S&P 500 Moves Higher; Philips Shares Plunge After Q3 Earnings

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 300 points on Monday.

The Dow traded up 0.77% to 42,440.12 while the NASDAQ rose 0.46% to 18,603.67. The S&P 500 also rose, gaining, 0.43% to 5,832.99.

Check This Out: How To Earn $500 A Month From Ford Stock Ahead Of Q3 Earnings

Leading and Lagging Sectors

Financials shares rose by 1.2% on Monday.

In trading on Monday, energy shares fell by 0.7%.

Top Headline

Koninklijke Philips NV PHG reported third-quarter adjusted EPS of 0.32 euros (or $0.35), missing the consensus of 0.35 euros. The Dutch conglomerate reported sales of 4.38 billion euros ($4.74 billion), down 2% year over year and missing the consensus of 4.54 billion euros.

Equities Trading UP
                       

• Healthcare Triangle, Inc. HCTI shares shot up 106% to $1.19  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. AMIX got a boost, surging 70% to $13.08  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. EVOK shares were also up, gaining 52% to $7.78 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

• Koninklijke Philips N.V. PHG shares dropped 16% to $26.52 after the company reported third-quarter EPS and sales below estimates and revised its 2024 outlook due to weak demand in China.
• Shares of Borr Drilling Limited BORR were down 7% to $4.38. The stock may be moving on continued weakness following Friday’s reported preliminary third-quarter financial results.
• CEMEX, S.A.B. de C.V. CX was down, falling 9% to $5.46 following weak quarterly results.

Commodities

In commodity news, oil traded down 6% to $67.49 while gold traded down 0.1% at $2,754.40.

Silver traded up 0.2% to $33.850 on Monday, while copper fell 0.1% to $4.3655.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 gained 0.41%, Germany's DAX rose 0.35% and France's CAC 40 rose 0.79%. Spain's IBEX 35 Index rose 0.77%, while London's FTSE 100 rose 0.45%.

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 Federal Reserve Bank of Dallas’ general business activity index for manufacturing in Texas rose to -3 in October compared to a reading of -9 in the earlier month.

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