M&T Bank reported third-quarter earnings that exceeded analyst expectations, driving a positive tone in U.S. markets where the Dow Jones Industrial Average gained approximately 250 points on Friday. The bank posted quarterly earnings of $5.08 per share against a consensus estimate of $4.96 per share.

Market performance

The Dow Jones index traded up 0.48% to close at 52,429.32. In contrast, the NASDAQ fell 0.65% to 26,539.04, and the S&P 500 dropped 0.05% to 7,740.48. Sector rotation was evident, with energy shares jumping 1.4% while information technology stocks declined 1.1%.

M&T Bank results

M&T Bank (NYSE: MTB) delivered strong financials for the quarter. The company reported quarterly sales of $2.536 billion, surpassing the analyst consensus estimate of $2.533 billion. The beat on both earnings per share and revenue highlights robust operational performance relative to market forecasts.

Notable stock movements

Several equities experienced significant volatility based on company-specific news:

• Sangrix Inc (NASDAQ: SGRX) shares rose 58% to $1.08 after announcing a November 2026 delivery schedule for a 128-GPU NVIDIA Blackwell B300 project in Malaysia.
• Zenta Group Co Ltd (NASDAQ: ZTG) surged 46% to $0.90 following an announcement that its subsidiary ZentoAI executed a binding MOU to acquire a controlling stake in a mainland China digital technology service provider.
• Rubico Inc. (NASDAQ: RUBI) gained 32% to $0.4242 after extending a $3.7 million payment owed to TOP Ships to October 31.
• Fractyl Health (NASDAQ: GUTS) fell 49% to $2.11 despite meeting a key REMAIN-1 endpoint, with second co-primary endpoint results expected in 2027.
• MDxHealth SA (NASDAQ: MDXH) dropped 47% to $0.32 after announcing preliminary third-quarter revenue and suspending its full-year 2026 revenue guidance of $110 million-$115 million.
• Curis Inc (NASDAQ: CRIS) declined 28% to $0.36 following the pricing of an $8.5 million private placement with existing healthcare-focused institutional investors.

Global markets and commodities

European indices closed higher, led by Germany’s DAX which jumped 1.1%. The STOXX 600 gained 0.6%, Spain’s IBEX 35 rose 0.9%, London’s FTSE 100 rose 0.1%, and France’s CAC 40 gained 0.4%. Asian markets also finished higher, with Japan’s Nikkei 225 gaining 1.39%, Hong Kong’s Hang Seng Index rising 0.52%, China’s SSE Composite Index gaining 0.24%, and India’s BSE Sensex surging 0.56%.

In commodities, oil traded down 0.2% to $97.75, while gold traded up 0.4% at $4,188.60. Silver rose 1.2% to $57.820, and copper increased 1.1% to $6.6280.

Economic indicators

The New York Fed’s Services Business Activity Index dipped to -20.7 in October from -8.7 in the previous month, marking its weakest level since March. Meanwhile, U.S. export prices surged 2.2% in September, the largest monthly gain since April, following a 1.2% rise in August. U.S. import prices rose by 1.1% month-over-month in September, exceeding market estimates of a 0.8% gain.

The Dow Jones Industrial Average ended the session in negative territory, closing 0.19% lower at 51,570.37, a decline of 99.73 points.

Session snapshot

The benchmark index retreated modestly during the trading session, with the final close reflecting a loss of 99.73 points from the previous session's level.