Dow Dips 200 Points; Citigroup Posts Upbeat Earnings

U.S. stocks traded lower this morning, with the Dow Jones index falling around 200 points on Friday.

Following the market opening Friday, the Dow traded down 0.54% to 38,249.92 while the NASDAQ fell 0.83% to 16,305.21. The S&P 500 also fell, dropping, 0.62% to 5,166.70.

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Leading and Lagging Sectors

Energy shares rose by 1.1% on Friday.

In trading on Friday, information technology shares fell by 1.1%.

Top Headline

Citigroup Inc C posted better-than-expected earnings for its first quarter.

Citigroup reported a first-quarter fiscal 2024 revenue decline of 2% year-over-year to $21.10 billion, beating the consensus of $20.39 billion. GAAP EPS of $1.58 beat the consensus of $1.20.

Equities Trading UP

PaxMedica, Inc. PXMD shares shot up 137% to $0.9902 after the company announced the completed execution of three pivotal registration/validation batches of PAX-101.

Shares of Beneficient BENF got a boost, surging 65% to $0.1145 after dipping around 10% on Thursday.

NextPlat Corp NXPL shares were also up, gaining 44% to $2.17 after the company reported a year-over-year increase in FY23 consolidated revenue results. NextPlat announced a proposed business combination with Progressive Care Inc.

Equities Trading DOWN

Motus GI Holdings, Inc. MOTS shares dropped 39% to $0.2571 after the company announced that it does not believe that it will be able to maintain the listing of its common stock on the Nasdaq and that it does not intend to appeal the staff's determination. The company said it is exploring a range of strategic and financing alternatives.

Shares of C3is Inc. CISS were down 33% to $1.9357.

Monogram Orthopaedics, Inc. MGRM was down, falling 21% to $3.20. Monogram shares jumped 79% on Thursday after the company announced it joined the NVIDIA Inception program.

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Commodities

In commodity news, oil traded up 2.4% to $87.03 while gold traded up 1.7% at $2,413.80.

Silver traded up 4.1% to $29.395 on Friday, while copper rose 2.3% to $4.3520.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.3%, London’s FTSE 100 gained 1% while Spain’s IBEX 35 Index rose 0.3% The German DAX fell 0.1% French CAC 40 fell 0.2% while Italy’s FTSE MIB Index jumped 0.3%.

Industrial sales in Italy declined by 3.1% from the prior month in January following a 1% gain in the previous month. The annual inflation rate in France eased to 2.3% in March from 3% in February, while Spain's annual consumer price inflation rose to 3.2% in March from February's 2.8%. German consumer prices inflation slowed to 2.2% in March from 2.5% in the prior month.

Industrial production in the UK rose 1.1% month-over-month in February, while UK's trade deficit widened to £2.291 billion in February versus a revised £2.205 billion in January. The British economy grew by 0.1% month-over-month in February versus a revised 0.3% gain in January.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 gaining 0.21%, Hong Kong’s Hang Seng Index dropping 2.18%, China’s Shanghai Composite falling 0.49% and India’s S&P BSE Sensex dipping 1.06%.

China's trade surplus shrank to $58.55 billion in March from $78.43 billion in the year-ago period. Industrial production in Japan fell by 0.6% month-over-month in February versu flash reading of a 0.1% decline.

Economics

U.S. export prices increased 0.3% from the prior month in March following a revised 0.7% gain in the prior month.

Import prices in the U.S. gained 0.4% month-over-month in March compared to a 0.3% increase in February.

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