Nasdaq Down 50 Points; TreeHouse Foods Shares Tumble After Q4 Results

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling over 50 points on Friday.

The Dow traded down 0.10% to 38,736.15 while the NASDAQ fell 0.34% to 15,852.87. The S&P 500 also fell, dropping, 0.09% to 5,025.26.

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Leading and Lagging Sectors

Materials shares rose by 0.8% on Friday.

In trading on Friday, communication services shares fell by 1.6%.

Top Headline

Shares of TreeHouse Foods, Inc. THS fell around 14% on Friday after the company reported worse-than-expected fourth-quarter revenue results and issued FY24 outlook below estimates.

The company reported fourth-quarter adjusted EPS of 77 cents, beating the analyst consensus of 73 cents. Quarterly net sales of $910.8 million missed the consensus of $925.44 million.

Equities Trading UP

The Trade Desk, Inc. TTD shares shot up 16% to $87.56 after the company reported mixed fourth-quarter financial results.

Shares of PRA Group, Inc. PRAA got a boost, surging 19% to $29.15 following upbeat results.

Fusion Fuel Green PLC HTOO shares were also up, gaining 131% to $2.76. The company said it had received notification from the European Commission that its HEVO-Portugal project was among 33 selected for approval under the Important Projects of Common European Interest (“IPCEI”) Hy2Infra program.

Equities Trading DOWN

China Natural Resources, Inc. CHNR shares dropped 49% to $1.78. China Natural Resources announced a registered direct placement of $3.27 million of 1,487,870 common shares and private placement warrants at a price of $2.20 per unit.

Shares of Bloom Energy Corporation BE were down 21% to $9.09 after the company reported worse-than-expected fourth-quarter financial results.

Cooper-Standard Holdings Inc. CPS was down, falling 25% to $14.33 following weak quarterly results.

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Commodities

In commodity news, oil traded up 0.3% to $78.25 while gold traded up 0.1% at $2,016.90.

Silver traded up 0.9% to $23.165 on Friday while copper rose 2.1% to $3.8365.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.52%, London’s FTSE 100 rose 1.49% while Spain’s IBEX 35 Index fell 0.50% The German DAX rose 0.24% French CAC 40 rose 0.37% while Italy’s FTSE MIB Index rose 0.28%.

The annual inflation rate in France eased to 3.1% in January from 3.7% in the prior month, whiel German wholesale prices declined by 2.7% year-over-year in January. Retail sales volumes in the UK rose by 3.4% month-over-month in January.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 0.86%, Hong Kong’s Hang Seng Index rising 2.48% and India’s S&P BSE Sensex gaining 0.6%.

Singapore's non-oil domestic exports jumped 16.8% year-over-year in January, topping market estimates of a 5.4% rise.

Economics

U.S. producer prices for final demand rose 0.3% month-over-month in January, recording the biggest rise in five months, compared to a 0.1% fall in the previous month. However, analysts were expecting a 0.1% increase in producer prices.

U.S. building permits fell by 1.5% to an annual rate of 1.470 million in January.

Housing starts in the U.S. dipped 14.8% month-over-month to an annual rate of 1.331 million in January.

The University of Michigan consumer sentiment rose to a reading of 79.6 in February from 79 in January.

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