U.S. stocks traded higher this morning, with the Dow Jones index gaining around 100 points on Friday.
Following the market opening Friday, the Dow traded up 0.25% to 39,853.88 while the NASDAQ rose 0.25% to 18,329.05. The S&P 500 also rose, gaining, 0.22% to 5,596.73.
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Leading and Lagging Sectors
Real estate shares jumped by 0.6% on Friday.
In trading on Friday, communication services shares fell by 0.5%.
Top Headline
The Producer Price Index released Friday revealed a higher-than-expected increase in June.
In June, the headline PPI for final demand rose by 0.2% month-over-month, rebounding sharply from the upwardly revised flat reading in May and surpassing economists' expectations – as tracked by TradingEconomics – of a 0.1% increase. On an annual basis compared to June 2023, the overall producer basket rose by 2.6%, reaching its highest point since March 2023.
Equities Trading UP
- Vicinity Motor Corp. (NASDAQ:VEV) shares shot up 130% to $0.78 after the company announced CARB certification for the VMC 1200 class 3 electric truck.
- Shares of TOYO Co., Ltd (NASDAQ:TOYO) got a boost, surging 84% to $2.85.
- Crown LNG Holdings Limited (NASDAQ:CGBS) shares were also up, gaining 66% to $4.02.
Equities Trading DOWN
- Shineco, Inc. (NASDAQ:SISI) shares dropped 53% to $0.9892 after the company announced pricing of a $2 million underwritten public offering.
- Shares of Kazia Therapeutics Limited (NASDAQ:KZIA) were down 19% to $1.0101. HC Wainwright & Co. analyst Sean Lee reiterated Kazia Therapeutics with a Buy and maintained a $2 price target.
- Cyngn Inc. (NASDAQ:CYN) was down, falling 16% to $6.15.
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Commodities
In commodity news, oil traded up 1% to $83.45 while gold traded down 0.6% at $2,407.20.
Silver traded down 2.2% to $30.975 on Friday, while copper rose 0.7% to $4.5380.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.4%, Germany's DAX gained 0.4% and France's CAC 40 rose 0.8%. Spain's IBEX 35 Index rose 0.5%, while London's FTSE 100 rose 0.3%.
Spanish annual consumer price inflation rate eased to 3.4% in June from 3.6% in May, while annual inflation rate in France slowed to 2.2% in June from 2.3% in the prior month. German wholesale prices fell by 0.6% year-over-year in June.
Asia Pacific Markets
Asian markets closed mixed on Friday, with Japan's Nikkei falling 2.45%, Hong Kong's Hang Seng Index jumping 2.59%, China's Shanghai Composite Index gaining 0.03% and India's S&P BSE Sensex surging 0.78%.
Foreign exchange reserves held by the Reserve Bank of India climbed to $657.2 billion as of July 5. Industrial production growth in Japan rose 3.6% month-over-month in May. Chinese trade surplus widened to $99.05 billion in June from $69.80 billion in the year-ago period.
Economics
In June, the headline PPI for final demand rose by 0.2% month-over-month, rebounding sharply from the upwardly revised flat reading in May and surpassing economists' expectations – as tracked by TradingEconomics – of a 0.1% increase. On an annual basis compared to June 2023, the overall producer basket rose by 2.6%, reaching its highest point since March 2023.
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