Crude Oil Rises Sharply; Citigroup Posts Upbeat Earnings

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling over 1% on Friday.

The Dow traded down 0.05% to 33,615.27 while the NASDAQ fell 1.22% to 13,409.29. The S&P 500 also fell, dropping, 0.54% to 4,326.19.

Check This Out: Top 5 Tech And Telecom Stocks That May Explode This Month

Leading and Lagging Sectors

Energy shares climbed by 1.7% on Friday.

In trading on Friday, information technology shares rose by just 0.1%.

Top Headline

Citigroup Inc C reported better-than-expected earnings for its third quarter on Friday.

Citigroup reported a third-quarter FY23 net revenue increase of 9% year-over-year to $20.14 billion, beating the consensus of $19.32 billion. EPS of $1.63 beat the consensus of $1.21.

Equities Trading UP

Sigma Additive Solutions, Inc. SASI shares shot up 179% to $6.93 after the company announced the signing of a definitive agreement for the acquisition of NextTrip Holdings, Inc.

Shares of Comtech Telecommunications Corp. CMTL got a boost, shooting 29% to $10.52 after posting better-than-expected fourth-quarter results.

SunOpta Inc. STKL shares were also up, gaining 24% to $3.5550 after the company disclosed third-quarter preliminary results, asset sales, and CFO transition details.

Equities Trading DOWN

Outset Medical, Inc. OM shares dropped 47% to $3.56. The company announced preliminary revenue for the third quarter of $30.4 million, below the consensus estimate of $36.03 million.

Shares of SMART Global Holdings, Inc. SGH were down 43% to $13.54 after the company reported worse-than-expected fourth-quarter financial results and issued a weak forecast for the first quarter.

Harmony Biosciences Holdings, Inc. HRMY was down, falling 37% to $18.94 as the company announced topline results from the INTUNE Phase 3 study of pitolisant in patients with idiopathic hypersomnia (IH).

Also Check This Out: How To Earn $500 A Month From Walgreens Boots Alliance Stock After Weak Earnings

Commodities

In commodity news, oil traded up 3.8% to $86.08 while gold traded up 2.4% at $1,928.60.

Silver traded up 3.8% to $22.785 on Friday while copper fell 0.7% to $3.5675.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.71% London’s FTSE 100 fell 0.30% while Spain’s IBEX 35 Index fell 0.80% The German DAX fell 1.20% French CAC 40 fell 1.07%, while Italy’s FTSE MIB Index fell 0.68%.

Spain's annual consumer price inflation rose to a five-month high of 3.5% in September from 2.6% in August. The annual inflation rate in France came in at 4.9% in September, unchanged versus the prior month.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 0.55%, China’s Shanghai Composite Index falling 2.33% and Hong Kong’s Hang Seng Index dropping 0.64%. India’s S&P BSE Sensex, meanwhile, slipped 0.2%.

India recorded a merchandise trade deficit of $19.4 billion in September, compared to market expectations of a $23.3 billion gap. China's producer prices declined 2.5% year-over-year in September, while consumer prices came in unchanged from a year-ago in September.

Economics

Export prices in the U.S. increased by 0.7% month-over-month in September.

Import prices rose 0.1% month-over-month in September.

The University of Michigan consumer sentiment declined to 63 in October from 68.1 in the previous month, recording the lowest reading in five months.

Now Read This: Caleres, Cloudflare And 2 Other Stocks Insiders Are Selling