Nasdaq Surges Over 200 Points; AutoNation Posts Downbeat Earnings

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 200 points on Friday.

The Dow traded up 0.34% to 42,517.13 while the NASDAQ rose 1.25% to 18,646.04. The S&P 500 also rose, gaining, 0.70% to 5,850.51.

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Leading and Lagging Sectors

Information technology shares rose by 1.5% on Friday.

In trading on Friday, utilities shares fell by 0.1%.

Top Headline

AutoNation, Inc. AN reported downbeat third-quarter results.

The company reported adjusted earnings per share of $4.02, missing the street view of $4.38. Quarterly sales of $6.586 billion missed the analyst consensus estimate of $6.71 billion.

Equities Trading UP
                       

• Upexi, Inc. UPXI shares shot up 322% to $12.65 after the company said it is currently reviewing trading activity to determine if recent activity involved possible stock manipulation.
• Shares of AgEagle Aerial Systems, Inc. UAVS got a boost, surging 72% to $2.9686.
• ARB IOT Group Limited ARBB shares were also up, gaining 56% to $0.5127.

Equities Trading DOWN

• Top Wealth Group Holding Limited TWG shares dropped 71% to $3.9480.
• Shares of Capri Holdings Limited CPRI were down 48% to $21.64 following a report alleging that a judge blocked the company from being acquired by Tapestry. The company intends to jointly file Tapestry a notice of appeal regarding the court’s decision.
• Evolv Technologies Holdings, Inc. EVLV was down, falling 46% to $2.2145. The Board of Evolv Technology determined that certain financial statements should not be relied upon.

Commodities

In commodity news, oil traded up 1.4% to $71.17 while gold traded up 0.1% at $2,749.10.

Silver traded up 0.8% to $34.070 on Friday, while copper rose 0.5% to $4.3750.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 gained 0.1%, Germany's DAX gained 0.3% and France's CAC 40 rose 0.1%. Spain's IBEX 35 Index fell 0.2%, while London's FTSE 100 fell 0.1%.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan's Nikkei 225 falling 0.60%, Hong Kong's Hang Seng Index gaining 0.49%, China's Shanghai Composite Index gaining 0.59% and India's BSE Sensex falling 0.83%.

Foreign exchange reserves held by the Reserve Bank of India declined to $688 billion as of Oct. 18, from $704.9 billion in the final week of September.

Economics

• The University of Michigan consumer sentiment for the US rose to 70.5 in October compared to a preliminary reading of 68.9.
• U.S. durable goods orders fell by 0.8% to $284.8 billion in September compared to a revised 0.8% fall in August.

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