US Stocks Mixed Following Thursday's Rally; Dow Drops 50 Points

U.S. stocks traded mixed this morning on Friday, after the Dow Jones jumped 1,200 points in the previous session.

Following the market opening Friday, the Dow traded down 0.15% to 33,664.65 while the NASDAQ climbed 0.27% to 11,144.44. The S&P 500 also rose, gaining, 0.12% to 3,961.18.

Also check this: CBOE Volatility Index Drops To Near Two-Month Low Following Inflation Data

Leading and Lagging Sectors

Energy shares jumped 1.9% on Friday. Leading the sector was strength from Ultrapar Participações S.A. UGP and Nine Energy Service, Inc. NINE.

In trading on Friday, health care shares fell by 1.5%.

Top Headline

The University of Michigan consumer sentiment dropped to 54.7 in November, recording the lowest level since July, compared to 59.9 in October.

Equities Trading UP

• Snail, Inc. SNAL shares shot up 71% to $3.85 after the company announced a $5 million share repurchase program.
• Shares of AGBA Acquisition Limited AGBA got a boost, shooting 33% to $7.33 after dipping 50% on Thursday. AGBA Acquisition announced approval of business combination and ability of stockholders to withdraw ordinary shares tendered for redemption.
• Sight Sciences, Inc. SGHT shares were also up, gaining 31% to $10.98 after the company posted upbeat Q3 sales and raised FY22 revenue outlook.

Equities Trading DOWN

• Brilliant Earth Group, Inc. BRLT shares tumbled 29% to $5.67 after the company issued 2022 sales guidance below estimates.
• Shares of AirSculpt Technologies, Inc. AIRS were down 28% to $3.3950 after the company reported worse-than-expected Q3 results.
• East Stone Acquisition Corporation ESSC was down, falling 27% to $7.25.

Also check out: Amazon, Apple, Tesla And Other Big Gainers From Thursday

Commodities

In commodity news, oil traded up 3.4% to $89.43 while gold traded up 0.6% at $1,763.60.

Silver traded down 0.8% to $21.525 on Friday while copper rose 3% to $3.8690.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.4%. The German DAX climbed 0.5%, French CAC 40 rose 0.5% and Italy’s FTSE MIB Index gained 0.3%.

Annual inflation rate in Germany came in at 10.4% in October, matching the preliminary estimates.

The UK trade deficit fell to GBP 3.1 billion in September versus revised GBP 4.7 billion in the prior month, while British economy shrank by 0.6% month-over-month during September. Industrial production in the UK climbed by 0.2% from a month ago in September.

Asia Pacific Markets

Asian markets closed higher on Friday, with the Japan’s Nikkei jumping 2.98% and Hong Kong’s Hang Seng Index surging 7.74%. China’s Shanghai Composite Index gained 1.69%.

Hong Kong's economy contracted by 4.5% year-over-year in the third quarter. Producer prices in Japan surged 9.1% year-over-year in October versus a revised 10.2% increase in September.

Economics

The University of Michigan consumer sentiment dropped to 54.7 in November, recording the lowest level since July, compared to 59.9 in October.

Check out this: Markets Turn More Bullish After October's Consumer Price Index

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,859,900 cases with around 1,099,850 deaths. India confirmed a total of at least 44,664,810 cases and 530,520 deaths, while France reported over 37,068,080 COVID-19 cases with 157,670 deaths. In total, there were at least 639,510,160 cases of COVID-19 worldwide with more than 6,612,210 deaths.