U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping around 100 points on Friday.

The Dow traded down 0.43% to 33,164.71 while the NASDAQ fell 0.82% to 12,227.60. The S&P 500, also fell, dropping, 0.60% to 4,105.64.

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Leading and Lagging Sectors

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The total number of active U.S. oil rigs fell by 2 to 586 rigs this week, Baker Hughes Inc reported.

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Commodities

In commodity news, oil traded down 1.2% to $70.00 while gold traded down 0.1% at $2,019.00.

Silver traded down 1.2% to $24.135 on Friday while copper rose 0.5% to $3.7290.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.40%, London’s FTSE 100 rose 0.31% while Spain’s IBEX 35 Index rose 0.56% The German DAX rose 0.50%, French CAC 40 rose 0.45% and Italy’s FTSE MIB Index rose 0.92%.

Spain's annual consumer price inflation increased to 4.1% in April from 3.3% in the previous month, while annual inflation rate in France increased to 5.9% in April from 5.7% in the prior month.

The UK economy grew 0.2% year-over-year during the first quarter, recording the smallest annual expansion since 2021. Industrial production in the UK rose 0.7% month-over-month in March, while trade deficit narrowed to £2.86 billion in March versus a revised £3.35 billion in the earlier month.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.90%, Hong Kong’s Hang Seng Index dropping 0.59% and China’s Shanghai Composite Index falling 1.12%. India’s S&P BSE Sensex rose 0.3%.

Hong Kong’s economy expanded 2.7% year-over-year in the first quarter versus a revised 4.1% contraction in the earlier quarter. Annual inflation rate in India eased to 4.7% in April from 5.7% in March.

Economics

• U.S. export prices increased by 0.2% from a month ago in April, while import prices rose 0.4% month-over-month in April.
• The University of Michigan consumer sentiment dropped to a six-month low level of 57.7 in May from 63.5 in the prior month.
• The total number of active U.S. oil rigs fell by 2 to 586 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 106,790,390 cases with around 1,162,690 deaths. India confirmed a total of at least 44,978,170 cases and 531,750 deaths, while France reported over 40,029,700 COVID-19 cases with 166,860 deaths. In total, there were at least 688,143,330 cases of COVID-19 worldwide with more than 6,873,530 deaths.