U.S. stocks extended gains toward the end of trading, with the Nasdaq Composite surging more than 200 points on Friday.
The Dow traded up 2.44% to 32,814.96 while the NASDAQ rose 2.56% to 11,068.96. The S&P 500 also rose, gaining, 2.24% to 3,892.40.
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Leading and Lagging Sectors
Information technology shares climbed 4.2% on Friday. Leading the sector was strength from 8x8, Inc. (NYSE:EGHT) and Alpine 4 Holdings, Inc. (NASDAQ:ALPP).
In trading on Friday, consumer discretionary shares fell by 1%.
Top Headline
Chevron Corporation (NYSE:CVX) reported upbeat earnings for its third quarter on Friday.
Chevron posted a Q3 net profit of $11.2 billion, up 84% Y/Y, with an adjusted EPS of $5.56, better than the consensus of $4.91 and $2.96 posted a year earlier. Sales in Q3 were $66.64 billion, compared to $44.71 billion in the year-ago period, surpassing the consensus of $59.17 billion.
Equities Trading UP
- Nuvalent, Inc. (NASDAQ:NUVL) shares shot up 47% to $32.31 after the company reported preliminary Phase 1 clinical data from the ARROS-1 trial that support the best-in-class potential of NVL-520 for patients with ROS1-positive NSCLC.
- Shares of Data I/O Corporation (NASDAQ:DAIO) got a boost, shooting 23% to $3.79 after the company reported better-than-expected Q3 results.
- 8x8, Inc. (NYSE:EGHT) shares were also up, gaining 16% to $3.96 after the company announced better-than-expected Q2 EPS and sales results.
Equities Trading DOWN
- Greenlane Holdings, Inc. (NASDAQ:GNLN) shares tumbled 62% to $0.46 after the company reported a $7.5 million public offering.
- Shares of DaVita Inc. (NYSE:DVA) were down 26% to $71.39 after the company reported worse-than-expected Q3 EPS and sales results and lowered FY22 adjusted EPS guidance below estimates.
- Edwards Lifesciences Corporation (NYSE:EW) was down, falling 18% to $70.98 after the company reported worse-than-expected Q3 results. The company also lowered its FY22 EPS guidance below analyst estimates.
Commodities
In commodity news, oil traded down 1.8% to $87.45 while gold traded down 1.3% at $1,644.40.
Silver traded down 1.8% to $19.15 on Friday while copper fell 2.4% to $3.4335.
Euro zone
European shares closed mixed today. The eurozone’s STOXX 600 gained 0.14%, London’s FTSE 100 fell 0.37% while Spain’s IBEX 35 Index fell 0.06%. The German DAX rose 0.24%, French CAC 40 rose 0.46% and Italy’s FTSE MIB Index fell 0.27%.
German economy expanded by 0.3% on quarter during the three months to September, versus a 0.1% growth in the prior period. Spanish consumer price inflation declined to 7.3% year-over-year in October from 8.9% in the previous month, while the country’s economy expanded by 0.2% on quarter during the three months to September. The French economy grew 0.2% on quarter in the third quarter.
Economics
- Personal spending in the US rose 0.6% month-over-month in September, while personal income increased by 0.4%. The personal consumption expenditure price index in the US increased 0.3% month-over-month in September, the same as in the earlier month.
- Compensation costs for civilian workers climbed 1.2% on quarter in the third quarter, versus a 1.3% increase in the prior period.
- The University of Michigan consumer sentiment was revised higher to 59.9 in October versus a preliminary level of 59.8.
- Pending home sales in the US dipped by 10.2% from a month ago in September.
- The total number of active U.S. oil rigs fell by 2 to 610 rigs this week, Baker Hughes Inc reported.
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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 99,281,950 cases with around 1,094,590 deaths. India confirmed a total of at least 44,649,080 cases and 528,990 deaths, while France reported over 36,744,650 COVID-19 cases with 156,770 deaths. In total, there were at least 634,727,460 cases of COVID-19 worldwide with more than 6,589,740 deaths.
