U.S. stocks traded mostly higher this morning, with the Dow Jones surging more than 300 points on Friday.
Following the market opening Friday, the Dow traded up 1.01% to 32,355.66 while the NASDAQ rose 0.06% to 10,799.69. The S&P 500 also rose, gaining, 0.33% to 3,819.94.
Also check this: Bitcoin Jumps Above 20,000; Here Are The Top Crypto Movers For Wednesday
Leading and Lagging Sectors
Information technology shares climbed 2% on Friday. Leading the sector was strength from 8x8, Inc. (NYSE:EGHT) and Cohu, Inc. (NASDAQ:COHU).
In trading on Friday, consumer discretionary shares fell by 3.3%.
Top Headline
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.
Equities Trading UP
- Nuvalent, Inc. (NASDAQ:NUVL) shares shot up 69% to $37.12 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 $3.7850 after the company reported better-than-expected Q3 results.
- Provident Acquisition Corp. (NASDAQ:PAQC) shares were also up, gaining 25% to $10.40. Perfect Corp. and Provident Acquisition Corp. recently announced approval of business combination by Provident's shareholders.
Equities Trading DOWN
- Selina Hospitality PLC (NASDAQ:SLNA) shares tumbled 26% to $29.78.
- Shares of DaVita Inc. (NYSE:DVA) were down 25% to $72.62 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 19% to $70.31 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% to $88.22 while gold traded down 1.1% at $1,647.70.
Silver traded down 1.4% to $19.22 on Friday while copper fell 2.5% to $3.4320.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.2%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.6%. The German DAX fell 0.1%, French CAC 40 rose 0.2% and Italy’s FTSE MIB Index fell 0.5%.
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 Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
Check out this: Market Volatility Increases As US Stocks End Mixed
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.
