Wall Street experienced a positive start to the week, with the Dow Jones Industrial Average closing up over 300 points on Monday. The broad market also saw gains, as the NASDAQ Composite rose 0.46% and the S&P 500 climbed 0.43%. This upward trend was largely attributed to a boost in the financial sector, which saw a 1.2% increase on the day.
However, not all sectors shared in the positive sentiment. Energy shares, for instance, saw a decline of 0.7%, suggesting a potential shift in investor sentiment towards this sector.
One of the day’s most notable movers was Koninklijke Philips NV, which saw its stock plummet 16% following the release of its third-quarter earnings report. The Dutch conglomerate missed analysts’ expectations for both adjusted earnings per share and sales. The company also revised its outlook for 2024, citing weaker-than-expected demand in China as a contributing factor.
Despite this downturn, some companies saw their stock prices soar on Monday. Healthcare Triangle, Inc.’s stock shot up 106% after announcing the acquisition of Securekloud Technologies’ cloud and technology assets. Autonomix Medical, Inc. also experienced a significant surge of 70% after reporting positive preliminary results from its clinical trial of RF Ablation technology. Evoke Pharma, Inc. saw its stock jump 52% following the presentation of encouraging GLP-1 data for patients with diabetic gastroparesis using GIMOTI.
Commodities also saw mixed performance on Monday. Oil prices fell 6% to $67.49, while gold traded down slightly at $2,754.40. Silver rose 0.2% to $33.850, but copper declined by 0.1% to $4.3655.
Across the Atlantic, European markets also closed higher on Monday. The eurozone’s STOXX 600 gained 0.41%, with Germany’s DAX rising 0.35% and France’s CAC 40 climbing 0.79%. Spain’s IBEX 35 Index added 0.77%, while London’s FTSE 100 rose 0.45%. However, retail sales in the UK fell by 6% in October, following a 4% increase in September.
In the Asia Pacific region, markets closed higher on Monday. Japan’s Nikkei 225 gained 1.82%, Hong Kong’s Hang Seng Index rose 0.05%, China’s Shanghai Composite Index increased 0.68%, and India’s BSE Sensex surged 0.76%. Hong Kong’s trade deficit narrowed to $53.2 billion in September from $64.6 billion in the same period last year.
The Federal Reserve Bank of Dallas’ general business activity index for manufacturing in Texas rose to -3 in October from -9 in September, indicating a slight improvement in the state’s manufacturing sector.
