S&P BSE Sensex declining by 0.60% and Australia’s S&P/ASX 200 falling by 0.39%.
Economic Indicators
The U.S. Treasury statement for January is set to be released at 2:00 p.m. ET.
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