U.S. stocks traded higher this morning, with the Dow Jones gaining over 50 points on Friday.
Following the market opening Friday, the Dow traded up 0.17% to 33,594.20 while the NASDAQ rose 0.28% to 12,724.56. The S&P 500, also rose, gaining, 0.34% to 4,212.26.
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Leading and Lagging Sectors
- Energy shares rose by 1.2% on Friday. Meanwhile, top gainers in the NFE), up 2%.
- In trading on Friday, consumer discretionary shares fell 0.4%.
Top Headline
Deere & Company (NYSE:DE) reported better-than-expected second-quarter financial results.
Deere reported second-quarter net sales and revenue growth of 30% year-on-year to $17.39 billion, beating the consensus of $14.83 billion. The EPS of $9.65 surpassed the consensus of $8.59.
Equities Trading UP
- Monogram Orthopaedics Inc. (NASDAQ:MGRM) shares shot up 223% to $37.91 after jumping 62% on Thursday. Monogram Orthopaedics raised $17,216,147 through the sale of 2,374,641 shares of its Class A Common Stock priced at $7.25 per share.
- Shares of SunCar Technology Group Inc (NASDAQ:SDA) got a boost, shooting 85% to $7.60 amid volatility following the recent completion of the company's combination with Goldenbridge Acquisition to become a publicly-traded company.
- Farfetch Limited (NYSE:FTCH) shares were also up, gaining 26% to $5.49 after the company reported better-than-expected first-quarter results.
Equities Trading DOWN
- Foot Locker, Inc. (NYSE:FL) shares dropped 25% to $31.01 after the company reported worse-than-expected first-quarter results and lowered its FY23 guidance.
- Shares of CaliberCos Inc. (NASDAQ:CWD) were down 17% to $6.40 amid post-IPO volatility.
- Exela Technologies, Inc. (NASDAQ:XELA) was down, falling 11% to $5.64.
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Commodities
In commodity news, oil traded up 0.6% to $72.30 while gold traded up 0.1% at $1,961.60.
Silver traded up 0.7% to $23.795 on Friday while copper rose 1.3% to $3.7380.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.8%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.9% The German DAX climbed 0.8%, French CAC 40 gained 0.9% and Italy’s FTSE MIB Index gained 1.5%.
Construction output in Italy dropped by 3.4% year-over-year in March versus a revised 0.1% decline in the prior month. The annual producer inflation in Germany fell for the seventh consecutive month to 4.1% in April. The GfK Consumer Confidence indicator in the UK climbed to -27 in May from -30 in the prior month.
Asia Pacific Markets
Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.77%, Hong Kong’s Hang Seng Index dropping 1.40% and China’s Shanghai Composite Index dropping 0.42%. India’s S&P BSE Sensex rose 0.3%.
The annual inflation rate in Japan increased to 3.5% in April from 3.2% in March. Food prices in Japan increased by 8.4% year-over-year in April, recording the steepest rise since August 1976.
Economics
The Baker Hughes rig-count report for the latest week will be released at 1:00 p.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,877,360 cases with around 1,163,870 deaths. India confirmed a total of at least 44,984,050 cases and 531,810 deaths, while France reported over 40,054,860 COVID-19 cases with 167,050 deaths. In total, there were at least 688,668,270 cases of COVID-19 worldwide with more than 6,877,080 deaths.
