Nasdaq Gains Over 1%; McDonald's Reports Upbeat Earnings
U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 250 points on Monday.
Following the market opening Monday, the Dow traded up 0.85% to 32,695.89 while the NASDAQ rose 1.20% to 12,794.11. The S&P 500 also rose, gaining, 0.95% to 4,156.53.
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Leading and Lagging Sectors
Communication services shares jumped by 1.9% on Monday.
In trading on Monday, health care shares rose by just 0.4%.
Top Headline
McDonald's Corp (NYSE:MCD) reported better-than-expected earnings for its third quarter.
McDonald's reported third-quarter FY23 sales growth of 14% year-on-year to $6.692 billion, beating the analyst consensus estimate of $6.577 billion. Adjusted EPS of $3.19 beat the consensus estimate of $3.00.
McDonald's sees FY23 operating margin of 46%; Capital expenditure of $2.2 billion - $2.4 billion.
Equities Trading UP
Miromatrix Medical Inc. (NASDAQ:MIRO) shares shot up 231% to $3.34 after United Therapeutics agreed to acquire the company for $3.25 per share in cash.
Shares of VYNE Therapeutics Inc. (NASDAQ:VYNE) got a boost, shooting 52% to $3.40 after the company announced a private placement of $88 million and data from its Phase 1b trial evaluating once-daily dosing of VYN201 in patients with nonsegmental vitiligo.
Eargo, Inc. (NASDAQ:EAR) shares were also up, gaining 54% to $2.59 after the company announced it will be taken private by Patient Square Capital.
Equities Trading DOWN
CommScope Holding Company, Inc. (NASDAQ:COMM) shares dropped 30% to $1.7050 after the company reported preliminary third-quarter financial results.
Shares of Alzamend Neuro, Inc. (NASDAQ:ALZN) were down 25% to $0.1309 after the company announced a reverse stock split.
Tenax Therapeutics, Inc. (NASDAQ:TENX) was down, falling 21% to $0.1990.
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Commodities
In commodity news, oil traded down 1.2% to $84.49 while gold traded up 0.3% at $2,004.90.
Silver traded up 1.8% to $23.30 on Monday while copper rose 1.6% to $3.7045.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.8%, London’s FTSE 100 rose 0.8% while Spain’s IBEX 35 Index climbed 1.2% The German DAX gained 0.7% French CAC 40 climbed 0.8%, while Italy’s FTSE MIB Index jumped 1%.
The German economy shrank by 0.1% in the third quarter compared to the revised 0.1% growth recorded in the prior three-month period. Spain's consumer price inflation rate came in unchanged at 3.5% for October. Consumer credit in the UK increased by £1.391 billion in September slowing from the revised £1.681 billion in the prior month.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan’s Nikkei 225 falling 0.95%, Hong Kong’s Hang Seng Index gaining 0.04% and China’s Shanghai Composite Index gaining 0.12%. India’s S&P BSE Sensex, meanwhile, gained around 0.5%.
Retail sales in Australia increased by 0.9% month-over-month in September versus a revised 0.3% rise in August.
Economics
The Dallas Fed manufacturing index will be released at 10:30 a.m. ET.
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