Dow Jumps Over 100 Points; DNOW Posts Downbeat Earnings

U.S. stocks traded higher this morning, with the Dow Jones index jumping over 100 points on Friday.

Following the market opening Friday, the Dow traded up 0.33% to 39,516.53 while the NASDAQ rose 0.43% to 16,416.55. The S&P 500 also rose, gaining, 0.38% to 5,233.70.

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Leading and Lagging Sectors

Information technology shares rose by 1% on Friday.

In trading on Friday, communication services shares fell by 0.2%.

Top Headline

DNOW Inc. DNOW posted weaker-than-expected first-quarter financial results on Friday.

DNOW posted adjusted earnings of 21 cents per share, missing market estimates of 23 cents per share. The company's quarterly sales came in at $563.000 million, versus expectations of $569.150 million.

Equities Trading UP

  • Novavax, Inc. NVAX shares shot up 128% to $10.18 after the company and Sanofi announced a co-exclusive licensing agreement to commercialize a COVID-19 vaccine and develop COVID-influenza combination vaccines.
  • Shares of iTeos Therapeutics, Inc. ITOS got a boost, surging 41% to $17.18 after the company announced a $120 million registered direct offering and reported Q1 financial results.
  • AEye, Inc. LIDR shares were also up, gaining 45% to $1.70 after the company disclosed a partnership with LITEON Technology Corporation.

Equities Trading DOWN

  • MacroGenics, Inc. MGNX shares dropped 72% to $4.15 after the company reported worse-than-expected first-quarter financial results.
  • Shares of Evolv Technologies Holdings, Inc. EVLV were down 42% to $2.2250 after the company reported worse-than-expected first-quarter financial results and lowered its FY24 sales guidance below estimates.
  • Greenwave Technology Solutions, Inc. GWAV was down, falling 31% to $0.0480.

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In commodity news, oil traded up 0.8% to $79.88 while gold traded up 1.7% at $2,381.10.

Silver traded up 1.8% to $28.87 on Friday, while copper rose 2.2% to $4.6850.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.8%, Germany's DAX rose 0.5% and France's CAC 40 gained 0.7%. Spain's IBEX 35 Index rose 0.6%, while London's FTSE 100 rose 0.7%.

Industrial production in Italy declined by 0.5% month-over-month in March compared to a revised flat reading in the prior month.

The GDP in the UK expanded 0.4% month-over-month in March compared to revised 0.2% gain in February. UK’s trade deficit shrank to £1.098 billion in March versus a revised £1.478 billion in the previous month. Industrial production in the UK climbed 0.2% month-over-month during March.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei gaining 0.41%, China's Composite Index gaining 0.01%, Hong Kong's Hang Seng Index gaining 2.30% and India's S&P BSE Sensex gaining 0.36%.

The gauge for Japan's service sector fell to 47.4 in April from 49.8 in the prior month, while value of loans in Japan rose 3.1% year-over-year in April. Japanese current account surplus widened to JPY 3,398.8 billion in March versus JPY 2,360.0 billion in the year-ago month.


Data on consumer sentiment will be released today.

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