Gold Gains 1%; RBC Bearings Shares Rise After Q4 Results
U.S. stocks traded mixed midway through trading, with the NASDAQ Composite edging lower on Friday.
The Dow traded up 0.07% to 39,896.89 while the NASDAQ fell 0.02% to 16,695.66. The S&P 500 also rose, gaining, 0.01% to 5,297.40. .
Check This Out: Walmart To Rally Over 17%? Here Are 10 Top Analyst Forecasts For Friday
Leading and Lagging Sectors
Energy shares rose by 0.6% on Friday.
In trading on Friday, health care shares fell by 0.3%.
Top Headline
RBC Bearings Incorporated (NYSE:RBC) shares gained around 4% on Friday after it reported fourth-quarter FY24 results.
Net sales rose 4.9% Y/Y to $413.7 million, beating the consensus of $413.5 million. Adjusted EPS increased 16.0% Y/Y to $2.47, surpassing the street view of $2.36.
Equities Trading UP
- Reddit, Inc. (NYSE:RDDT) shares shot up 15% to $65.09 after the company announced a partnership with OpenAI
- Shares of Despegar.com, Corp. (NYSE:DESP) got a boost, surging 15% to $14.43 after the company reported better-than-expected quarterly sales results.
- Doximity, Inc. (NYSE:DOCS) shares were also up, gaining 18% to $27.99 as the company reported stronger-than-expected financial results for the fourth quarter on Thursday.
Equities Trading DOWN
- DXC Technology Company (NYSE:DXC) shares dropped 19% to $16.09 after the company issued weak guidance.
- Shares of AmpliTech Group, Inc. (NASDAQ:AMPG) were down 34% to $1.44.
- GameStop Corp (NYSE:GME) was down, falling 25% to $20.84. The video game retailer released preliminary first-quarter results, anticipating revenue between $0.872 billion and $0.892 billion. This represents a significant decline from the prior year's quarter of $1.237 billion. Additionally, GameStop expects a loss of $27 million to $37 million, narrower than the $50.5 million loss reported a year ago.
Also Check This Out: Qualcomm, Morgan Stanley And 2 Other Stocks Insiders Are Selling
Commodities
In commodity news, oil traded up 0.4% to $79.57 while gold traded up 1.1% at $2,411.70.
Silver traded up 3% to $30.76 on Friday, while copper rose 3% to $5.0225.
Euro zone
European shares were mostly lower today. The eurozone's STOXX 600 slipped 0.19%, Germany's DAX fell 0.22% and France's CAC 40 fell 0.32%. Spain's IBEX 35 Index rose 0.05%, while London's FTSE 100 fell 0.15%.
Annual inflation rate in the Eurozone was confirmed at 2.4% in April, the same as in the previous month. The unemployment rate in France came in unchanged at 7.5% for the first quarter.
Asia Pacific Markets
Asian markets closed mostly higher on Friday, with Japan's Nikkei falling 0.34%, China's Composite Index climbing 1.01%, Hong Kong's Hang Seng Index gaining 0.91% and India's S&P BSE Sensex gaining 0.3%.
China’s retail sales climbed by 2.3% year-over-year, compared to a 3.1% surge in the previous period, while unemployment rate fell to 5.0% in April. China’s industrial production rose by 6.7% year-over-year in April, topping market expectations of 5.5%, while new home prices fell by 3.1% year-over-year in April.
Hong Kong's GDP increased by 2.7% year-over-year in the first quarter, easing from the 4.3% growth recorded in the prior period.
Economics
- U.S. leading index fell 0.6% month-over-month for April, versus market expectations for a 0.3% decline.
- The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
Now Read This: Top 2 Energy Stocks That May Rocket Higher This Month
