S&P 500 Tops 5,000; PepsiCo Posts Upbeat Earnings

U.S. stocks traded mixed this morning, with the S&P 500 topping the 5,000 mark on Friday.

Following the market opening Friday, the Dow traded down 0.05% to 38,706.33 while the NASDAQ rose 0.32% to 15,844.63. The S&P 500 also rose, gaining, 0.11% to 5,003.51.

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Leading and Lagging Sectors

Energy shares rose by 0.5% on Friday.

In trading on Friday, consumer staples shares fell by 0.6%.

Top Headline

PepsiCo, Inc. PEP posted better-than-expected earnings for its fourth quarter.

The company reported fourth-quarter FY23 sales of $27.85 billion, missing the analyst consensus estimate of $28.40 billion. Sales declined 0.5% on a year-over-year basis. The company reported adjusted EPS of $1.78 in the fourth quarter, beating the street view of $1.72.

For 2024, the company expects at least a 4% increase in organic revenue, with at least an 8% increase in core constant currency EPS.

Equities Trading UP

Sunworks, Inc. SUNW shares shot up 203% to $0.1680. Sunworks and three subsidiaries recently made the decision to cease operations and filed for Chapter 7 bankruptcy in the United States Bankruptcy Court for the District of Delaware.

Shares of TOP Financial Group Limited TOP got a boost, surging 135% to $7.69.

NanoString Technologies, Inc. NSTG shares were also up, gaining 75% to $0.2039 after the company disclosed completion of financing to support restructuring process.

Equities Trading DOWN

The Children's Place, Inc. PLCE shares dropped 53% to $9.19 after the company said it expects fourth-quarter net sales to be roughly $454 million to $456 million, versus its prior guidance of $460 million to $465 million, and below the estimate of $462.88 million.

Shares of Synlogic, Inc. SYBX were down 52% to $1.6701 after the company announced it will discontinue Synpheny-3, cease operations and reduce its workforce by more than 90%.

BioXcel Therapeutics, Inc. BTAI was down, falling 35% to $2.45 after the company announced a proposed public offering.

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Commodities

In commodity news, oil traded up 6.3% to $76.86 while gold traded down 0.4% at $2,039.40.

Silver traded down 0.5% to $22.525 on Friday while copper fell 0.8% to $3.6715.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.1% The German DAX fell 0.1% French CAC 40 fell 0.2% while Italy’s FTSE MIB Index gained 0.4%.

Industrial production in Italy increased by 1.1% month-over-month in December, while German consumer price inflation came in at 2.9% year-over-year in January.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.09%, Hong Kong’s Hang Seng Index falling 0.83% and India’s S&P BSE Sensex gaining 0.20%.

Economics

The CPI in the U.S. rose 0.2% month-over-month in December, compared to a 0.3% rise initially reported, according to revised figures from the BLS.

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