Dow Surges 100 Points; Tenax Therapeutics Shares Spike Higher

U.S. stocks traded mostly higher midway through trading, with the Dow Jones gaining around 100 points on Monday.

The Dow traded up 0.33% to 34,397 while the NASDAQ fell 0.06% to 13,790. The S&P 500 also rose, gaining, 0.09% to 4,419.

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Leading and Lagging Sectors

Energy shares surged by 0.7% on Monday.

In trading on Monday, utilities shares fell by 1%.

Top Headline

Tyson Foods, Inc. TSN posted better-than-expected earnings for its fourth quarter.

Tyson Foods posted quarterly earnings of 37 cents per share, beating market estimates of 29 cents per share. The company’s quarterly sales came in $13.35 billion, versus expectations of $13.73 billion.

Tyson said it sees total company adjusted operating income of $1 billion to $1.5 billion in FY24.

Equities Trading UP

Tenax Therapeutics, Inc TENX shares shot up 179% to $0.4330 after the company received FDA clearance of the IND for TNX-103, an oral levosimendan, to treat pulmonary hypertension with heart failure with preserved ejection fraction (PH-HFpEF).

Shares of Tivic Health Systems, Inc. TIVC got a boost, shooting 64% to $1.97. BestGrowthStocks.Com issued comprehensive analysis of Tivic Health Systems.

Montauk Renewables, Inc. MNTK shares were also up, gaining 30% to $8.39. Scotiabank upgraded Montauk Renewables from Sector Perform to Sector Outperform and announced a $9 price target.

Equities Trading DOWN

Aclaris Therapeutics, Inc. ACRS shares dropped 87% to $0.6285 after the company announced topline results from 12-week Phase 2b trial of oral zunsemetinib for moderate to severe rheumatoid arthritis.

Shares of Mainz Biomed N.V. MYNZ were down 46% to $1.20 after the company reported pricing of $5 million registered direct offering of 4,166,667 shares at $1.20 per share.

Verve Therapeutics, Inc. VERV was down, falling 43% to $8.90 after the company announced first human proof-of-concept data for in vivo base editing from the ongoing heart-1 phase 1b clinical trial of VERVE-101.

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Commodities

In commodity news, oil traded up 0.9% to $77.88 while gold traded up 0.1% at $1,939.50.

Silver traded down 0.9% to $22.075 on Monday while copper rose 1.7% to $3.6470.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.64%, London’s FTSE 100 rose 0.76% while Spain’s IBEX 35 Index rose 0.83% The German DAX rose 0.50% French CAC 40 rose 0.46%, while Italy’s FTSE MIB Index climbed 1.3%.

German current account increased to EUR 28.1 billion in September from EUR 12.5 billion in the year-ago month.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 rising 0.05%, Hong Kong’s Hang Seng Index gaining 1.30% and China’s Shanghai Composite Index gaining 0.25%. India’s S&P BSE Sensex, meanwhile, fell around 0.5%.

Producer prices in Japan increased by 0.8% year-over-year in October versus a revised 2.2% rise in the earlier month. Japan’s machine tool orders dipped 20.6% year-over-year to JPY 112,027 million in October compared to an 11.2% decline in the prior month. Total passenger vehicle sales in India jumped by 17.3% year-over-year to 341,377 in October compared to a 3.1% increase in the prior month.

Economics

The U.S. Treasury statement for October will be released at 2:00 p.m. ET.

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