Gold Gains Over 1%; Battalion Oil Shares Spike Higher

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling more than 0.2% on Friday.

The Dow traded up 0.09% to 42,064.34 while the NASDAQ fell 0.25% to 17,969.11. The S&P 500 also fell, dropping, 0.22% to 5,701.29.

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Leading and Lagging Sectors

Utilities shares jumped by 1.6% on Friday.

In trading on Friday, industrials shares fell by 1%.

Top Headline

Lennar Corporation LEN reported better-than-expected financial results for the third quarter on Thursday.

The company said it sees fourth-quarter new orders in a range of 19,000 to 19,300 and deliveries between 22,500 and 23,000. The company expects the average sales price to be approximately $425,000.

Equities Trading UP
                       

• Banzai International, Inc. BNZI shares shot up 131% to $6.62. Banzai International recently announced a 1-for-50 reverse stock split.
• Shares of Battalion Oil Corporation BATL got a boost, surging 120% to $6.48 after the company announced it has amended its merger agreement with Fury Resources for the acquisition of all outstanding shares of Battalion at $7.00 per share in cash.
• Constellation Energy Corporation CEG shares were also up, gaining 13% to $235.54 after the company announced it signed a 20-year power purchase agreement with Microsoft that will help launch the Crance Clean Energy Center and restart Three Mile Island Unit 1.

Equities Trading DOWN

• Corbus Pharmaceuticals Holdings, Inc. CRBP shares dropped 59% to $21.12. RBC Capital analyst Brian Abrahams reiterated Corbus Pharmaceuticals with an Outperform rating and maintained the price target of $82.
• Shares of Sable Offshore Corp. SOC were down 19% to $22.79 after the company announced a $150 million private placement of 7.50 million shares.
• FedEx Corporation FDX was down, falling 15% to $254.45 as the company reported weaker-than-expected results for the first quarter of fiscal 2025 and lowered its full-year guidance.

Commodities

In commodity news, oil traded up 0.1% to $72.03 while gold traded up 1.3% at $2,649.40.

Silver traded up 0.1% to $31.455 on Friday, while copper fell 0.4% to $4.33.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 1.34%, Germany's DAX declined 1.43% and France's CAC 40 fell 1.38%. Spain's IBEX 35 Index slipped 0.03%, while London's FTSE 100 fell 1.09%.

Spain’s trade deficit narrowed to EUR 3.2 billion in July from EUR 4.9 billion in the year-ago month. The manufacturing climate indicator in France slipped to 98.6 in September from 98.9 in the prior month.

Retail sales in the UK rose 1% month-over-month in August compared to revised 0.7% gain in July. Producer prices in Germany fell by 0.8% year-over-year in August.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei 225 gaining 1.53%, Hong Kong's Hang Seng Index surging 1.36%, China's Shanghai Composite Index gaining 0.03% and India's BSE Sensex gaining 1.63%.

Foreign exchange reserves held by the Reserve Bank of India climbed to $689.5 billion as of Sept. 13. The annual inflation rate in Hong Kong came in flat at 2.5% in August, while Hong Kong’s current account surplus increased to HKD 101.03 billion in the second quarter from HKD 50.71 billion in the year-ago period. The Bank of Japan kept its key short-term interest rate unchanged at around 0.25% during its recent meeting.

Economics

The Baker Hughes rig-count report for the latest week will be released at 1:00 p.m. ET.

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