Crude Oil Rises Sharply; Chevron Earnings Miss Views

U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones index falling more than 350 points on Friday.

The Dow traded down 1.10% to 32,423.54 while the NASDAQ rose 0.09% to 12,606.87. The S&P 500 also fell, dropping, 0.66% to 4,109.92.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 2% on Friday.

In trading on Friday, energy shares dipped by 2.4%.

Top Headline

Chevron Corp CVX reported weaker-than-expected earnings for its third quarter.

Chevron reported quarterly total revenues and other income of $54.1 billion, beating the consensus of $51.44 billion. Adjusted EPS came in at $3.05, missing the consensus of $3.75.

Equities Trading UP

NerdWallet, Inc. NRDS shares shot up 38% to $9.16 following strong quarterly results.

Shares of Customers Bancorp, Inc. CUBI got a boost, shooting 15% to $38.66 after the company posted stronger-than-expected quarterly results.

Deckers Outdoor Corporation DECK shares were also up, gaining 19% to $577.19 after the company reported better-than-expected second-quarter sales results. The company also raised FY24 EPS and net sales guidance above estimates.

Equities Trading DOWN

Siyata Mobile Inc. SYTA shares dropped 49% to $0.66 as the company reported pricing of $1.6 million public offering of common shares.

Shares of Betterware de México, S.A.P.I. de C.V. BWMX were down 33% to $11.44 as the company announced third-quarter results.

Barnes Group Inc. B was down, falling 31% to $20.62 as the company posted downbeat third-quarter earnings and lowered FY23 outlook.

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Commodities

In commodity news, oil traded up 2.8% to $85.54 while gold traded down 0.1% at $1,994.60.

Silver traded down 0.2% to $22.87 on Friday while copper rose 1.6% to $3.6410.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.84%, London’s FTSE 100 fell 0.86% while Spain’s IBEX 35 Index fell 0.50% The German DAX fell 0.30% French CAC 40 fell 1.36%, while Italy’s FTSE MIB Index fell 0.80%.

Spain's economy grew by 0.3% quarter-over-quarter during the three months to Sept. 2023, compared to a revised 0.4% expansion in the prior period. Retail sales in Spain increased by 6.5% year-over-year in September.

The consumer confidence in France climbed to 84 in October from 83 in the earlier month. The manufacturing confidence index in Italy fell to 96 in October versus 96.4 a month ago, while consumer confidence declined for a fourth straight month to a reading of 101.6 in October.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 1.27%, Hong Kong’s Hang Seng Index gaining 2.08% and China’s Shanghai Composite Index gaining 0.99%. India’s S&P BSE Sensex, meanwhile, gained around 1%.

Profits earned by Chinese industrial firms dipped by 9.0% year-over-year to CNY 5,411.99 billion during the first nine months of 2023, compared to an 11.7% decline in the previous period.

Economics

Core PCE prices in the U.S. rose by 0.3% from the prior month in September. The annual rate, regarded as the Fed’s preferred measure of inflation, fell to 3.7% in September.

Personal spending increased by 0.7% from a month ago in September versus a 0.4% rise in August.

Personal income in the U.S. rose by 0.3% from a month ago in September compared to a 0.4% increase in August.

The University of Michigan consumer sentiment for the US rose to 63.8 in October versus a preliminary level of 63.

The total number of active U.S. oil rigs climbed by 2 to 504 rigs this week, Baker Hughes Inc reported.

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