S&P 500 Edges Higher; Buckle Shares Surge After Q3 Earnings

U.S. stocks traded slightly higher toward the end of trading, with the Nasdaq Composite gaining around 30 points on Friday.

The Dow traded up 0.07% to 34,969.63 while the NASDAQ rose 0.21% to 14,142.80. The S&P 500 also rose, gaining, 0.18% to 4,516.39.

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Leading and Lagging Sectors

Energy shares surged by 2.4% on Friday.

In trading on Friday, communication services shares fell by 0.8%.

Top Headline

Shares of The Buckle, Inc. BKE gained more than 8% on Friday after the company reported better-than-expected third-quarter earnings.

Buckle reported a third-quarter FY23 sales decline of 8.7% year-on-year to $303.46 million, missing the analyst consensus estimate of $316.70 million. EPS of $1.04 beat the consensus estimate of $0.98.

Equities Trading UP

The Gap, Inc. GPS shares shot up 31% to $17.88 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 259% to $0.3585. Altamira Therapeutics entered into a binding agreement to sell a 51% stake in its subsidiary Altamira Medica AG to a Swiss private equity investor as part of its strategic repositioning around its RNA delivery technology.

Twist Bioscience Corporation TWST shares were also up, gaining 29% to $24.64 following strong quarterly results.

Equities Trading DOWN

American Software, Inc. AMSWA shares dropped 10% to $9.86 after the company reported second-quarter financial results and issued FY24 revenue guidance below estimates. Also, B. Riley Securities lowered its price target from $17 to $16 on the stock.

Shares of Bone Biologics Corporation BBLG were down 31% to $0.5385 after the company announced a registered direct offering priced at-the-market under Nasdaq rules.

ChargePoint Holdings, Inc. CHPT was down, falling 35% to $2.0375 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 4.1% to $75.92 while gold traded down 0.2% at $1,983.70.

Silver traded down 0.5% to $23.815 on Friday while copper rose 1% to $3.7390.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.01%, London’s FTSE 100 climbed 1.26% while Spain’s IBEX 35 Index rose 0.97% The German DAX rose 0.84% French CAC 40 rose 0.91%, while Italy’s FTSE MIB Index rose 0.82%.

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.
The total number of active U.S. oil rigs climbed by 6 to 500 rigs this week, Baker Hughes Inc reported.

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