Nasdaq Surges 300 Points; USA Truck Shares Spike Higher
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining 300 points on Friday.
The Dow traded up 2.28% to 31,377.79 while the NASDAQ rose 2.68% to 11,533.00. The S&P also rose, gaining, 2.54% to 3,892.23.
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Leading and Lagging Sectors
Financials shares jumped by 3.5% on Friday. Meanwhile, top gainers in the sector included GoHealth, Inc. (NASDAQ:GOCO), up 12% and Goosehead Insurance, Inc (NASDAQ:GSHD) up 10%.
In trading on Friday, health care shares rose by just 0.9%.
Top Headline
The total number of active U.S. oil rigs climbed by 10 to 594 rigs this week, Baker Hughes Inc reported.
Equities Trading UP
USA Truck, Inc. (NASDAQ:USAK) shares shot up 112% to $30.90. DB Schenker and USA Truck announced an agreement under which DB Schenker will acquire all outstanding shares of USA Truck common stock for $31.72 per share in cash.
Shares of Zendesk, Inc. (NYSE:ZEN) got a boost, shooting 29% to $74.47. Global investment firms Permira and Hellman & Friedman LLC agreed to takeover Zendesk in an all-cash transaction that values Zendesk at $10.2 billion.
Wrap Technologies, Inc. (NASDAQ:WRAP) shares were also up, gaining 27% to $2.3699 in possible anticipation of protests after the US Supreme Court overturned Roe vs Wade. The company develops policing solutions to law enforcement and security personnel.
Equities Trading DOWN
Quotient Limited (NASDAQ:QTNT) shares tumbled 31% to $0.2751 after the company priced an offering of 66,666,667 shares for aggregate gross proceeds of $20 million.
Shares of CalAmp Corp. (NASDAQ:CAMP) were down 31% to $4.9650 after the company reported worse-than-expected Q1 adjusted EPS and sales results.
BioSig Technologies, Inc. (NASDAQ:BSGM) was down, falling 25% to $0.7501 after the company reported pricing of public offering of common stock.
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Commodities
In commodity news, oil traded up 2.7% to $107.07, while gold traded down 0.1% to $1,829.60.
Silver traded up 0.4% to $21.12 on Friday while copper fell 0.1% to $3.737.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 climbed 2.62%, London’s FTSE 100 jumped 2.68% while Spain’s IBEX 35 Index rose 1.70%. The German DAX gained 1.59%, French CAC 40 jumped 3.23% and Italy’s FTSE MIB Index gained 2.33%.
The GfK Consumer Confidence indicator in the UK fell to -41 in June compared to -40 in May. Italian consumer confidence fell to 98.3 in June from 102.7 in the prior month, while manufacturing confidence rose to 110 in June from revised 109.4 in the previous month.
The Ifo Business Climate indicator for Germany declined to 92.3 in June from a 3-month high level of 93 in the earlier month. Spanish gross domestic product grew 0.2% on the quarter during the three months ending March.
Economics
New home sales increased 10.7% from a month ago to an annual rate of 696,000 in May.
The University of Michigan consumer sentiment index was revised to a record low level of 50.0 in June versus a preliminary reading of 50.2.
The total number of active U.S. oil rigs climbed by 10 to 594 rigs this week, Baker Hughes Inc reported.
San Francisco Federal Reserve Bank President Mary Daly will speak at 4:00 p.m. ET.
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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 88,443,390 cases with around 1,039,770 deaths. India confirmed a total of at least 43,347,590 cases and 524,940 deaths, while Brazil reported over 31,894,500 COVID-19 cases with 669,610 deaths. In total, there were at least 546,714,300 cases of COVID-19 worldwide with more than 6,345,980 deaths.