Nasdaq Surges 100 Points; ISM Manufacturing PMI Falls In February

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 100 points on Friday.

The Dow traded up 0.02% to 39,005.87 while the NASDAQ rose 0.63% to 16,193.95. The S&P 500 also rose, gaining, 0.40% to 5,116.75.

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Leading and Lagging Sectors

Energy shares rose by 1.6% on Friday.

In trading on Friday, utilities shares fell by 1.4%.

Top Headline

The ISM manufacturing PMI declined to 47.8 in February from 49.1 a month ago, compared to market estimates of 49.5.

Equities Trading UP

BioVie Inc. BIVI shares shot up 81% to $2.24 after the company announced that its Ne3017 demonstrated potential improvements in motor and non-motor symptoms for Parkinson's Disease patients and may be realigning physiological processes for Alzheimer's patients.

Shares of Cardiff Oncology, Inc. CRDF got a boost, surging 38% to $2.4350 after the company reported better-than-expected fourth-quarter financial results, provided a clinical update on the Phase 2 randomized second-line ONSEMBLE trial in patients with RAS-mutated mCRC and announced the first patient was dosed in the randomized first-line RAS-mutated mCRC trial.

Nxu, Inc. NXU shares were also up, gaining 38% to $1.0999 after the company announced it successfully charged a Tesla Cybertruck on Feb. 26.

Equities Trading DOWN

Sidus Space, Inc. SIDU shares dropped 39% to $5.49. Sidus Space priced public offering 1,321,000 Class A common share at $6 per share.

Shares of Fisker Inc. FSR were down 44% to $0.4097 after the company reported preliminary fourth-quarter total revenue results below estimates and said it expects to conclude there is substantial doubt about its ability to continue as a going concern when its annual financial statements are filed with the SEC.

Scilex Holding Company SCLX was down, falling 40% to $1.3553 after the company announced a $10 million bought deal offering.

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Commodities

In commodity news, oil traded up 3.1% to $80.70 while gold traded up 1.4% at $2,083.90.

Silver traded rose 2% to $23.34 on Friday while copper rose 0.3% to $3.86.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.62%, London’s FTSE 100 rose 0.75% while Spain’s IBEX 35 Index climbed 0.62% The German DAX gained 0.34% French CAC 40 rose 0.03% while Italy’s FTSE MIB Index surged 1.05%.

The unemployment rate in the Eurozone fell to 6.4% in January from 6.5% in the previous month, while consumer price inflation rate eased to 2.6% year-over-year in February. The HCOB Eurozone manufacturing PMI was revised up to 46.5 in February versus a preliminary level of 46.1.

The S&P Global UK manufacturing PMI was revised higher to 47.5 in February, recording the highest level in ten months, while German manufacturing PMI rose to 42.5 in February versus a preliminary level of 42.3. French manufacturing PMI rose to 47.1 in February versus a preliminary reading of 46.8.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 1.90%, Hong Kong’s Hang Seng Index climbing 0.47%, China’s Shanghai Composite Index gaining 0.39% and India’s S&P BSE Sensex gaining 1.72%.

Retail sales in Hong Kong fell 1.2% year-over-year in January compared to a 4.8% increase in the prior month. The HSBC Indian manufacturing PMI climbed to 56.9 in February versus a preliminary level of 56.7.

The official NBS manufacturing PMI in China fell to 49.1 in February from 49.2 a month ago, while official NBS non-manufacturing PMI rose to 51.4 from 50.7. The au Jibun Bank Japan manufacturing PMI fell to 47.2 in February from a final reading of 48.0 in January.

Economics

The S&P Global manufacturing PMI rose to 52.2 in February from a preliminary reading of 51.5.

U.S. construction spending fell by 0.2% from the prior month in January compared to a revised 1.1% increase in the prior period.

The ISM manufacturing PMI declined to 47.8 in February from 49.1 a month ago, compared to market estimates of 49.5.

The University of Michigan consumer sentiment for the US fell to 76.9 in February versus a preliminary reading of 79.6 and versus January’s reading of 79.

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