Following the market opening Friday, the Dow traded down 0.69% to 35,863.42 while the NASDAQ rose 0.14% to 14,828.15. The S&P also fell, dropping, 0.27% to 4,646.63.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 65,236,470 cases with around 869,210 deaths. India confirmed a total of at least 36,582,120 cases and 485,350 deaths, while Brazil reported over 22,815,820 COVID-19 cases with 620,600 deaths. In total, there were at least 321,162,990 cases of COVID-19 worldwide with more than 5,540,920 deaths.
Leading and Lagging Sectors
Energy shares rose 1.5% on Friday. Meanwhile, top gainers in the sector included Nabors Industries Ltd. NBR, up 8% and REX American Resources Corporation REX up 8%.
In trading on Friday, real estate shares fell by 1.8%.
JPMorgan Chase & Co. JPM reported better-than-expected earnings for its fourth quarter.
JPMorgan posted quarterly earnings of $3.33 per share, beating analysts’ estimates of $3.01 per share. The company’s quarterly revenue came in nearly flat at $30.3 billion.
Equities Trading UP
ATI Physical Therapy, Inc. ATIP shares shot up 25% to $3.8001 after Jefferies upgraded the stock from Hold to Buy and raised its price target from $3.50 to $5.
Shares of Theseus Pharmaceuticals, Inc. THRX got a boost, shooting 19% to $11.28. Theseus Pharmaceuticals recently said first patient was treated with THE-630 in Phase 1/2 study in patients with advanced gastrointestinal stromal tumors.
Melco Resorts & Entertainment Limited MLCO shares were also up, gaining 17% to $11.14. Shares of Macau casino stocks traded higher following the release of a new Macau gaming bill that was mostly in-line with expectations but that had at least a couple of bullish surprises for investors.
Equities Trading DOWN
FTC Solar, Inc. FTCI shares tumbled 15% to $5.18 after B of A Securities downgraded the stock from Neutral to Underperform and lowered its price target from $9 to $5.
Shares of Virgin Orbit Holdings, Inc. VORB were down 15% to $8.01.
Brilliant Earth Group, Inc. BRLT was down, falling 13% to $12.16.
In commodity news, oil traded up 1.2% to $83.14, while gold traded up 0.1% to $1,821.50.
Silver traded down 0.2% Friday to $23.125 while copper fell 0.3% to $4.5315.
European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.6%, London’s FTSE 100 fell 0.1%, while Spain’s IBEX 35 Index fell 0.2%. The German DAX dropped 0.6%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 0.8%.
German economy expanded by 2.7% in 2021, rebounding from a 4.6% contraction in 2020. French government budget deficit widened to EUR 181.02 billion in January-November, compared to a EUR 176.85 billion gap in the year-ago period, while annual inflation rate was confirmed at 2.8% year-over-year for December. Spain's consumer prices increased 6.5% year-over-year in December.
UK’s gross domestic product increased by 1.1% during the three months to November, while industrial production rose 1% from a month ago in November. UK’s exports of goods and services increased 4.6% from a month ago to a 22-month high of GBP 57.1 billion in November, while imports rose by 3.8% to an 11-month high of GBP 56.4 billion.
US retail sales fell 1.9% for December.
The price index for US imports fell 0.2% in December, while prices for US exports declined 1.8%.
US industrial production fell 0.1% for December.
US business inventories increased 1.3% for November.
The University of Michigan consumer sentiment index dropped to 68.8 in January, versus market estimates of 70.
The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
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