Market News
U.S. stocks ended higher on Monday as investors braced for big tech earnings and economic reports. The diminishing geopolitical crisis in the Middle East also boosted investors’ sentiment. Israel’s limited offense on Iran led to a decline in oil prices. The Nasdaq, the Dow and the S&P 500 all closed in positive territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.7% or 273.17 points to close at 42,387.57. Twenty-three components of the 30-stock index ended in positive territory, while seven ended in negative.
The tech-heavy Nasdaq Composite advanced 48.58 points or 0.3% to 18,567.19.
The S&P 500 gained 0.3%, or 15.4 points, to end at 5,823.52. Nine broad sectors of the benchmark index closed in the green, while two ended in the red. The Financials Select Sector SPDR (XLF), the Materials Select Sector SPDR (XLB), and the Utilities Care Select Sector SPDR (XLU) rose 1.2%, 0.8% and 0.8%, respectively.
The fear-gauge CBOE Volatility Index (VIX) decreased 2.6% to 19.80. The S&P 500 posted 15 new 52-week highs and two new lows; the Nasdaq Composite recorded 101 new highs and 67 new lows.
Oil Prices Decline Following Israeli Military Action in Iran
On Monday, oil prices plunged 6% following Israel's strikes on Iranian sites that steered clear of vital oil and nuclear installations — a move that flared up worries about potential disruptions in the global supply chains. Brent crude futures concluded at $71.42 per barrel, marking a decline of 6.09%, while U.S. West Texas Intermediate (WTI) settled at $67.38, showing a decline of 6.13%. Both benchmarks hit their lowest points since Oct. 1.
Currently, the Organization of the Petroleum Exporting Countries (OPEC) and its partners in OPEC+ have decided to maintain their existing oil production strategy without changes and are looking to ramp up production beginning in December. The upcoming OPEC+ meeting is set for Dec. 1. These geopolitical events are vital as they could impact the dynamics of the oil market.
Q3 Earnings Results
PROCEPT BioRobotics Corporation PRCT reported third-quarter 2024 adjusted earnings loss of $0.40 per share, outpacing the Zacks Consensus Estimate of a loss of $0.48 per share. The surgical robotics company generated total revenues of $58.37 million, beating the Zacks Consensus Estimate by 9.56%.
Bank of Hawaii Corporation BOH reported third-quarter 2024 adjusted earnings of $0.93 per share, surpassing the Zacks Consensus Estimate of $0.81 per share. The bank holding company generated total revenues of $162.73 million, beating the Zacks Consensus Estimate by 1.52%.
Consequently, the stock price of PROCEPT BioRobotics Corporationsurged by 32.3%, while the stock price of Bank of Hawaii Corporation increased by 9.6%. PROCEPT BioRobotics Corporation currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Research Chief Names "Single Best Pick to Double"
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Bank of Hawaii Corporation (BOH) : Free Stock Analysis Report
PROCEPT BioRobotics Corporation (PRCT) : Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
