US Stocks Mixed Following Thursday's Rally; Dow Drops 50 Points

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U.S. stocks traded mixed this morning on Friday, after the Dow Jones jumped 1,200 points in the previous session.

Following the market opening Friday, the Dow traded down 0.15% to 33,664.65 while the NASDAQ climbed 0.27% to 11,144.44. The S&P 500 also rose, gaining, 0.12% to 3,961.18.

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

Leading and Lagging Sectors

Energy shares jumped 1.9% on Friday. Leading the sector was strength from Ultrapar Participações S.A. (NYSE:UGP) and Nine Energy Service, Inc. (NYSE:NINE).

In trading on Friday, health care shares fell by 1.5%.

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 71% to $3.85 after the company announced a $5 million share repurchase program.
  • Shares of AGBA Acquisition Limited (NASDAQ:AGBA) got a boost, shooting 33% to $7.33 after dipping 50% on Thursday. AGBA Acquisition announced approval of business combination and ability of stockholders to withdraw ordinary shares tendered for redemption.
  • Sight Sciences, Inc. (NASDAQ:SGHT) shares were also up, gaining 31% to $10.98 after the company posted upbeat Q3 sales and raised FY22 revenue outlook.

Equities Trading DOWN

  • Brilliant Earth Group, Inc. (NASDAQ:BRLT) shares tumbled 29% to $5.67 after the company issued 2022 sales guidance below estimates.
  • Shares of AirSculpt Technologies, Inc. (NASDAQ:AIRS) were down 28% to $3.3950 after the company reported worse-than-expected Q3 results.
  • East Stone Acquisition Corporation (NASDAQ:ESSC) was down, falling 27% to $7.25.

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

Commodities

In commodity news, oil traded up 3.4% to $89.43 while gold traded up 0.6% at $1,763.60.

Silver traded down 0.8% to $21.525 on Friday while copper rose 3% to $3.8690.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.4%. The German DAX climbed 0.5%, French CAC 40 rose 0.5% and Italy’s FTSE MIB Index gained 0.3%.

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.

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.