Crude Oil Rises Over 3%; BJ's Wholesale Posts Weak Sales

U.S. stocks traded mostly flat midway through trading on Friday. The Dow traded up 0.01% to 34,945.78 while the NASDAQ fell 0.03% to 14,109.53. The S&P 500 also rose, gaining, 0.05% to 4,510.71.

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Leading and Lagging Sectors

Energy shares surged by 2% on Friday.

In trading on Friday, communication services shares fell by 0.9%.

Top Headline

BJ's Wholesale Club Holdings Inc BJ reported weak sales for the third quarter,

The company posted a third-quarter FY23 sales growth of 2.9% year-over-year to $4.92 billion, missing the analyst consensus of $4.96 billion. Adjusted EPS of $0.98 beat the consensus of $0.96.

Equities Trading UP

The Gap, Inc. GPS shares shot up 32% to $17.98 after the company reported better-than-expected financial results for the third quarter on Thursday.

Shares of Altamira Therapeutics Ltd. CYTO got a boost, shooting 291% to $0.3904 after the company entered into a binding agreement for the sale of a 51% stake in its subsidiary Altamira Medica AG.

Twist Bioscience Corporation TWST shares were also up, gaining 24% to $23.66 following strong quarterly results.

Equities Trading DOWN

Zenvia Inc. ZENV shares dropped 24% to $0.9340 following third-quarter results.

Shares of Bone Biologics Corporation BBLG were down 37% to $0.49 after the company announced a registered direct offering priced at-the-market under Nasdaq rules.

ChargePoint Holdings, Inc. CHPT was down, falling 35% to $2.0450 after the company reported preliminary results and announced a management transition. The company appointed Rick Wilmer, who has been COO since July 2022, as its new president and CEO, effective Nov. 16.

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Commodities

In commodity news, oil traded up 3.3% to $75.31 while gold traded down 0.1% at $1,984.90.

Silver traded down 0.5% to $23.805 on Friday while copper rose 0.6% to $3.7230.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.01%, London’s FTSE 100 climbed 1.24% while Spain’s IBEX 35 Index rose 0.85% The German DAX rose 0.89% French CAC 40 rose 0.94%, while Italy’s FTSE MIB Index rose 0.79%.

The inflation rate in the Eurozone came in at 2.9% year-over-year for October, recording the lowest figure since July 2021. The Eurozone reported a current account surplus of EUR 40.78 billion in September versus a year-ago deficit of EUR 5.40 billion. Retail sales in the UK declined by 0.3% month-over-month in October versus a revised 1.1% decline in September.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.48%, Hong Kong’s Hang Seng Index falling 2.12% and China’s Shanghai Composite Index gaining 0.11%. India’s S&P BSE Sensex, meanwhile, fell 0.3%.

Foreign direct investment into China fell by 9.4% year-over-year to CNY 987.01 billion during the first ten months of the year.

Economics

Housing starts in the U.S. increased by 1.9% month-over-month to an annualized rate of 1.372 million in October, while building permits rose by 1.1% to an annual rate of 1.487 million.

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