Crude Oil Rises Sharply; Johnson Controls Earnings Beat Views

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining over 200 points on Friday.

The Dow traded up 1.23% to 33,534.02 while the NASDAQ rose 1.76% to 12,176.68. The S&P 500, also rose, gaining, 1.48% to 4,121.33.

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Leading and Lagging Sectors

Top Headline

• Energy shares jumped by 2.7% on Friday. Meanwhile, top gainers in the sector included Enviva Inc. EVA, up 28%, and DMC Global Inc. BOOM, up 11%.
• In trading on Friday, utilities shares rose by just 0.1%.

Johnson Controls International PLC JCI reported better-than-expected Q2 financial results.

Johnson Controls reported sales growth of 10% year-on-year to $6.69 billion, beating the consensus of $6.51 billion. Adjusted EPS of $0.75 beat the analyst consensus of $0.73.

Johnson sees Q3 adjusted EPS of $1.01-$1.03 (Street view $1.02); Organic revenue growth of about 10% year-over-year.

Equities Trading UP

• Nanobiotix S.A. NBTX shares shot up 150% to $5.00 after the company announced it is entering into final contract negotiations after agreement to a non-binding term sheet for development and commercialization of NBTXR3 with a major global pharmaceutical company.
• Shares of PacWest Bancorp PACW got a boost, shooting 83% to $5.80 amid a possible rebound after the stock fell over 50% following reports that the bank may explore strategic options. The company issued an update confirming reports, and stated discussions are ongoing as the bank evaluates all options to maximize shareholder value.
• Owens & Minor, Inc. OMI shares were also up, gaining 39% to $18.83 after the company said Q1 sales results were higher year over year.

Equities Trading DOWN

• Soligenix, Inc. SNGX shares dropped 47% to $1.1952. Soligenix priced its 6,538,500 share public offering at $1.30 per share.
• Shares of DermTech, Inc. DMTK were down 30% to $2.19 after the company reported wider-than-expected quarterly loss.
• Cardlytics, Inc. CDLX was down, falling 27% to $6.08 after the company reported mixed Q1 financial results.

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Commodities

In commodity news, oil traded up 3.6% to $71.03 while gold traded down 1.8% at $2,019.00.

Silver traded down 1.9% to $25.73 on Friday while copper rose 0.9% to $3.8980.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.03%, London’s FTSE 100 rose 1.02% while Spain’s IBEX 35 Index rose 1.06% The German DAX rose 1.37%, French CAC 40 rose 1.29% and Italy’s FTSE MIB Index surged 2.42%.

Retail sales in the Eurozone dropped 1.2% month-over-month in March versus a 0.2% decline in February. The HCOB Eurozone construction PMI rose slightly to 45.2 in April from 45 in the prior month.

The S&P Global/CIPS UK construction PMI rose to 51.1 in April from 50.7 a month ago, while Italian construction PMI climbed to 49 from 47.4. French construction PMI rose to 46 in April from 45.3 in March, while German construction PMI declined to 42.0 in April from 42.9.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Hong Kong’s Hang Seng Index gaining 0.50% and China’s Shanghai Composite Index dropping 0.48%. India’s S&P BSE Sensex fell 1.1%.

Foreign exchange reserves in Hong Kong fell to $427.4 billion in April, the lowest level since December 2022. The Caixin China General Services PMI fell to 56.4 in April from March’s reading of 57.8.

Economics

The US economy added 253,000 jobs in April, beating market expectations of 180,000 and versus a revised 165,000 gain in March. The unemployment rate fell to 3.4% in April, versus market expectations of 3.6%. Average hourly earnings increased by 0.5% to $33.36 in April.

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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 106,762,790 cases with around 1,162,400 deaths. India confirmed a total of at least 44,960,670 cases and 531,600 deaths, while France reported over 40,007,280 COVID-19 cases with 166,640 deaths. In total, there were at least 687,576,650 cases of COVID-19 worldwide with more than 6,869,690 deaths.