The stock market in the United States saw an upward trend on Monday, with the Dow Jones index climbing more than 200 points. The Dow was up by 0.52% to 42,333.84, the NASDAQ rose by 0.43% to 18,598.02, and the S&P 500 also experienced an increase of 0.31% to 5,826.12.
In the sectors, utilities shares showed a rise of 1.1%, while energy shares witnessed a decline of 1% during trading on Monday.
A notable headline was ON Semiconductor Corp ON surpassing earnings expectations for the third quarter. The company reported a revenue decrease of 19.2% year-on-year to $1.76 billion, exceeding the analyst consensus estimate of $1.75 billion. The adjusted EPS of 99 cents also beat the analyst consensus estimate of 97 cents.
Some of the equities that performed well on Monday include Healthcare Triangle, Inc. (HCTI) whose shares spiked by 159% to $1.50 after acquiring the business, assets, and operations related to cloud and technology domain of Securekloud Technologies. Autonomix Medical, Inc. (AMIX) also saw a surge of 78% to $13.73 after reporting positive results from its clinical trial of RF Ablation technology. Evoke Pharma, Inc. (EVOK) experienced an 82% increase in shares to $9.34 after presenting GLP-1 data for users with diabetic gastroparesis.
On the other hand, Koninklijke Philips N.V. (PHG) shares dropped by 17% to $26.16 due to reporting third-quarter EPS and sales below estimates. Borr Drilling Limited (BORR) saw a decline of 11% to $4.1987 following the release of preliminary third-quarter financial results. CEMEX, S.A.B. de C.V. (CX) was also down by 10% to $5.36 after weak quarterly results.
In commodities, oil prices fell by 5.4% to $67.88, while gold prices slightly increased by 0.1% to $2,755.50. Silver prices went up by 0.3% to $33.890, and copper prices fell by 0.1% to $4.3660 on Monday.
Moving to the Eurozone, European shares showed positive movement, with the STOXX 600 gaining 0.10%, Germany’s DAX falling 0.02%, and France’s CAC 40 rising 0.39%. Spain’s IBEX 35 Index and London’s FTSE 100 also experienced increases.
In Asia Pacific markets, Japan’s Nikkei 225, Hong Kong’s Hang Seng Index, China’s Shanghai Composite Index, and India’s BSE Sensex all closed higher on Monday.
Lastly, the Federal Reserve Bank of Dallas reported that the general business activity index for manufacturing in Texas rose to -3 in October compared to -9 in the previous month, indicating a positive trend in the manufacturing sector.
Overall, the stock market showed mixed performances across different sectors and regions, reflecting the ongoing volatility and uncertainties in the global economy. Investors are advised to stay informed and cautious while making investment decisions.