In today’s trading session, U.S. stocks showed signs of strength, with the Nasdaq Composite leading the gains by adding over 100 points on Monday.
The Dow Jones Industrial Average (Dow) rose by 1.14% to reach 32,788.73, while the Nasdaq climbed by 0.98% to 12,766.33. The S&P 500 also posted gains, rising by 0.86% to close at 4,152.64.
Leading and Lagging Sectors
Within the market, communication services shares were the clear winners, jumping by 1.9% on Monday.
On the other hand, health care stocks witnessed modest gains of 0.4%.
Top Headline: ON Semiconductor Corporation’s Upbeat Q3 Results with Weak Q4 Guidance
ON Semiconductor Corporation (NASDAQ: ON) reported better-than-expected results for the third quarter but provided weak guidance for the fourth quarter.
The company’s adjusted earnings per share (EPS) for Q3 came in at $1.39, beating market estimates of $1.34. Its quarterly sales totaled $2.18 billion, slightly surpassing expectations of $2.15 billion.
However, in terms of its outlook for the fourth quarter, ON Semiconductor forecasts revenue of $1.950 billion to $2.050 billion, lower than the estimated $2.18 billion. The company also expects adjusted EPS of $1.13 to $1.27, compared to estimates of $1.36.
Equities Trading UP: Miromatrix Medical Inc. and Other Noteworthy Gainners
Miromatrix Medical Inc. (NASDAQ: MIRO) witnessed a massive surge, with its shares skyrocketing by 224% to $3.27, after United Therapeutics announced its plans to acquire the company for $3.25 per share in cash.
Another notable gainer, VYNE Therapeutics Inc. (NASDAQ: VYNE), saw a 19% boost in its stock price, reaching $2.6808. This increase followed the company’s announcement of a private placement of $88 million and the release of positive data from its Phase 1b trial evaluating once-daily dosing of VYN201 in patients with nonsegmental vitiligo.
Eargo, Inc. (NASDAQ: EAR) experienced a significant rise in its share price, gaining 52% to hit $2.56. This surge came after the company announced that it would be taken private by Patient Square Capital.
Equities Trading DOWN: CommScope Holding Company, Inc. and Other Notable Losers
CommScope Holding Company, Inc. (NASDAQ: COMM) shares dropped by 36% to $1.5601 as the company reported preliminary financial results for the third quarter that fell short of expectations.
Alzamend Neuro, Inc. (NASDAQ: ALZN) witnessed a 28% decline in its stock price, reaching $0.1251, following the announcement of a reverse stock split.
LumiraDx Limited (NASDAQ: LMDX) shares fell by 23% to $0.0921 after receiving a Nasdaq delisting determination on October 24.
Commodities: Oil Prices Decrease, Gold and Silver Prices Rise
In commodity news, crude oil prices dropped by 3.4% to $82.64 per barrel, while gold prices increased by 0.5% to reach $2,008.20 per ounce.
Silver prices also saw a rise of 2.4%, reaching $23.445 per ounce. Copper prices increased by 0.4% to $3.6615 per pound.
European shares closed higher on Monday, with the STOXX 600 in the eurozone gaining 0.44%. London’s FTSE 100 rose by 0.61%, Spain’s IBEX 35 Index climbed by 1.16%, and the German DAX increased by 0.07%. France’s CAC 40 also saw gains, climbing by 0.44%, while Italy’s FTSE MIB Index jumped by 0.26%.
The German economy contracted by 0.1% in the third quarter, compared to a revised growth rate of 0.1% in the previous quarter. Spain’s consumer price inflation rate remained unchanged at 3.5% for October. In the UK, consumer credit increased by £1.391 billion in September, slowing down from the revised £1.681 billion in the previous month.
Asia Pacific Markets: Mixed Results in Asian Market Trading
Asian markets closed with mixed results on Monday. Japan’s Nikkei 225 fell by 0.95%, Hong Kong’s Hang Seng Index saw a slight gain of 0.04%, and China’s Shanghai Composite Index increased by 0.12%. India’s S&P BSE Sensex gained around 0.5%.
In Australia, retail sales rose by 0.9% month-over-month in September, compared to a revised 0.3% rise in August.
Economics: Texas Manufacturing Index Declines
The Federal Reserve Bank of Dallas reported that the general business activity index for manufacturing in Texas declined to a reading of -19.2 in October, compared to -18.1 in the previous month.
This article was originally published on Benzinga.
