Dow Falls 150 Points; US Producer Prices Rise 0.3% In January
U.S. stocks traded mostly lower this morning, with the Dow Jones index falling around 150 points on Friday.
Following the market opening Friday, the Dow traded down 0.43% to 38,607.11 while the NASDAQ rose 0.01% to 15,907.68. The S&P 500 also fell, dropping, 0.16% to 5,021.71.
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Leading and Lagging Sectors
Information technology shares rose by 0.6% on Friday.
In trading on Friday, real estate shares fell by 1.3%.
Top Headline
U.S. producer prices for final demand rose 0.3% month-over-month in January, recording the biggest rise in five months, compared to a 0.1% fall in the previous month. However, analysts were expecting a 0.1% increase in producer prices.
Equities Trading UP
Gaxos.ai Inc. (NASDAQ:GXAI) shares shot up 398% to $1.29. Gaxos Gaming announced plans to launch an AI solution for game developers and studios.
Shares of Pop Culture Group Co., Ltd (NASDAQ:CPOP) got a boost, surging 286% to $4.9460.
Fusion Fuel Green PLC (NASDAQ:HTOO) shares were also up, gaining 207% to $3.69. The company said it had received notification from the European Commission that its HEVO-Portugal project was among 33 selected for approval under the Important Projects of Common European Interest (“IPCEI”) Hy2Infra program.
Equities Trading DOWN
China Natural Resources, Inc. (NASDAQ:CHNR) shares dropped 39% to $2.13. China Natural Resources announced a registered direct placement of $3.27 million of 1,487,870 common shares and private placement warrants at a price of $2.20 per unit.
Shares of Hepion Pharmaceuticals, Inc. (NASDAQ:TVGN) were down 21% to $7.90 after surging 119% on Thursday. Tevogen Bio announced a $8 million equity investment.
Dunxin Financial Holdings Limited (NYSE:DXF) was down, falling 21% to $0.3821.
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Commodities
In commodity news, oil traded down 0.7% to $77.49 while gold traded up 0.2% at $2,017.90.
Silver traded up 0.3% to $23.02 on Friday while copper rose 1.4% to $3.81.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.7%, London’s FTSE 100 rose 1.3% while Spain’s IBEX 35 Index fell 0.1% The German DAX rose 0.6% French CAC 40 rose 0.5% while Italy’s FTSE MIB Index rose 0.3%.
The annual inflation rate in France eased to 3.1% in January from 3.7% in the prior month, whiel German wholesale prices declined by 2.7% year-over-year in January. Retail sales volumes in the UK rose by 3.4% month-over-month in January.
Asia Pacific Markets
Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 0.86%, Hong Kong’s Hang Seng Index rising 2.48% and India’s S&P BSE Sensex gaining 0.6%.
Singapore's non-oil domestic exports jumped 16.8% year-over-year in January, topping market estimates of a 5.4% rise.
Economics
U.S. producer prices for final demand rose 0.3% month-over-month in January, recording the biggest rise in five months, compared to a 0.1% fall in the previous month. However, analysts were expecting a 0.1% increase in producer prices.
U.S. building permits fell by 1.5% to an annual rate of 1.470 million in January.
Housing starts in the U.S. dipped 14.8% month-over-month to an annual rate of 1.331 million in January.
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