Dow Jumps Over 200 Points; Hibbett Posts Upbeat Earnings
U.S. stocks traded higher this morning, with the Dow Jones gaining more than 200 points on Friday.
Following the market opening Friday, the Dow traded up 0.69% to 34,336.37 while the NASDAQ rose 0.57% to 13,540.74. The S&P 500, also rose, gaining, 0.53% to 4,399.59.
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Leading and Lagging Sectors
Consumer discretionary shares rose by 0.9% on Friday.
In trading on Friday, communication services shares fell by 0.1%.
Top Headline
Hibbett Inc (NASDAQ:HIBB) reported mixed second-quarter financial results.
Hibbett reported a second-quarter FY23 sales decline of 4.6% year-on-year to $374.88 million, missing the analyst consensus of $376.11 million. EPS of $0.85 beat the analyst consensus of $0.73.
Hibbett continues to expect FY24 sales to be flat to up 2%, with EPS of $7.00 - $7.75 versus the consensus of $7.18.
Equities Trading UP
Crown ElectroKinetics Corp. (NASDAQ:CRKN) shares shot up 59% to $1.9899 after falling over 9% on Thursday. The company, on Thursday, issued a second-quarter business update.
Shares of YS Biopharma Co., Ltd. (NASDAQ:YS) got a boost, shooting 71% to $1.29 after the company announced the purchase of shares by company officers.
Alset Capital Acquisition Corp. (NASDAQ:ACAX) shares were also up, gaining 38% to $10.76.
Equities Trading DOWN
Domo, Inc. (NASDAQ:DOMO) shares dropped 42% to $9.88 after it issued a below-consensus third-quarter outlook and lowered FY24 guidance.
Shares of Prime Number Acquisition I Corp. (NASDAQ:PNAC) were down 36% to $5.14. noco-noco Pte. Ltd and Prime Number Acquisition I Corp announced that the parties plan to close the business combination on Aug. 25, 2023.
Hawaiian Electric Industries, Inc. (NYSE:HE) was down, falling 22% to $9.27. Hawaiian Electric plans to suspend quarterly cash dividend on common stock, beginning with the third quarter of 2023.
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Commodities
In commodity news, oil traded up 1.3% to $80.04 while gold traded down 0.1% at $1,944.30.
Silver traded up 0.1% to $24.24 on Friday while copper rose 0.5% to $3.7895.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.4% London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.7% The German DAX rose 0.5% French CAC 40 gained 0.6%, while Italy’s FTSE MIB Index surged 0.9%.
The Ifo Business Climate indicator for Germany fell for the fourth straight month to a reading of 85.7 in August. Germany’s economy stagnated during the second quarter versus the prior three months.
Producer prices in Spain fell by 8.4% year-over-year in July following a revised 8% decline in the previous month. The GfK Consumer Confidence indicator in the UK climbed to -25 in August from -30 in the previous month.
Asia Pacific Markets
Asian markets closed lower on Friday, with Japan’s Nikkei 225 falling 2.05%, China’s Shanghai Composite Index falling 0.59% and Hong Kong’s Hang Seng Index declining 1.40%. India’s S&P BSE Sensex, meanwhile, fell 0.56%.
Imports to Hong Kong fell 7.9% year-over-year to $375.1 billion in July, while exports declined 9.1% year-over-year to $345.2 billion.
Economics
The University of Michigan's consumer sentiment index for August will be released today.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,943,700 cases with around 1,173,130 deaths. India confirmed a total of at least 44,996,780 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 694,168,830 cases of COVID-19 worldwide with more than 6,910,360 deaths.