Dow Jumps Over 100 Points; DNOW Posts Downbeat Earnings
U.S. stocks traded higher this morning, with the Dow Jones index jumping over 100 points on Friday.
Following the market opening Friday, the Dow traded up 0.33% to 39,516.53 while the NASDAQ rose 0.43% to 16,416.55. The S&P 500 also rose, gaining, 0.38% to 5,233.70.
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Leading and Lagging Sectors
Information technology shares rose by 1% on Friday.
In trading on Friday, communication services shares fell by 0.2%.
Top Headline
DNOW Inc. (NYSE:DNOW) posted weaker-than-expected first-quarter financial results on Thursday.
DNOW posted adjusted earnings of 21 cents per share, missing market estimates of 23 cents per share. The company's quarterly sales came in at $563.000 million, versus expectations of $569.150 million.
Equities Trading UP
- Novavax, Inc. (NASDAQ:NVAX) shares shot up 128% to $10.18 after the company and Sanofi announced a co-exclusive licensing agreement to commercialize a COVID-19 vaccine and develop COVID-influenza combination vaccines.
- Shares of iTeos Therapeutics, Inc. (NASDAQ:ITOS) got a boost, surging 41% to $17.18 after the company announced a $120 million registered direct offering and reported Q1 financial results.
- AEye, Inc. (NASDAQ:LIDR) shares were also up, gaining 45% to $1.70 after the company disclosed a partnership with LITEON Technology Corporation.
Equities Trading DOWN
- MacroGenics, Inc. (NASDAQ:MGNX) shares dropped 72% to $4.15 after the company reported worse-than-expected first-quarter financial results.
- Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) were down 42% to $2.2250 after the company reported worse-than-expected first-quarter financial results and lowered its FY24 sales guidance below estimates.
- Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) was down, falling 31% to $0.0480.
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Commodities
In commodity news, oil traded up 0.8% to $79.88 while gold traded up 1.7% at $2,381.10.
Silver traded up 1.8% to $28.87 on Friday, while copper rose 2.2% to $4.6850.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.8%, Germany's DAX rose 0.5% and France's CAC 40 gained 0.7%. Spain's IBEX 35 Index rose 0.6%, while London's FTSE 100 rose 0.7%.
Industrial production in Italy declined by 0.5% month-over-month in March compared to a revised flat reading in the prior month.
The GDP in the UK expanded 0.4% month-over-month in March compared to revised 0.2% gain in February. UK’s trade deficit shrank to £1.098 billion in March versus a revised £1.478 billion in the previous month. Industrial production in the UK climbed 0.2% month-over-month during March.
Asia Pacific Markets
Asian markets closed higher on Friday, with Japan's Nikkei gaining 0.41%, China's Composite Index gaining 0.01%, Hong Kong's Hang Seng Index gaining 2.30% and India's S&P BSE Sensex gaining 0.36%.
The gauge for Japan's service sector fell to 47.4 in April from 49.8 in the prior month, while value of loans in Japan rose 3.1% year-over-year in April. Japanese current account surplus widened to JPY 3,398.8 billion in March versus JPY 2,360.0 billion in the year-ago month.
Economics
Data on consumer sentiment will be released today.
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