S&P 500 Edges Lower; RH Shares Plunge After Q1 Results
U.S. stocks traded mixed toward the trading, with the Dow Jones index falling around 0.2% on Friday.
The Dow traded down 0.24% to 38,554.69 while the NASDAQ rose 0.07% to 17,680.01. The S&P 500 also fell, dropping, 0.10% to 5,428.33. .
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Leading and Lagging Sectors
Communication services shares jumped by 0.5% on Friday.
In trading on Friday, industrials shares fell by 1.2%.
Top Headline
The total number of active U.S. oil rigs declined by four to 488 rigs this week, Baker Hughes Inc reported.
Equities Trading UP
- Disc Medicine, Inc. (NASDAQ:IRON) shares shot up 19% to $46.63. The company announced the presentation of data at the European Hematology Association 2024 Congress and announced an underwritten offering.
- Shares of SRIVARU Holding Limited (NASDAQ:SVMH) got a boost, surging 51% to $0.2305 after the company announced it will begin accepting paid reservations and bookings for its flagship product, the PRANA 2.0, on June 16th.
- FOXO Technologies Inc. (NASDAQ:FOXO) shares were also up, gaining 17% to $0.2794 after the company announced it entered into share exchange agreements with Rennova Health.
Equities Trading DOWN
- QXO, Inc. (NASDAQ:QXO) shares dropped 32% to $140.57 after announcing a $3.5 billion private placement.
- Shares of RH (NYSE:RH) were down 18% to $227.14 after the company reported mixed first-quarter financial results.
- Gain Therapeutics, Inc. (NASDAQ:GANX) was down, falling 33% to $1.27 after the company announced the pricing of a $11 million public offering of 7,116,547 shares at $1.35 per share and pre-funded warrants.
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Commodities
In commodity news, oil traded up 0.1% to $78.64 while gold traded up 1.3% at $2,349.00.
Silver traded up 1.9% to $29.605 on Friday, while copper rose 0.5% to $4.5015.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.97%, Germany's DAX dipped 1.44% and France's CAC 40 tumbled 2.66%. Spain's IBEX 35 Index fell 0.67%, while London's FTSE 100 slipped 0.21%.
The Eurozone recorded a trade surplus of EUR 15 billion in April versus a year-ago gap of EUR 11.1 billion. The annual inflation rate in France accelerated to 2.3% in May from 2.2% in April.
Asia Pacific Markets
Asian markets closed mostly higher on Friday, with Japan's Nikkei gaining 0.24%, Hong Kong's Hang Seng Index declining 0.94%, China's Shanghai Composite Index gaining 0.12% and India's S&P BSE Sensex gaining 0.24%.
Indian merchandise trade deficit widened to a seven-month of $23.8 billion in May, while wholesale prices increased by 2.61% year-over-year in May. Manufacturing production in Hong Kong increased 1.8% year-over-year in the first quarter versus a 4.1% rise in the prior period. Chinese vehicle sales gained by 1.5% year-over-year to 2.42 million in May.
Industrial production in Japan fell 0.9% month-over-month in April. The Bank of Japan held its key short-term interest rate at about 0% to 0.1% at its recent meeting.
Economics
- Import prices in the U.S. declined by 0.4% month-over-month in May.
- U.S. export prices declined by 0.6% month-over-month in May compared to a revised 0.6% gain in the prior month.
- The University of Michigan consumer sentiment declined for a third consecutive month to a reading of 65.6 in June, notching the lowest level since November, compared to 69.1 in May and down from market estimates of 72.
- The total number of active U.S. oil rigs declined by four to 488 rigs this week, Baker Hughes Inc reported.
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