Nasdaq Jumps 250 Points; Trade Desk Issues Weak Revenue Forecast

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 250 points on Friday.

The Dow traded up 0.94% to 34,211.92 while the NASDAQ rose 1.86% to 13,773.36. The S&P 500 also rose, gaining, 1.35% to 4,406.16.

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Leading and Lagging Sectors

Information technology shares surged by 2.1% on Friday.

In trading on Friday, health care shares rose by just 0.05%.

Top Headline

The Trade Desk, Inc. TTD posted upbeat results for its third quarter, but issued weak revenue guidance for the current quarter.

The Trade Desk reported quarterly earnings of 33 cents per share, beating the analyst consensus estimate of 29 cents. The company posted quarterly sales of $493.27 million, which topped the analyst consensus estimate of $487.16 million.

The Trade Desk said it sees fourth-quarter revenue to be $580 million versus the $610.82 million estimate.

Equities Trading UP

TRACON Pharmaceuticals, Inc. TCON shares shot up 53% to $0.2443 after the company reported third-quarter financial results.

Shares of Direct Digital Holdings, Inc. DRCT got a boost, shooting 32% to $3.44 after the company reported better-than-expected third-quarter financial results.

Marpai, Inc. MRAI shares were also up, gaining 55% to $0.5931 after the company filed to withdraw the registration statement on Form S-1. The company confirmed no securities have been sold in connection with the offering contemplated by the Registration Statement.

Equities Trading DOWN

Babcock & Wilcox Enterprises, Inc. BW shares dropped 54% to $1.0582 after the company reported third-quarter financial results.

Shares of Plug Power Inc. PLUG were down 44% to $3.2999 after the company reported worse-than-expected third-quarter financial results.

2U, Inc. TWOU was down, falling 59% to $0.9671 after the company reported third-quarter earnings and lowered its 2023 revenue outlook.

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Commodities

In commodity news, oil traded up 2.1% to $77.30 while gold traded down 1.4% at $1,942.80.

Silver traded down 2.4% to $22.355 on Friday while copper fell 1.3% to $3.5930.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 dipped 1%, London’s FTSE 100 fell 1.28% while Spain’s IBEX 35 Index fell 0.36% The German DAX fell 0.77% French CAC 40 fell 0.96%, while Italy’s FTSE MIB Index fell 0.49%.

The British economy grew 0.6% year-over-year in the third quarter, the same as in the second quarter. Construction orders in the UK fell 20% year-over-year in the third quarter. Industrial production in the UK came in flat for September versus August, while trade deficit narrowed to £1.57 billion in September versus a revised £2.70 billion in the previous month.

Industrial production in Italy came in flat month-over-month in September versus a revised 0.3% increase in August.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 0.24%, Hong Kong’s Hang Seng Index falling 1.76% and China’s Shanghai Composite Index declining 0.47%. India’s S&P BSE Sensex, meanwhile, rose around 0.1%.

Hong Kong’s GDP grew by 4.1% year-over-year in the third quarter, up from a 1.5% expansion in the prior period.

Economics

The University of Michigan consumer sentiment declined to 60.4 in November, recording the lowest reading in six months, versus 63.8 in October and compared to market estimates of 63.7.

The total number of active U.S. oil rigs fell by 2 to 494 rigs this week, Baker Hughes Inc reported.

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