Crude Oil Rises; Adobe Posts Upbeat Results
U.S. stocks traded slightly higher midway through trading, with Dow Jones gaining around 20 points on Friday.
The Dow traded up 0.06% to 34,428.13 while the NASDAQ rose 0.05% to 13,789.23. The S&P 500, also rose, gaining, 0.19% to 4,434.03.
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Leading and Lagging Sectors
- Utilities shares jumped by 1.1% on Friday. Meanwhile, top gainers in the sector included ReNew Energy Global Plc (NASDAQ:RNW), up 4%, and Azure Power Global Limited (NYSE:AZRE), up 3%.
- In trading on Friday, materials shares fell by 0.3%.
Top Headline
Adobe Inc. (NASDAQ:ADBE) reported better-than-expected results for its second quarter and issued strong earnings forecast.
Adobe said second-quarter revenue increased 10% year-over-year to $4.82 billion, which beat the consensus estimate of $4.43 billion. The creative software company reported quarterly adjusted earnings of $3.91 per share, which beat estimates of $3.79 per share.
Adobe expects third-quarter revenue to be in the range of $4.83 billion to $4.87 billion versus estimates of $4.86 billion. Third-quarter adjusted earnings are expected to be between $3.95 and $4 per share versus estimates of $3.89 per share.
Equities Trading UP
- Virgin Galactic Holdings, Inc. (NYSE:SPCE) shares shot up 30% to $5.26 after the company on Thursday said its first commercial spaceflight is planned to fly between June 27 and June 30 and the second will follow in early August.
- Shares of iRobot Corporation (NASDAQ:IRBT) got a boost, shooting 19% to $50.09 after UK's Competition and Markets Authority cleared its acquisition deal with Amazon.
- Evelo Biosciences, Inc. (NASDAQ:EVLO) shares were also up, gaining 198% to $0.2471 after the company won U.S. Patent for prebiotic compositions and methods of use thereof for modulation of the microbiome.
Equities Trading DOWN
- Panbela Therapeutics, Inc. (NASDAQ:PBLA) shares dropped 53% to $2.7366 after the company announced pricing of an approximately $8.5 million public offering,
- Shares of Coherus BioSciences, Inc. (NASDAQ:CHRS) were down 18% to $4.4250. Coherus BioSciences agreed to acquire Surface Oncology Inc (NASDAQ:SURF), a clinical-stage immuno-oncology (I-O) company developing next-generation immunotherapies that target the tumor microenvironment.
- Clene Inc. (NASDAQ:CLNN) was down, falling 15% to $0.8898 after the company announced pricing of a $40 million public offering. Clene’s CNM-Au8 treatment demonstrated a statistically significant reduction of plasma neurofilament light chain levels compared to placebo at 24 weeks.
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Commodities
In commodity news, oil traded up 0.7% to $71.11 while gold traded down 0.2% at $1,967.40.
Silver traded up 0.1% to $23.965 on Friday while copper rose 0.1% to $3.9045.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.63%, London’s FTSE 100 rose 0.32% while Spain’s IBEX 35 Index rose 1.02% The German DAX gained 0.5% French CAC 40 climbed 1.33% and Italy’s FTSE MIB Index gained 0.67%.
The consumer price inflation in the Eurozone came in at 6.1% in May, recording the lowest level since Feb. 2022. Wages and salaries in the Eurozone increased by 4.6% year-over-year in the first quarter, while hourly labor costs rose by 5 % year-over-year. The annual inflation rate in Italy eased to 7.6% in May from 8.2% in the prior month.
Asia Pacific Markets
Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 0.66%, Hong Kong’s Hang Seng Index gaining 1.07% and China’s Shanghai Composite Index gaining 0.63%. India’s S&P BSE Sensex rose 0.8%.
The Bank of Japan maintained its key short-term interest rate at -0.1% at its June meeting.
Economics
The University of Michigan consumer sentiment rose to 63.9 in June, recording the highest level in four months, compared to 59.2 in the previous month.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,201,630 cases with around 1,166,890 deaths. India confirmed a total of at least 44,993,280 cases and 531,890 deaths, while France reported over 40,119,160 COVID-19 cases with 167,500 deaths. In total, there were at least 690,387,000 cases of COVID-19 worldwide with more than 6,891,720 deaths.