Nasdaq Down Over 1%; Autoliv Raises FY23 Sales Outlook

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling over 150 points on Friday.

The Dow traded down 0.61% to 33,209.97 while the NASDAQ fell 1.24% to 13,022.16. The S&P 500 also fell, dropping, 0.96% to 4,236.78.

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Leading and Lagging Sectors

Real estate shares climbed by 0.2% on Friday.

In trading on Friday, energy shares fell by 1.4%.

Top Headline

Shares of Autoliv Inc ALV gained more than 7% on Friday after the company increased its annual sales forecast.

Autoliv reported third-quarter FY23 sales growth of 13% year-on-year to $2.596 billion, missing the analyst consensus estimate of $2.64 billion. Adjusted EPS of $1.66 missed the analyst consensus estimate of $1.84.

Autoliv raised its FY23 organic sales growth outlook from 15% to 17%. It continues to see adjusted operating margin of around 8.5%-9%, and $900 million in operating cash flow.

Equities Trading UP

Knight-Swift Transportation Holdings Inc. KNX shares shot up 10% to $50.62 after the company reported better-than-expected third-quarter financial results.

Shares of Lipella Pharmaceuticals Inc. LIPO got a boost, shooting 45% to $2.2447. Lipella Pharmaceuticals announced FDA clearance of IND for LP-310 for oral lichen planus.

American Well Corporation AMWL shares were also up, gaining 14% to $1.08. 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 27% to $83.28 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 22% to $2.18 after the company announced a $4 million private placement priced at-the-market under Nasdaq rules.

Arcutis Biotherapeutics, Inc. ARQT was down, falling 18% to $2.49. 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 down 0.3% to $89.13 while gold traded up 0.7% at $1,994.30.

Silver traded up 2.3% to $23.55 on Friday while copper fell 1.1% to $3.5610.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.36%, London’s FTSE 100 fell 1.30% while Spain’s IBEX 35 Index fell 1.29% The German DAX fell 1.64% French CAC 40 declined 1.52%, while Italy’s FTSE MIB Index declined 1.40%.

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 total number of active U.S. oil rigs rose by 1 to 502 rigs this week, Baker Hughes Inc reported.

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