US Stocks Mostly Higher; RH Posts Upbeat Earnings

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining around 60 points on Friday.

Following the market opening Friday, the Dow traded down 0.03% to 34,491.98 while the NASDAQ rose 0.49% to 13,816.50. The S&P 500, also rose, gaining, 0.24% to 4,461.81.

Check This Out: Top 5 Health Care Stocks That May Explode In Q3


Leading and Lagging Sectors


Energy shares jumped by 0.7% on Friday.

In trading on Friday, industrials shares fell by 0.4%.


Top Headline


RH RH reported better-than-expected second-quarter earnings on Thursday.

RH reported quarterly earnings of $3.93 per share, which beat the analyst consensus estimate of $2.56, a 51.36% decrease over earnings of $8.08 per share from last year. The company reported quarterly sales of $800.48 million, which beat the analyst consensus estimate of $784.90 million, a 19.28% decrease over sales of $991.62 million in the same period last year.

The company raised the low end of its revenue guidance for the full-year 2023 to a range of $3.04 billion to $3.1 billion versus the $3.07 billion estimate.


Equities Trading UP


Biocept, Inc. BIOC shares shot up 81% to $1.52 after the company announced non-exclusive licensing agreement for CNSide with Plus Therapeutics.

Shares of Verb Technology Company, Inc. VERB got a boost, shooting 35% to $2.23. Verb Technology recently announced a technology integration with TikTok.

Lantronix, Inc. LTRX shares were also up, gaining 26% to $5.05 following better-than-expected quarterly sales.


Equities Trading DOWN


Grom Social Enterprises, Inc. GROM shares dropped 43% to $2.30 after the company reported pricing of $3.0 million public offering.

Shares of Rent the Runway, Inc. RENT were down 33% to $0.9063 after the company reported downbeat second-quarter sales and issued weak third-quarter forecast.

Arqit Quantum Inc. ARQQ was down, falling 30% to $0.67 after the company reported a $16.2 million registered direct offering.

Also Check This Out: Around $4M Bet On This Healthcare Stock? Check Out These 3 Stocks Insiders Are Buying




In commodity news, oil traded up 0.5% to $87.33 while gold traded up 0.1% at $1,944.30.

Silver traded down 0.2% to $23.195 on Friday while copper fell 1.3% to $3.7125.


Euro zone


European shares were mixed today. The eurozone’s STOXX 600 slipped 0.1% London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.1% The German DAX fell 0.1% French CAC 40 rose 0.3%, while Italy’s FTSE MIB Index fell 0.1%.

Industrial production in Spain declined by 1.8% year-over-year in July following a revised 3.2% fall in the prior month. French industrial output increased by 0.8% month-over-month in July versus a 0.9% decline in June.

Germany’s consumer price inflation rate eased to 6.1% year-over-year in August from 6.2% in the earlier month.


Asia Pacific Markets


Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 1.16% and China’s Shanghai Composite Index falling 0.18%. India’s S&P BSE Sensex, meanwhile, rose 0.5%.

The gauge for Japan's service sector sentiment fell to 53.6 in August from 54.4 a month ago. Japanese current account surplus widened to JPY 2.772 trillion in July from JPY 1.509 trillion in the previous month, while the country’s economy expanded 1.2% quarter-over-quarter in the second quarter.




Data on wholesale inventories will be released today.

Now Read This: Top 5 Tech Stocks That May Crash In September


COVID-19 Update


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,268,240 cases with around 1,174,460 deaths. India confirmed a total of at least 44,997,460 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,034,570 cases of COVID-19 worldwide with more than 6,913,060 deaths.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsTrading IdeasMid Morning 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!