US Stocks Rise; Nasdaq Gains 50 Points

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 50 points on Monday

Following the market opening Monday, the Dow traded up 0.21% to 34,133.62 while the NASDAQ rose 0.37% to 13,528.32. The S&P 500 also rose, gaining, 0.19% to 4,366.66.

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Leading and Lagging Sectors

 

Consumer discretionary shares jumped by 0.6% on Monday.

In trading on Monday, real estate shares fell by 1.1%.

 

Top Headline

 

DISH Network Corp DISH reported third-quarter revenue of $3.70 billion, missing the consensus of $3.72 billion. EPS of $0.26 loss, down from $0.65 Y/Y, missing the consensus of $0.04.

On Nov. 3, 2023, W. Erik Carlson notified DISH that he intends to resign as the CEO effective Nov. 12, 2023.

 

Equities Trading UP

 

Carbon Revolution Public Limited CREV shares shot up 546% to $189.51 after gaining 100% on Friday. The company’s stock began trading on Friday following merger with Twin Ridge Capital Acquisition Corp.

Shares of Bluegreen Vacations Holding Corporation BVH got a boost, shooting 106% to $73.02 after the company announced it would be acquired by Hilton Grand Vacations at $75 per share.

Verb Technology Company, Inc. VERB shares were also up, gaining 52% to $0.3889 amid the company announcing new technology integrations for its MARKET.live platform.

 

Equities Trading DOWN

 

MoonLake Immunotherapeutics MLTX shares dropped 25% to $38.51 after the company announced results of its phase 2 study treating active Psoriatic Arthritis.

Shares of DISH Network Corporation DISH were down 19% to $4.4601 after the company reported third-quarter results. On Nov. 3, 2023, W. Erik Carlson notified DISH that he intends to resign as the CEO effective Nov. 12, 2023.

EchoStar Corporation SATS was down, falling 18% to $12.61 after the company reported worse-than-expected third-quarter sales.

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Commodities

 

In commodity news, oil traded up 1.9% to $82.02 while gold traded down 0.3% at $1,993.10.

Silver traded down 0.1% to $23.265 on Monday while copper rose 1.1% to $3.7215.

 

Euro zone

 

European shares were mixed today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index fell 0.2% The German DAX fell 0.2% French CAC 40 fell 0.4%, while Italy’s FTSE MIB Index gained 0.2%.

Factory orders in Germany increased 0.2% month-over-month in September compared to a revised 1.9% increase in August. The HCOB Spain Composite PMI edged lower to 50 in October from 50.1 in the earlier month.

 

Asia Pacific Markets

 

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 2.37%, Hong Kong’s Hang Seng Index gaining 1.71% and China’s Shanghai Composite Index gaining 0.91%. India’s S&P BSE Sensex, meanwhile, rose around 0.7%.

The au Jibun Bank Japan services PMI fell to 51.6 in October versus a final reading of 53.8 in September, while composite PMI slipped to 50.5 from a final level of 52.1 in September.

 

Economics

 

There were no major US economic releases Monday.

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