Nasdaq Gains Over 1%; McDonald's Reports Upbeat Earnings

Author: Lisa Levin | October 30, 2023 09:46am

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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Posted In: ALZN COMM EAR MCD MIRO TENX VYNE