Nasdaq Moves Lower; FactSet Research Posts Upbeat Earnings

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite moving lower on Friday.

The Dow traded down 0.01% to 39,133.99 while the NASDAQ fell 0.21% to 17,683.49. The S&P 500 also fell, dropping, 0.19% to 5,462.56.

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Leading and Lagging Sectors

Communication services shares jumped by 0.7% on Friday.

In trading on Friday, information technology shares fell by 0.6%.

Top Headline

Shares of FactSet Research Systems Inc FDS gained around 3% on Friday after the company posted better-than-expected first-quarter earnings.

FactSet Research reported third-quarter fiscal 2024 sales growth of 4.3% Y/Y to $552.708 million versus the analyst consensus estimate of $552.712 million. Adjusted EPS of $4.37 beat the analyst consensus estimate of $3.90.

FactSet revised the fiscal 2024 revenue outlook to $2.18 billion – $2.19 billion (prior $2.20 billion – $2.21 billion) vs. $2.20 billion estimate and adjusted EPS of $16.00 – $16.40 (prior $15.60 – $16.00) vs. consensus of $15.98.

Equities Trading UP
                       

• American Rebel Holdings, Inc. AREB shares shot up 154% to $0.7738 after the company signed a Connecticut distribution agreement with Dichello Distributors.
• Shares of Sharecare, Inc. SHCR got a boost, surging 76% to $1.3650 after the company agreed to be acquired by Altaris affiliate for $1.43 per share in cash.
• Sarepta Therapeutics, Inc. SRPT shares were also up, gaining 31% to $162.33 after the company announced FDA approval of an expansion to the labeled indication for ELEVIDYS to include individuals with Duchenne muscular dystrophy with a confirmed mutation in the DMD gene who are at least 4 years of age. Also, multiple firms raised their respective price targets on the stock.

Equities Trading DOWN

• Kaival Brands Innovations Group, Inc. KAVL shares dropped 50% to $1.4450 after the company announced pricing of $6.0 million public offering.
• Shares of Crown Electrokinetics Corp. CRKN were down 19% to $0.0407 after the company announced a 1-for-150 reverse stock split.
• Smith & Wesson Brands, Inc. SWBI was down, falling 11% to $14.52 after the company reported quarterly earnings.

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Commodities

In commodity news, oil traded down 0.8% to $80.67 while gold traded down 1.6% at $2,331.10.

Silver traded down 4% to $29.595 on Friday, while copper fell 2.7% to $4.4390.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.73%, Germany's DAX fell 0.50% and France's CAC 40 fell 0.56%. Spain's IBEX 35 Index fell 1.15%, while London's FTSE 100 fell 0.42%.

The Eurozone manufacturing PMI fell to 45.6 in June from 47.3 in May, while services PMI fell to 52.6 in June from 53.2 a month ago.

The S&P Global UK composite PMI declined to 51.7 in June compared to 53.0 in May, while retail sales in the UK gained 2.9% month-over-month in May following a revised 1.8% fall in April. The HCOB Germany composite PMI fell to 50.6 in June compared to May’s reading of 52.4, while French composite PMI slipped to 48.2 from 48.9.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan's Nikkei falling 0.09%, Hong Kong's Hang Seng Index declining 1.67%, China's Shanghai Composite Index falling 0.24% and India's S&P BSE Sensex falling 0.1%.

The annual inflation rate in Hong Kong rose to 1.2% in May from 1.1% in the prior month, while Hong Kong’s current account surplus widened to HKD 100.96 billion during the first quarter from HKD 44.43 billion in the year-ago period.

The HSBC India Composite PMI climbed to 60.9 in June compared to 60.5 in the prior month, while au Jibun Bank Flash Japan composite PMI declined to 50.0 in June compared to 52.6 in May. The annual inflation rate in Japan rose to 2.8% in May versus 2.5% in the prior month.

Economics

• The S&P Global composite PMI climbed to 54.6 in June, notching its strongest level since April 2022, and compared to 54.5 in May.
• The S&P Global US services PMI surged to 55.1 in June versus 54.8 a month ago.
• The S&P Global US manufacturing PMI climbed to a three-month high level of 51.7 in June.
• The EIA said US natural-gas supplies rose 71 billion cubic feet during the week ended June 14, , compared with market estimates of a 69 billion cubic feet gain.
• The total number of active U.S. oil rigs fell by 3 to 485 rigs this week, Baker Hughes Inc reported.

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