Dow Turns Higher; Nasdaq Jumps Over 200 Points

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U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 60 points on Friday.

The Dow traded up 0.19% to 33,778.08 while the NASDAQ climbed 2.11% to 11,349.15. The S&P 500 also rose, gaining, 1.09% to 3,999.68.

Also check this: CBOE Volatility Index Drops To Near Two-Month Low Following Inflation Data

Leading and Lagging Sectors

Energy shares jumped 2.6% on Friday. Leading the sector was strength from Gevo, Inc. (NASDAQ:GEVO) and Nine Energy Service, Inc. (NYSE:NINE).

In trading on Friday, health care shares fell by 2.3%.

Top Headline

The University of Michigan consumer sentiment dropped to 54.7 in November, recording the lowest level since July, compared to 59.9 in October.

Equities Trading UP

  • Snail, Inc. (NASDAQ:SNAL) shares shot up 42% to $3.20 after the company announced a $5 million share repurchase program.
  • Shares of Compass Inc (NYSE:COMP) got a boost, shooting 49% to $3.63. Compass posted a wider-than-expected loss for its third quarter, while sales topped estimates.
  • Sight Sciences, Inc. (NASDAQ:SGHT) shares were also up, gaining 29% to $10.81 after the company posted upbeat Q3 sales and raised FY22 revenue outlook.

Equities Trading DOWN

  • Brilliant Earth Group, Inc. (NASDAQ:BRLT) shares tumbled 25% to $6.05 after the company issued 2022 sales guidance below estimates.
  • Shares of AirSculpt Technologies, Inc. (NASDAQ:AIRS) were down 26% to $3.51 after the company reported worse-than-expected Q3 results.
  • Blue Apron Holdings, Inc. (NASDAQ:APRN) was down, falling 30% to $1.2239. Blue Apron filed for offering of up to $30 million of common stock.

Also check out: Amazon, Apple, Tesla And Other Big Gainers From Thursday

Commodities

In commodity news, oil traded up 2.1% to $88.29 while gold traded up 0.8% at $1,767.80.

Silver traded down 0.5% to $21.60 on Friday while copper rose 3.9% to $3.9060.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.09%, London’s FTSE 100 fell 0.78% while Spain’s IBEX 35 Index fell 0.43%. The German DAX climbed 0.56%, French CAC 40 rose 0.58% and Italy’s FTSE MIB Index gained 0.25%.

Annual inflation rate in Germany came in at 10.4% in October, matching the preliminary estimates.

The UK trade deficit fell to GBP 3.1 billion in September versus revised GBP 4.7 billion in the prior month, while British economy shrank by 0.6% month-over-month during September. Industrial production in the UK climbed by 0.2% from a month ago in September.

Asia Pacific Markets

Asian markets closed higher on Friday, with the Japan’s Nikkei jumping 2.98% and Hong Kong’s Hang Seng Index surging 7.74%. China’s Shanghai Composite Index gained 1.69%.

Hong Kong’s economy contracted by 4.5% year-over-year in the third quarter. Producer prices in Japan surged 9.1% year-over-year in October versus a revised 10.2% increase in September.

Economics

  • The University of Michigan consumer sentiment dropped to 54.7 in November, recording the lowest level since July, compared to 59.9 in October.
  • The total number of active U.S. oil rigs climbed by 9 to 622 rigs this week, Baker Hughes Inc reported.

Check out this: Markets Turn More Bullish After October’s Consumer Price Index

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,859,900 cases with around 1,099,850 deaths. India confirmed a total of at least 44,664,810 cases and 530,520 deaths, while France reported over 37,068,080 COVID-19 cases with 157,670 deaths. In total, there were at least 639,510,160 cases of COVID-19 worldwide with more than 6,612,210 deaths.