Gold Rises Over 1%; Schlumberger Shares Fall After Q3 Results

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

The Dow traded down 0.31% to 33,309.28 while the NASDAQ fell 1.09% to 13,042.83. The S&P 500 also fell, dropping, 0.73% to 4,246.72.

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Leading and Lagging Sectors

Utilities shares climbed by 0.5% on Friday.

In trading on Friday, information technology shares fell by 1.8%.

Top Headline

Shares of Schlumberger N.V. SLB fell around 4% on Friday after the company released results for its third quarter.

Schlumberger reported a third-quarter FY23 revenue increase of 11% year-over-year to $8.31 billion, missing the consensus of $8.33 billion. Adjusted EPS increased 24% Y/Y to $0.78, beating the consensus of $0.77.

Equities Trading UP

Knight-Swift Transportation Holdings Inc. KNX shares shot up 11% to $51.08 after the company reported better-than-expected third-quarter financial results.

Shares of Lipella Pharmaceuticals Inc. LIPO got a boost, shooting 57% to $2.4399. Lipella Pharmaceuticals announced FDA clearance of IND for LP-310 for oral lichen planus.

American Well Corporation AMWL shares were also up, gaining 13% to $1.07. American Well and Leidos Holdings have recently won a next-generation contract to provide a hybrid care technology platform designed to power the "Digital First" transformation of the U.S. Military Health System (MHS).

Equities Trading DOWN

SolarEdge Technologies, Inc. SEDG shares dropped 29% to $80.90 after the company issued preliminary third-quarter revenue results below estimates and lowered its non-GAAP gross margin guidance.

Shares of Adial Pharmaceuticals, Inc. ADIL were down 20% to $2.2562 after the company announced a $4 million private placement priced at-the-market under Nasdaq rules.

Arcutis Biotherapeutics, Inc. ARQT was down, falling 19% to $2.44. Arcutis Biotherapeutics priced $100 million public offering of 32.5 million common shares at $2.50 per share.

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Commodities

In commodity news, oil traded up 0.7% to $89.98 while gold traded up 1.3% at $2,006.50.

Silver traded up 3% to $23.725 on Friday while copper fell 0.8% to $3.5730.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.26%, London’s FTSE 100 fell 1.32% while Spain’s IBEX 35 Index fell 1.23% The German DAX fell 1.36% French CAC 40 declined 1.27%, while Italy’s FTSE MIB Index declined 1.31%.

Passenger car registrations in the European Union climbed 9.2% year-over-year to 861.1 thousand units in September. Construction output in Italy fell 0.3% year-over-year in August, while producer prices in Germany fell by 14.7% year-over-year in September. Retail sales in the UK fell 0.9% month-over-month during September.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan’s Nikkei 225 falling 0.54%, China’s Shanghai Composite Index falling 0.74% and Hong Kong’s Hang Seng Index falling 0.72%. India’s S&P BSE Sensex, meanwhile, fell 0.3%.

The annual inflation rate in Japan eased to 3.0% in September versus 3.2% a month ago. The annual inflation rate in Hong Kong rose to 2% in September from 1.8% in the prior two months, while the business confidence indicator in Hong Kong rose to 8 in the fourth quarter from 6 in the prior three-month period.

Foreign direct investment into China fell by 8.4% year-over-year to CNY 919.97 billion during the first nine months of year. The People's Bank of China maintained lending rates at the October fixing.

Economics

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

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