Dow Surges Over 100 Points; Costco Earnings Top Views

U.S. stocks traded higher this morning, with the Dow Jones index rising more than 100 points on Friday.

Following the market opening Friday, the Dow traded up 0.27% to 42,290.97 while the NASDAQ rose 0.16% to 18,218.51. The S&P 500 also rose, gaining, 0.17% to 5,755.11.

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Leading and Lagging Sectors

Energy shares jumped by 0.8% on Friday.

In trading on Friday, consumer staples shares fell by 0.2%.

Top Headline

Costco Wholesale Corp COST reported upbeat earnings for its fourth quarter, while sales missed expectations.

The company reported quarterly revenue of $79.697 billion, missing the consensus estimate of $79.973 billion. The membership-based retailer reported quarterly earnings of $5.29 per share, beating analyst estimates of $5.08 per share, according to Benzinga Pro.

Equities Trading UP
                       

• CN Energy Group. Inc. CNEY shares shot up 109% to $1.21.
• Shares of Onconetix, Inc. ONCO got a boost, surging 78% to $6.03. Altos Venture reported a 32.5% stake in the company as of September 24 in a 13D filing on Thursday.
• Fangdd Network Group Ltd. DUO shares were also up, gaining 38% to $1.47.

Equities Trading DOWN

• Seelos Therapeutics, Inc SEEL shares dropped 23% to $3.8725. Seelos announced postponement of its annual meeting of stockholders.
• Shares of enVVeno Medical Corporation NVNO were down 22% to $3.50 after the company announced the pricing of a $15 million public offering of 4.3 million shares at $3.50 per share.
• Acadia Healthcare Company, Inc. ACHC was down, falling 17% to $62.78 after the company issued a statement stating they are cooperating fully with the authorities regarding a government investigation.

Commodities

In commodity news, oil traded up 0.1% to $67.71 while gold traded down 0.1% at $2,694.70.

Silver traded up 0.4% to $32.480 on Friday, while copper fell 0.5% to $4.6170.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.5%, Germany's DAX climbed 1.2% and France's CAC 40 jumped 0.6%. Spain's IBEX 35 Index rose 0.3%, while London's FTSE 100 rose 0.3%.

The industry confidence indicator in Spain climbed by 2.8 points from the prior month to a reading of -0.7 in September. Industrial producer prices in Italy declined by 0.8% year-over-year in August.

The economic sentiment indicator in the Eurozone slipped to 96.2 in September from 96.5 in August, while services sentiment indicator climbed to a four-month high level of 6.7 in September. The consumer confidence indicator in the Eurozone gained by 0.5 points to -12.9 in September.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan's Nikkei 225 jumping 2.32%, Hong Kong's Hang Seng Index jumping 3.55%, China's Shanghai Composite Index gaining 2.88% and India's BSE Sensex falling 0.31%.

Hong Kong’s trade deficit widened to $33.1 billion in August versus $25.6 billion in the year-ago month. The People’s Bank of China slashed the reserve requirement ratio for banks by 50bps.

Economics

• U.S. wholesale inventories increased 0.2% month-over-month to $905.7 billion in August compared to a revised 0.2% rise in the prior month.
• The U.S. trade deficit in goods narrowed to $94.3 billion in August versus a revised $102.8 billion gap in the previous month.
• U.S. personal income rose by 0.2% from the prior month to $24.015 trillion in August compared to a 0.3% gain in the previous month.
• Personal spending rose by 0.2% month-over-month in August.
• The U.S. core PCE price index increased by 0.1% from the prior month in August compared to market estimates of a 0.2% increase and versus the 0.2% gain in the previous month.

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