Crude Oil Rises 2.5%; Chevron Tops Q1 Expectations

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining over 200 points on Friday.

The Dow traded up 0.60% to 34,029.17 while the NASDAQ rose 0.40% to 12,190.35. The S&P 500, also rose, gaining, 0.63% to 4,161.28.

Check This Out: Roblox And 3 Other Stocks Insiders Are Selling

 

Leading and Lagging Sectors

  • Energy shares rose by 1.7% on Friday. Meanwhile, top gainers in the sector included U.S. Hammerhead Energy Inc. HHRS, up 10%, and Talos Energy Inc. TALO, up 8%.
  • In trading on Friday, utilities shares fell by 0.3%.

 

Top Headline

Chevron Corporation CVX reported better-than-expected results for its first quarter on Friday.

Chevron reported sales of $50.79 billion, a decline of 6.6% year-over-year, beating the consensus of $47.98 billion. Adjusted net earnings were $6.74 billion (+3.1% Y/Y), with Adjusted EPS being $3.55, beating the consensus of $3.41.

 

Equities Trading UP

  • TOP Financial Group Limited TOP shares shot up 546% to $129.14 after jumping around 198% on Thursday. Traders are circulating an article on China's Sina dated April 25th titled "Zhongyang Financial Group's Additional Issuance Was Approved By The U.S. SEC."
  • Shares of CVRx, Inc. CVRX got a boost, shooting 28% to $12.13 after the company reported better-than-expected Q1 results.
  • ImmunoGen, Inc. IMGN shares were also up, gaining 25% to $5.39 after the company reported better-than-expected Q1 financial results and issued FY23 sales guidance.

 

Equities Trading DOWN

  • Cloudflare, Inc. NET shares dropped 24% to $45.12 after the company issued weak revenue guidance and said it expects external headwinds to persist through the end of the fiscal year.
  • Shares of First Republic Bank FRC were down 39% to $3.79 following a report suggesting the most likely outcome for the bank is FDIC receivership.
  • Hillstream BioPharma, Inc. HILS was down, falling 59% to $0.4499 after the company priced 5.3 million shares at $0.50 per share for gross proceeds of $2.65 million.

Also Check This Out: Bitcoin Tops $29,000; Render Token Emerges As Top Gainer

 

Commodities

In commodity news, oil traded up 2.5% to $76.64 while gold traded down 0.1% at $1,998.90.

Silver traded up 0.2% to $25.25 on Friday while copper rose 0.2% to $3.8905.

 

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.56%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index fell 0.79% The German DAX rose 0.77%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index fell 0.30%.

The Eurozone economy expanded by 0.1% in the first quarter following a flat fourth quarter, but still missing market expectations for a 0.2% growth. The unemployment rate in Germany came in unchanged at 5.6% in April, while German gross domestic product was also unchanged during the first quarter.

Spanish economy grew by 0.5% on quarter during the first three months of the year. Spain reported a current account surplus of €2.3 billion in February versus a year-ago gap of €0.8 billion, while annual consumer price inflation rate in the country increased to 4.1% in April. Italy’s gross domestic product grew by 0.5% quarter-on-quarter during the three months leading to March.

Annual inflation rate in France increased to 5.9% in April, while producer prices in the country’s domestic markets rose by 2% month-over-month in March. The French economy expanded by 0.2% in the first quarter.

 

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 rising 1.40%, Hong Kong’s Hang Seng Index gaining 0.27% and China’s Shanghai Composite Index climbing 1.14%. India’s S&P BSE Sensex rose 0.7%.

Japan's housing starts fell by 3.2% year-over-year in March following a 0.3% decline in the previous month. The Bank of Japan kept its key short-term interest rate unchanged at -0.1%. Retail sales in Japan rose by 7.2% year-over-year in March, while industrial production rose 0.8% month-over-month in March. Japan’s unemployment rate increased to 2.8% in March.

 

Economics

  • Personal income in the US increased by 0.3% from a month ago in March, while personal spending came in unchanged from the prior period in March versus a revised 0.1% rise in February.
  • Core PCE prices in the US increased by 0.3% month-over-month in March, the same pace as the previous month. The annual rate, the Fed’s preferred inflation gauge, eased to 4.6%, above market estimates of 4.5%.
  • Compensation costs for civilian workers rose 1.2% on quarter during the three months to January.
  • The Chicago PMI rose to 48.6 points in April from 43.8 in the previous month.
  • The University of Michigan consumer sentiment rose to 63.5 in April from 62 in the previous month.
  • The total number of active U.S. oil rigs came in unchanged at 591 rigs this week, Baker Hughes Inc reported.

Now Read This: Top 4 Tech Stocks That May Fall Off A Cliff

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,613,320 cases with around 1,159,690 deaths. India confirmed a total of at least 44,924,810 cases and 531,420 deaths, while France reported over 39,974,420 COVID-19 cases with 166,420 deaths. In total, there were at least 686,882,230 cases of COVID-19 worldwide with more than 6,862,560 deaths.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!