Crude Oil Falls Over 3%; Miromatrix Medical Shares Spike Higher

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Monday.

The Dow traded up 1.14% to 32,788.73 while the NASDAQ rose 0.98% to 12,766.33. The S&P 500 also rose, gaining, 0.86% to 4,152.64.

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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

ON Semiconductor Corporation ON reported upbeat results for the third quarter, but issued weak fourth-quarter guidance.

ON Semiconductor posted adjusted earnings of $1.39 per share, beating market estimates of $1.34 per share. The company’s quarterly sales came in at $2.18 billion versus expectations of $2.15 billion.

For the fourth quarter, ON Semiconductor said it sees revenue of $1.950 billion to $2.050 billion, versus estimates of $2.18 billion. The company expects adjusted EPS of $1.13 to $1.27, compated to estimates of $1.36.

Equities Trading UP

Miromatrix Medical Inc. MIRO shares shot up 224% to $3.27 after United Therapeutics agreed to acquire the company for $3.25 per share in cash.

Shares of VYNE Therapeutics Inc. VYNE got a boost, shooting 19% to $2.6808 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. EAR shares were also up, gaining 52% to $2.56 after the company announced it will be taken private by Patient Square Capital.

Equities Trading DOWN

CommScope Holding Company, Inc. COMM shares dropped 36% to $1.5601 after the company reported preliminary third-quarter financial results.

Shares of Alzamend Neuro, Inc. ALZN were down 28% to $0.1251 after the company announced a reverse stock split.

LumiraDx Limited LMDX was down, falling 23% to $0.0921. On Oct. 24, LumiraDx announced receipt of Nasdaq delisting determination.

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Commodities

In commodity news, oil traded down 3.4% to $82.64 while gold traded up 0.5% at $2,008.20.

Silver traded up 2.4% to $23.445 on Monday while copper rose 0.4% to $3.6615.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.44%, London’s FTSE 100 rose 0.61% while Spain’s IBEX 35 Index climbed 1.16% The German DAX gained 0.07% French CAC 40 climbed 0.44%, while Italy’s FTSE MIB Index jumped 0.26%.

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 Federal Reserve Bank of Dallas’s general business activity index for manufacturing in Texas declined to a reading of -19.2 in October compared to -18.1 in the earlier month.

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