Dow Tumbles Over 200 Points; Carnival Posts Upbeat Earnings

Benzinga
2024-09-30

U.S. stocks traded mixed this morning, with the Dow Jones index falling more than 200 points during on Monday.

Following the market opening Monday, the Dow traded down 0.55% to 42,079.06 while the NASDAQ rose 0.14% to 18,144.66. The S&P 500 also fell, dropping, 0.14% to 5,730.18.

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Leading and Lagging SectorsConsumer staples shares jumped by 0.3% on Monday.

In trading on Monday, materials shares fell by 0.6%.

Top Headline

Carnival Corporation (NYSE:CCL) posted better-than-expected quarterly earnings.

Carnival posted adjusted earnings of $1.27 per share, beating analysts' estimates of $1.16 per share. The company posted quarterly sales of $7.90 billion versus expectations of $7.83 billion.

Equities Trading UP                       

  • Kaixin Holdings (NASDAQ:KXIN) shares shot up 166% to $0.2397.
  • Shares of XChange TEC.INC (NASDAQ:XHG) got a boost, surging 142% to $2.36.
  • EMCORE Corporation (NASDAQ:EMKR) shares were also up, gaining 73% to $2.08 after Mobix Labs submitted an all-cash offer to acquire the company for $3.80 per share.

Equities Trading DOWN

  • Nano Labs Ltd (NASDAQ:NA) shares dropped 30% to $0.71.
  • Shares of YXT.COM Group Holding Limited (NASDAQ:YXT) were down 25% to $2.80.
  • Plus Therapeutics, Inc. (NASDAQ:PSTV) was down, falling 25% to $1.39.

CommoditiesIn commodity news, oil traded down 0.2% to $68.05 while gold traded down 0.3% at $2,659.10.

Silver traded down 1.2% to $31.445 on Monday, while copper fell 0.8% to $4.5645.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.9%, Germany's DAX fell 0.6% and France's CAC 40 dipped 1.6%. Spain's IBEX 35 Index fell 0.6%, while London's FTSE 100 fell 0.5%.

The British economy grew by 0.5% on quarter during the second quarter, down from 0.7% in the first quarter, while the UK's current account deficit widened to £28.4 billion in the second quarter, versus a revised £13.8 billion in the prior quarter. Net consumer credit in the U.K. rose by £1.3 billion in August, from £1.2 billion in the previous month. German import prices increased by 0.2% year-over-year in August compared to a 0.9% rise in July.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei 225 dipping 4.80%, Hong Kong's Hang Seng Index jumping 2.43%, China's Shanghai Composite Index gaining 8.06% and India's BSE Sensex falling 1.49%.

Japan’s housing starts fell by 5.1% year-over-year in August compared to a 0.2% decline in the prior month, while industrial production fell by 3.3% month-over-month in August. Retail sales in Japan climbed by 2.8% year-over-year in August.

The official NBS Non-Manufacturing PMI in China fell to 50.0 in September from 50.3 in the prior month, while official NBS Manufacturing PMI climbed to 49.8 in September from 49.1 in August.

Economics

The Chicago PMI rose to 46.6 in September from 46.1 in August versus market estimates of 46.2.

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