US stocks kicked off the week on a positive note, with the Dow Jones Industrial Average climbing over 300 points on Monday. The broader market also reflected this optimism, with the NASDAQ and S&P 500 posting gains. This upward trend was primarily driven by strong earnings reports from some key players.
ON Semiconductor Corp (ON) delivered better-than-expected third-quarter results, reporting a revenue decline of 19.2% year-on-year to $1.76 billion, surpassing analyst estimates. The company’s adjusted earnings per share (EPS) of 99 cents also outpaced expectations.
While the overall market sentiment was positive, the energy sector lagged behind, experiencing a decline of 1.6% on Thursday. In contrast, real estate shares showed strength, rising by 1% on Monday.
Looking at individual stocks, Healthcare Triangle, Inc. (HCTI) saw a significant surge of 157%, reaching $1.49, after the company announced the acquisition of Securekloud Technologies’ cloud and technology assets. Autonomix Medical, Inc. (AMIX) shares also climbed 126% to $17.48 following positive preliminary results from its clinical trial of RF Ablation technology. Evoke Pharma, Inc. (EVOK) experienced a 114% jump to $10.99 after presenting GLP-1 data for users with diabetic gastroparesis using GIMOTI, which demonstrated statistically significant improvements.
On the downside, SMX (Security Matters) Public Limited Company (SMX) shares plummeted 66% to $0.4686. Sonnet BioTherapeutics Holdings, Inc. (SONN) shares fell 19% to $4.84, while Upexi, Inc. (UPXI) saw a 23% drop to $6.26. Upexi’s shares had jumped 170% on Friday after the company announced it was reviewing trading activity to determine if recent activity involved potential stock manipulation.
In the commodity market, oil prices fell 5.8% to $67.63, while gold prices edged down 0.1% to $2,753.30. Silver prices rose 0.4% to $33.915, while copper prices dipped 0.3% to $4.3585.
Across the Atlantic, European shares also closed higher on Monday. The eurozone’s STOXX 600 gained 0.2%, Germany’s DAX rose 0.1%, and France’s CAC 40 climbed 0.5%. Spain’s IBEX 35 Index added 0.4%, while London’s FTSE 100 rose 0.1%. Retail sales in Spain increased 4.1% year-over-year in September, while retail sales volumes in the UK decreased 6% in October following a 4% increase in September.
Asian markets also ended the day in positive territory. Japan’s Nikkei 225 gained 1.82%, Hong Kong’s Hang Seng Index edged up 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, down from $64.6 billion in the same period last year.
The Dallas Fed Manufacturing Index is scheduled for release today.
