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Dow Jumps Over 300 Points; ON Semiconductor Earnings Top Views

Benzinga ·  Oct 28 09:59

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 300 points on Monday.

Following the market opening Monday, the Dow traded up 0.81% to 42,454.94 while the NASDAQ rose 0.53% to 18,616.62. The S&P 500 also rose, gaining, 0.45% to 5,834.35.

Leading and Lagging Sectors
Real estate shares rose by 1% on Monday.

In trading on Thursday, energy shares fell by 1.6%.

Top Headline

ON Semiconductor Corp (NASDAQ:ON) posted better-than-expected earnings for the third quarter on Monday.

The company posted a revenue decline of 19.2% year-on-year to $1.76 billion, beating the analyst consensus estimate of $1.75 billion. The adjusted EPS of 99 cents beat the analyst consensus estimate of 97 cents.

Equities Trading UP

  • Healthcare Triangle, Inc. (NASDAQ:HCTI) shares shot up 157% to $1.49 after the company disclosed in a filing that it acquired the business, assets, and operations relating to cloud and technology domain of Securekloud Technologies.
  • Shares of Autonomix Medical, Inc. (NASDAQ:AMIX) got a boost, surging 126% to $17.48 after the company reported preliminary results from its clinical trial of RF Ablation technology where 100% of its responder group was able to eliminate opioid use and reduce pain scores.
  • Evoke Pharma, Inc. (NASDAQ:EVOK) shares were also up, gaining 114% to $10.99 after the company announced the presentation of GLP-1 data for users with diabetic gastoparesis using GIMOTI and showed statistically significant improvements.

Equities Trading DOWN

  • SMX (Security Matters) Public Limited Company (NASDAQ:SMX) shares dropped 66% to $0.4686.
  • Shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) were down 19% to $4.84. Sonnet BioTherapeutics recently announced it regained compliance with Nasdaq.
  • Upexi, Inc. (NASDAQ:UPXI) was down, falling 23% to $6.26. Upexi shares jumped 170% on Friday after the company said it is currently reviewing trading activity to determine if recent activity involved possible stock manipulation.

Commodities
In commodity news, oil traded down 5.8% to $67.63 while gold traded down 0.1% at $2,753.30.

Silver traded up 0.4% to $33.915 on Monday, while copper fell 0.3% to $4.3585.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.2%, Germany's DAX gained 0.1% and France's CAC 40 rose 0.5%. Spain's IBEX 35 Index rose 0.4%, while London's FTSE 100 rose 0.1%.

Retail sales in Spain rose by 4.1% year-over-year in September, while retail sales volumes in the UK fell by 6% in October following a 4% increase in September.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan's Nikkei 225 gaining 1.82%, Hong Kong's Hang Seng Index gaining 0.05%, China's Shanghai Composite Index gaining 0.68% and India's BSE Sensex surging 0.76%.

Hong Kong's trade deficit shrank to $53.2 billion in September from $64.6 billion in the year-ago month.

Economics

The Dallas Fed Manufacturing Index will be released today.

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