Dow Jumps Over 300 Points; Procter & Gamble Earnings Miss Estimates

U.S. stocks traded higher toward the end of trading, after recording gains in the previous session.

The Dow traded up 0.99% to 32,852.57 while the NASDAQ rose 1.86% to 12,388.64. The S&P also rose, gaining, 1.44% to 4,131.14.

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Leading and Lagging Sectors

Energy shares climbed 4.7% on Friday. Meanwhile, top gainers in the sector included U.S. World Fuel Services Corporation INT, up 18% and Mammoth Energy Services, Inc. TUSK up 21%.

In trading on Friday, consumer staples shares fell 0.8%.

Top Headline

Procter & Gamble Co PG reported fourth-quarter FY22 sales growth of 3% year-on-year to $19.52 billion, beating the consensus of $19.37 billion. Adjusted EPS of $1.21 missed the consensus of $1.23.

P&G expects FY23 sales growth to be in-line to 2% compared to 2022. The company sees FY23 EPS of $5.93 at the mid-point versus the consensus of $6.12.

Equities Trading UP

Getty Images Holdings, Inc. GETY shares shot up 126% to $23.75 after nearly 99.4% of shares were redeemed by CCNB shareholders.

Shares of ToughBuilt Industries, Inc. TBLT got a boost, shooting 25% to $7.30. The company entered into an agreement with Ace Hardware USA to sell 35 products across 5,500 stores.

AXT, Inc. AXTI shares were also up, gaining 24% to $8.68 after the company reported better-than-expected Q2 EPS.

Equities Trading DOWN

Avaya Holdings Corp. AVYA shares tumbled 57% to $0.9051 after the company cut Q3 revenue guidance. Craig-Hallum downgraded Avaya from Buy to Hold.

Shares of Holley Inc. HLLY were down 36% to $8.06 after the company lowered its FY22 sales guidance below analyst estimates.

Lottery.com Inc. LTRY was down, falling 65% to $0.2866 after the company in an SEC filing said its board determined it does not have sufficient financial resources to fund operations.

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Commodities

In commodity news, oil traded up 2.3% to $98.62, while gold traded up 0.6% to $1,779.50.

Silver traded up 1.8% to $20.23 on Friday while copper rose 3.2% to $3.5865.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 1.28%, London’s FTSE 100 rose 1.06% while Spain’s IBEX 35 Index rose 0.88%. The German DAX gained 1.52%, French CAC 40 rose 1.72% and Italy’s FTSE MIB Index gained 2.16%.

The Eurozone economy grew 0.7% on quarter during the three months to June, compared to a revised 0.5% expansion in the first quarter, while annual inflation rate in the Eurozone accelerated to a fresh record high of 8.9% in July from 8.6% in June.

The unemployment rate in Germany rose to a nine-month high of 5.4% in July, while the country’s economy stalled in the second quarter. Italy’s gross domestic product grew by 1% quarter-on-quarter during the three months to June. The annual inflation rate in Italy fell to 7.9% in July from the 36-year high level of 8% recorded in the prior month.

The annual inflation rate in Spain increased to 10.8% in July, while gross domestic product expanded by 1.1% on the quarter during the three months to June. Annual inflation rate in France accelerated to 6.1% in July. The France’s economy expanded 0.5% on quarter in Q2.

Economics

The personal consumption expenditure price index rose 1% month-over-month in June, recording the largest growth since September 2005. Personal spending increased 1.1% from a month ago in June.

The employment cost index rose 1.3% for the second quarter.

The Chicago PMI fell to 51.1 points in July from 56.0 points in June.

The University of Michigan consumer sentiment climbed to 51.5 in July from a record low level of 50 in June.

The total number of active U.S. oil rigs climbed by 6 to 605 rigs this week, Baker Hughes Inc reported.

Data on farm prices for June will be released at 3:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 92,917,650 cases with around 1,054,420 deaths. India confirmed a total of at least 43,979,730 cases and 526,250 deaths, while Brazil reported over 33,752,370 COVID-19 cases with 678,150 deaths. In total, there were at least 579,939,780 cases of COVID-19 worldwide with more than 6,415,210 deaths.