Dow Dips 375 Points; S&P 500 Down Over 2%

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping around 375 points on Friday.

The Dow traded down 1.25% to 29,662.76 while the NASDAQ fell 2.68% to 10,363.83. The S&P 500 also fell, dropping, 2.10% to 3,592.94.

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Leading and Lagging Sectors

Health care shares fell by just 0.7% on Friday. Leading the sector was strength from Reata Pharmaceuticals, Inc. RETA and Zymeworks Inc. ZYME.

In trading on Friday, energy shares dipped by 3.5%.

Top Headline

JPMorgan Chase & Co. JPM posted better-than-expected earnings for its third quarter on Friday.

JPMorgan Chase posted Q3 earnings of $3.12 per share, topping market expectations of $2.88 per share.

Equities Trading UP

Reata Pharmaceuticals, Inc. RETA shares shot up 16% to $29.01. Reata Pharmaceuticals said FDA does not plan to hold advisory committee meeting to discuss the NDA for Omaveloxolone for Friedreich's Ataxia.

Shares of Nutanix, Inc. NTNX got a boost, shooting 23% to $26.00 following a WSJ report indicating the company is exploring a sale after receiving takeover interest.

IMARA Inc. IMRA shares were also up, gaining 38% to $3.57 after the company, along with Enliven Therapeutics, announced a merger agreement to combine the two companies in an all-stock transaction.

Equities Trading DOWN

First Republic Bank FRC shares tumbled 16% to $113.28 after the company reported mixed Q3 results.

Shares of Morgan Stanley MS were down 5.5% to $74.99 after the company reported Q3 EPS and sales results down from last year.

Novo Integrated Sciences, Inc. NVOS was down, falling 57% to $0.32 after the company announced pricing of $2 million public offering of 4 million units at $0.50 per unit.

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Commodities

In commodity news, oil traded down 3.9% to $85.67, while gold traded down 1.6% at $1,649.80.

Silver traded down 4.1% to $18.145 on Friday while copper fell 0.9% to $3.4095.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.56%, London’s FTSE 100 rose 0.12% while Spain’s IBEX 35 Index rose 0.46%. The German DAX climbed 0.67%, French CAC 40 rose 0.90% and Italy’s FTSE MIB Index gained 0.70%.

The annual inflation rate in Spain fell to 8.9% in September from 10.5% in the prior month, while annual inflation rate in France eased to 5.6% in September from 5.9% in the previous month. Wholesale prices in Germany rose by 19.9% year-over-year in September.

Economics

US retail trade came in unchanged for September, missing market estimates for a 0.2% rise.

Import prices in the US fell by 1.2% from a month ago in September, while export prices dropped 0.8% in September.

US business inventories increased 0.8% from a month ago in September.

The University of Michigan consumer sentiment climbed to 59.8 in September, recording the highest level in six months, compared to 58.6 in the prior month.

The total number of active U.S. oil rigs climbed by 8 to 610 rigs this week, Baker Hughes Inc reported.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,779,940 cases with around 1,089,910 deaths. India confirmed a total of at least 44,623,990 cases and 528,850 deaths, while France reported over 36,102,540 COVID-19 cases with 155,730 deaths. In total, there were at least 629,035,400 cases of COVID-19 worldwide with more than 6,568,520 deaths.