Gold Moves Higher; Auddia Shares Surge

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 0.1% on Monday.

The Dow traded up 0.04% to 38,919.32 while the NASDAQ rose 0.11% to 16,266.07. The S&P 500 also rose, gaining, 0.07% to 5,208.09.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 0.9% on Monday.

In trading on Monday, health care shares fell by 0.3%.

Top Headline

Perion Network Ltd. PERI slashed its FY24 revenue guidance.

Perion Network said it sees first-quarter revenue of $157 million, versus market estimates of $175.53 million. The company said it now expects FY24 revenue of $590 million to $610 million, versus prior outlook of $860 million to $880 million.

Equities Trading UP

Auddia Inc. AUUD shares shot up 199% to $4.27 after the company announced the USPTO awarded it with U.S. Patent 11,935,520 for the core AI technology the company uses in its flagship faidr app to deliver ad-free AM/FM radio stations to paid subscribers.

Shares of UTime Limited WTO got a boost, surging 48% to $0.2738 after the company completed a private placement.

Longeveron Inc. LGVN shares were also up, gaining 62% to $3.5599 after the company submitted paperwork for a share offering.

Equities Trading DOWN

Perion Network Ltd. PERI shares dropped 40% to $12.62 after the company slashed FY24 revenue guidance and issued first-quarter outlook below estimates.

Shares of Agenus Inc. AGEN were down 18% to $0.4151. Agenus disclosed a 1-for-20 reverse stock split of common stock.

Douglas Dynamics, Inc. PLOW was down, falling 7% to $22.39. Baird analyst Timothy Wojs downgraded Douglas Dynamics from Outperform to Neutral and lowered the price target from $36 to $25.

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Commodities

In commodity news, oil traded down 0.4% to $86.57 while gold traded up 0.6% at $2,358.40.

Silver traded up 1.7% to $27.97 on Monday, while copper rose 1.3% to $4.2920.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.47%, London’s FTSE 100 rose 0.41% while Spain’s IBEX 35 Index fell 0.04% The German DAX gained 0.79% French CAC 40 climbed 0.72% while Italy’s FTSE MIB Index gained 0.90%.

Imports into Germany increased 3.2% month-over-month to EUR 111.5 billion in February, while exports from Germany fell 2% month-over-month to EUR 132.9 billion. German industrial production climbed by 2.1% month-over-month during February.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 gaining 0.91%, Hong Kong’s Hang Seng Index gaining 0.05%, China’s Shanghai Composite falling 0.72% and India’s S&P BSE Sensex gaining 0.67%.

Foreign exchange reserves in Singapore increased to SGD 497.3 billion in March from SGD 480.4 billion a month ago. The gauge for Japanese service sector declined to 49.8 in March versus 51.3 a month ago. Japan’s current account surplus widened to JPY 2,644.2 billion in February from JPY 2,200.3 billion in the year-ago month. Chinese foreign exchange reserves jumped by $19.8 billion to $3.246 trillion during March.

Economics

There were no major US economic releases Monday.

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