S&P 500 Down Over 1%; US Retail Sales Top Expectations

U.S. stocks traded lower midway through trading, with the S&P 500 falling by over 1% on Friday.

The Dow traded down 0.90% to 43,356.00 while the NASDAQ fell 2.26% to 18,676.22. The S&P 500 also fell, dropping, 1.42% to 5,864.40.

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Leading and Lagging Sectors

Energy shares rose by 0.4% on Friday.

In trading on Friday, information technology shares fell by 1.9%.

Top Headline

U.S. retail sales rose 0.4% month-over-month in October compared to a revised 0.8% increase in September, and toping market estimates of 0.3%.

Equities Trading UP
                       

• The Arena Group Holdings, Inc. AREN shares shot up 232% to $1.89 after it announced its first ever profitable quarter.
• Shares of Bloom Energy Corporation BE got a boost, surging 49% to $19.80. Bloom Energy announced a 1 GW fuel cell deal with AEP, providing clean power for AI Data Centers.
• Simpple Ltd. SPPL shares were also up, gaining 90% to $1.6601 after the company announced a $400,000 contract to supply autonomous cleaning robots at Singapore’s International Airport Terminal.

Equities Trading DOWN

• TFF Pharmaceuticals, Inc. TFFP shares dropped 78% to $0.3581 after the company announced it will wind down its operations.
• Shares of Eyenovia, Inc. EYEN were down 73% to $0.0932 after the company announced that its CHAPERONE trial is not meeting its primary endpoint, prompting the discontinuation of the study and a review of the full data set to evaluate next steps for the program.
• Ryvyl Inc. RVYL was down, falling 33% to $1.1724 after the company reported worse-than-expected third-quarter financial results and cut its FY24 sales guidance.

Commodities

In commodity news, oil traded down 0.5% to $68.35 while gold traded up 0.2% at $2,579.20.

Silver traded up 0.7% to $30.79 on Friday, while copper rose 0.8% to $4.1220.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.58%, Germany's DAX fell 0.16% and France's CAC 40 fell 0.26%. Spain's IBEX 35 Index gained 0.82%, while London's FTSE 100 fell 0.06%.

The annual inflation rate in Italy increased to 0.9% in October versus 0.7% in the prior month, while France’s annual inflation rate rose to 1.2% in October. The GDP in the UK grew by 1% year-over-year during the third quarter.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan's Nikkei 225 gaining 0.28%, Hong Kong's Hang Seng Index falling 0.05% and China's Shanghai Composite Index dipping 1.45%.

Hong Kong's economy expanded by 1.8% year-over-year in the third quarter compared to a 3.2% increase in the previous period. China’s retail sales rose by 4.8% year-over-year in October, while industrial production rose by 5.3% year-over-year in October.

Economics

• The NY Empire State Manufacturing Index surged to 31.2 in November versus -11.9 in the previous month and topping market estimates of -0.7.
• U.S. export prices increased by 0.8% in October, while import prices rose by 0.3% month-over-month in October.
• U.S. retail sales rose 0.4% month-over-month in October compared to a revised 0.8% increase in September, and toping market estimates of 0.3%.
• U.S. industrial production declined by 0.3% in October compared to a revised 0.5% declined in September.
• U.S. business inventories rose 0.1% month-over-month in September compared to a 0.3% gain in August and versus market estimates of 0.2%.

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