U.S. stocks traded higher this morning, with the Dow Jones gaining more than 300 points on Friday.
Following the market opening Friday, the Dow traded up 1.01% to 32,096.33 while the NASDAQ rose 1.65% to 12,057.71. The S&P 500 also rose, gaining, 1.21% to 4,054.75.
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Leading and Lagging Sectors
Communication services shares jumped by 1.8% on Thursday. Meanwhile, top gainers in the sector included Playtika Holding Corp. (NASDAQ:PLTK), up 9% and Vinco Ventures, Inc. (NASDAQ:BBIG) up 8%.
In trading on Thursday, utilities shares rose by just 0.5%.
Top Headline
Wholesale inventories in the US rose by 0.6% from a month ago to $900.7 billion in July, versus an initial estimate of a 0.8% increase.
Equities Trading UP
MOGU Inc. (NYSE:MOGU) shares shot up 34% to $2.70 after the company announced a $10 million repurchase program.
Shares of Zscaler, Inc. (NASDAQ:ZS) got a boost, shooting 18% to $182.21 after the company reported better-than-expected Q4 results and issued sales guidance above estimates.
Zai Lab Limited (NASDAQ:ZLAB) shares were also up, gaining 17% to $50.50.
Equities Trading DOWN
Immunocore Holdings plc (NASDAQ:IMCR) shares tumbled 13% to $50.25 after the company presented its Phase 1 data for TCR therapy targeting PRAME.
Shares of Intellinetics, Inc. (NYSE:INLX) were down 15% to $6.76.
Intellinetics has been uplisted to NYSE.
TPI Composites, Inc. (NASDAQ:TPIC) was down, falling 12% to $16.54.
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Commodities
In commodity news, oil traded up 3.2% to $86.23, while gold traded up 0.3% at $1,724.70.
Silver traded up 0.9% to $18.615 on Friday while copper rose 0.8% to $3.5540.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 1.7%, London’s FTSE 100 rose 1.5%, while Spain’s IBEX 35 Index rose 1.7%. The German DAX gained 1.5%, French CAC 40 rose 1.6% and Italy’s FTSE MIB Index gained 1.8%.
Industrial production in France dropped by 1.6% from a month ago in July versus a revised 1.2% increase in June, while industrial production in Spain gained by 5.3% year-over-year in July.
Economics
Wholesale inventories in the US rose by 0.6% from a month ago to $900.7 billion in July, versus an initial estimate of a 0.8% increase.
Federal Reserve Bank of Kansas City President Esther George will speak at 12:00 p.m. ET.
Federal Reserve Governor Christopher Waller will speak at 12:00 p.m. ET.
The Baker Hughes North American rig count report for the recent week is scheduled for release 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 96,959,160 cases with around 1,074,780 deaths. India confirmed a total of at least 44,484,720 cases and 528,120 deaths, while France reported over 34,663,100 COVID-19 cases with 154,430 deaths. In total, there were at least 612,754,590 cases of COVID-19 worldwide with more than 6,512,830 deaths.
