Crude Oil Moves Higher; Sable Offshore Shares Slide

U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite falling around 0.5% on Friday.

The Dow traded up 0.01% to 42,029.86 while the NASDAQ fell 0.53% to 17,917.95. The S&P 500 also fell, dropping, 0.32% to 5,695.11.

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Leading and Lagging Sectors

Utilities shares jumped by 2.3% on Friday.

In trading on Friday, industrials shares fell by 0.6%.

Top Headline

The total number of active U.S. oil rigs came in unchanged at 488 rigs this week, Baker Hughes Inc reported.

Equities Trading UP

Banzai International, Inc. BNZI shares shot up 87% to $5.36. Banzai International recently announced a 1-for-50 reverse stock split.
Shares of Battalion Oil Corporation BATL got a boost, surging 122% to $6.54 after the company announced it has amended its merger agreement with Fury Resources for the acquisition of all outstanding shares of Battalion at $7.00 per share in cash.
Constellation Energy Corporation CEG shares were also up, gaining 19% to $248.26 after the company announced it signed a 20-year power purchase agreement with Microsoft that will help launch the Crance Clean Energy Center and restart Three Mile Island Unit 1.

Equities Trading DOWN

Corbus Pharmaceuticals Holdings, Inc. CRBP shares dropped 60% to $20.52. RBC Capital analyst Brian Abrahams reiterated Corbus Pharmaceuticals with an Outperform rating and maintained the price target of $82.
Shares of Sable Offshore Corp. SOC were down 19% to $23.06 after the company announced a $150 million private placement of 7.50 million shares.
FedEx Corporation FDX was down, falling 13% to $260.55 as the company reported weaker-than-expected results for the first quarter of fiscal 2025 and lowered its full-year guidance.

Commodities

In commodity news, oil traded up 0.6% to $72.38 while gold traded up 1.4% at $2,650.00.

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Silver traded up 0.5% to $31.62 on Friday, while copper fell 0.1% to $4.3425.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 1.42%, Germany's DAX declined 1.49% and France's CAC 40 fell 1.51%. Spain's IBEX 35 Index slipped 0.21%, while London's FTSE 100 fell 1.19%.

Spain’s trade deficit narrowed to EUR 3.2 billion in July from EUR 4.9 billion in the year-ago month. The manufacturing climate indicator in France slipped to 98.6 in September from 98.9 in the prior month.

Retail sales in the UK rose 1% month-over-month in August compared to revised 0.7% gain in July. Producer prices in Germany fell by 0.8% year-over-year in August.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei 225 gaining 1.53%, Hong Kong's Hang Seng Index surging 1.36%, China's Shanghai Composite Index gaining 0.03% and India's BSE Sensex gaining 1.63%.

Foreign exchange reserves held by the Reserve Bank of India climbed to $689.5 billion as of Sept. 13. The annual inflation rate in Hong Kong came in flat at 2.5% in August, while Hong Kong’s current account surplus increased to HKD 101.03 billion in the second quarter from HKD 50.71 billion in the year-ago period. The Bank of Japan kept its key short-term interest rate unchanged at around 0.25% during its recent meeting.

Economics

The total number of active U.S. oil rigs came in unchanged at 488 rigs this week, Baker Hughes Inc reported.

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