Dow Surges 100 Points; McDonald's Posts Downbeat Earnings - Biohaven (NYSE:BHVN), Cheer Holding (NASDAQ:C

U.S. stocks traded higher this morning, with the Dow Jones index gaining around 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.21% to 47,186.17 while the NASDAQ gained 0.41% to 23,444.53. The S&P 500 also rose, gaining, 0.28% to 6,790.48.

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Leading and Lagging Sectors

Energy shares jumped by 0.6% on Wednesday.

In trading on Wednesday, information technology stocks fell by 0.5%.

Top Headline

McDonald’s Corporation (NYSE:MCD) reported weaker-than-expected earnings for the third quarter on Wednesday.

The company posted quarterly earnings of $3.22 per share which missed the analyst consensus estimate of $3.33 per share. The company reported quarterly sales of $7.078 billion which missed the analyst consensus estimate of $7.095 billion.

Equities Trading UP

Cheer Holding Inc (NASDAQ:CHR) shares shot up 44% to $0.20 after the company announced it received two preliminary non-binding proposals to acquire all of its outstanding shares.
Shares of SMX (Security Matters) PLC (NASDAQ:SMX) got a boost, surging 50% to $2.20 after SMX and CARTIF entered into non-binding LOI to integrate SMX’s end-to-end tracing platform into CARTIF’s portfolio and Industry 5.0 projects
Solid Power Inc (NASDAQ:SLDP) shares were also up, gaining 50% to $8.40 after the company reported better-than-expected third-quarter EPS results.

Equities Trading DOWN

Rubico Inc (NASDAQ:RUBI) shares dropped 55% to $0.27 after the company priced an underwritten offering of 12.3 million units at $0.609 each, raising gross proceeds of $7.5 million.
Shares of WF International Ltd (NASDAQ:WXM) were down 40% to $1.55 after pricing a follow-on public offering of 1,720,688 units at $2.00 per unit, expected to raise $3.44 million in gross proceeds.
Biohaven Ltd (NYSE:BHVN) was down, falling 39% to $8.56. The company announced it received a Complete Response Letter from the FDA for the New Drug Application seeking approval of VYGLXIA for the treatment of spinocerebellar ataxia.

Commodities

In commodity news, oil traded down 0.5% to $60.28 while gold traded up 0.6% at $3,982.30.

Silver traded up 0.9% to $47.715 on Wednesday, while copper rose 0.2% to $4.96.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 declined 0.1%, while Spain's IBEX 35 Index fell 0.5%. London's FTSE 100 rose 0.2%, Germany's DAX 40 dipped 0.2% and France's CAC 40 fell 0.1% during the session.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 2.50%, Hong Kong's Hang Seng declining 0.07% and China's Shanghai Composite gaining 0.23%.

Economics

U.S. private businesses added 42,000 jobs in October, following a revised 29,000 jobs cut in the previous month, and above market estimates of 25,000.
The volume of mortgage applications in the U.S. fell by 1.9% from the previous week during the final week of October, compared to a 7.1% jump in the previous week.

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