US Stocks Open Higher; Vail Resorts Earnings Miss Views

U.S. stocks traded higher this morning, with Nasdaq Composite gaining around 100 points on Friday.

Following the market opening Friday, the Dow traded up 0.13% to 33,878.53 while the NASDAQ rose 0.72% to 13,334.06. The S&P 500, also rose, gaining, 0.39% to 4,310.77.

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Leading and Lagging Sectors

  • Consumer discretionary shares jumped by 1.3% on Friday. Meanwhile, top gainers in the sector included Peloton Interactive, Inc. PTON, up 15%, and XPeng Inc. XPEV, up 8%.
  • In trading on Friday, materials shares fell by 0.8%.

 

Top Headline

Vail Resorts, Inc. MTN reported weaker-than-expected results for its third quarter on Thursday.

Vail Resorts posted quarterly earnings of $8.18 per share, missing analysts’ estimates of $8.84 per share. The company’s quarterly sales came in at $1.24 billion versus expectations of $1.27 billion.

 

Equities Trading UP

  • Braze, Inc. BRZE shares shot up 20% to $40.72 after the company posted upbeat first-quarter results and issued strong forecast.
  • Shares of Kingsoft Cloud Holdings Limited KC got a boost, shooting 20% to $5.76. Kingsoft Cloud announced share purchase by Vice Chairman and Chief Executive Officer.
  • Medigus Ltd. MDGS shares were also up, gaining 14% to $6.16.

 

Equities Trading DOWN

  • Elevation Oncology, Inc. ELEV shares dropped 29% to $1.99 after the company reported pricing of $50 million public offering.
  • Shares of Planet Labs PBC PL were down 20% to $3.9085 after the company reported first-quarter results.
  • Baosheng Media Group Holdings Limited BAOS was down, falling 17% to $11.67 after jumping 145% on Thursday.

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Commodities

In commodity news, oil traded down 0.3% to $71.06 while gold traded down 0.1% at $1,977.90.

Silver traded down 0.1% to $24.335 on Friday while copper rose 0.1% to $3.7985.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.3% The German DAX dropped 0.1% French CAC 40 fell 0.2% and Italy’s FTSE MIB Index fell 0.3%.

The consumer confidence indicator in Spain rose to 81.5 in May from 73 in the prior month, while industrial production in Italy dropped by 1.9% from a month ago in April.

 

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan’s Nikkei 225 gaining 1.97%, Hong Kong’s Hang Seng Index gaining 0.47% and China’s Shanghai Composite Index gaining 0.55%. India’s S&P BSE Sensex fell 0.35%.

Vehicle sales in China jumped 27.9% year-over-year to 2.382 million units in May. China's annual inflation rate rose to 0.2% in May from April's reading of 0.1%. The country’s producer prices dropped 4.6% year-over-year in May.

 

Economics

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

Now Read This: Top 5 Health Care Stocks That Are Set To Fly In Q2

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,162,530 cases with around 1,166,330 deaths. India confirmed a total of at least 44,992,290 cases and 531,880 deaths, while France reported over 40,105,200 COVID-19 cases with 167,420 deaths. In total, there were at least 690,061,520 cases of COVID-19 worldwide with more than 6,889,330 deaths.

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