US Stocks Mostly Higher; Dow Jumps 200 Points

US Stocks Mostly Higher; Dow Jumps 200 Points

U.S. stocks traded mostly higher this morning, with the Dow Jones gaining around 200 points on Friday.

Following the market opening Friday, the Dow traded up 0.66% to 30,533.76 while the NASDAQ rose 0.10% to 10,625.19. The S&P 500 also rose, gaining, 0.44% to 3,681.79.

Also check this: Volatility In Markets Decreases, Dow Drops Around 90 Points


Leading and Lagging Sectors


Energy shares climbed 1.1% on Friday. Leading the sector was strength from Newpark Resources, Inc. NR and EOG Resources, Inc. EOG.


In trading on Friday, communication services shares dipped 1.3%.


Top Headline

 

Verizon Communications Inc. VZ company reported better-than-expected Q3 earnings.

Verizon posted quarterly earnings of $1.32 per share, beating analysts’ estimates of $1.29 per share. The company’s quarterly sales came in at $34.20 billion, versus expectations of $33.78 billion.

 

Equities Trading UP

 

  • Ascent Solar Technologies, Inc. ASTI shares shot up 17% to $5.97 after jumping over 57% on Thursday.
  • Shares of Veris Residential, Inc. VRE got a boost, shooting 17% to $14.56 after Kushner Companies made an offer to acquire the company for $16 per share..
  • Hawaiian Holdings, Inc. HA shares were also up, gaining 11% to $15.57. Hawaiian Airlines announced an agreement with Amazon to operate freighter aircraft.


Equities Trading DOWN

  • Immunic, Inc. IMUX shares tumbled 75% to $2.3299 after the company reported the pre-planned Phase 1b interim analysis of IMU-935 in psoriasis patients was confounded by a high placebo rate. Two active arms did not separate from the placebo.
  • Shares of Snap Inc. SNAP were down 30% to $7.57 following Q3 results. The company said it will not provide Q4 expectations due to uncertainties in the operating environment but believes it is likely that year-over-year revenue growth will decelerate as it moves through Q4. The company also said total time spend watching content in the US decreased 5% year over year.
  • Tenet Healthcare Corporation THC was down, falling 28% to $38.94 after the company reported worse-than-expected Q3 sales results and issued Q4 and FY22 adjusted EPS and sales guidance below estimates.


Also check out: Why Super Micro Computer Shares Jumped Over 10%; Here Are 73 Biggest Movers From Yesterday


Commodities

In commodity news, oil traded up 1.2% to $85.48, while gold traded up 0.2% at $1,640.30.


Silver traded down 0.2% to $18.65 on Friday while copper rose 0.1% to $3.4115.


Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 1.4%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 2.1%. The German DAX dropped 0.9%, French CAC 40 declined 1.4% and Italy’s FTSE MIB Index fell 1.2%.

Retail sales in the UK fell 1.4% month-over-month in September versus a revised 1.8% drop in the previous month, while GfK Consumer Confidence indicator in the country increased to - 47 in October.

 

Economics


The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Check out this: Fear Among US Investors Is Decreasing, Here's Why


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,037,430 cases with around 1,092,400 deaths. India confirmed a total of at least 44,638,630 cases and 528,950 deaths, while France reported over 36,475,510 COVID-19 cases with 156,250 deaths. In total, there were at least 632,146,040 cases of COVID-19 worldwide with more than 6,580,130 deaths.

 

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets