Nasdaq Jumps Over 100 Points; Crude Oil Down 1.5%

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 100 points on Friday.

The Dow traded up 0.36% to 29,330.93 while the NASDAQ rose 1.27% to 10,874.03. The S&P 500 also rose, gaining, 0.75% to 3,667.94.

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Leading and Lagging Sectors

Materials shares rose by 1.5% on Friday.

In trading on Friday, utilities shares fell by 0.4%.

Top Headline

Personal income in the US climbed by 0.3% from a month ago in August, while personal spending rose 0.4%. The personal consumption expenditure price index rose 0.3% month-over-month in August following a 0.1% decline in July.

Equities Trading UP

• F45 Training Holdings Inc. FXLV shares shot up 41% to $3.0910 after a 13D filing showed the company received a non-binding proposal offer by one or more funds for a value of $4 per share.
• Shares of SOBR Safe, Inc. SOBR got a boost, shooting 40% to $2.6996 after the company announced it signed three reseller agreements with national distributors.
• Ainos, Inc. AIMD shares were also up, gaining 53% to $2.1056 after the company reported results from the additional preclinical study of its low-dose oral interferon formulation against Omicron. The company reported VELDONA formulation showed significant stabilization of physical condition and complete recovery from lung inflammation throughout the course of treatment period.

Equities Trading DOWN

• American Virtual Cloud Technologies, Inc. AVCT shares tumbled 38% to $0.1840 after the company announced the intent to effect a reverse stock split.
• Shares of Antelope Enterprise Holdings Limited AEHL were down 36% to $0.58 after the company announced pricing of a $1 million registered direct offering.
• Carnival Corporation CCL was down, falling 17% to $7.64 after the company reported worse-than-expected Q3 EPS and sales results.

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Commodities

In commodity news, oil traded down 1.5% to $80.01, while gold traded up 0.8% at $1,682.60.

Silver traded up 2.3% to $19.15 on Friday while copper rose 0.7% to $3.4425.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.22%, London’s FTSE 100 rose 0.13% while Spain’s IBEX 35 Index rose 0.78%. The German DAX gained 0.84%, French CAC 40 climbed 1.13% and Italy’s FTSE MIB Index gained 1.26%.

The unemployment rate in Germany came in unchanged at 5.5% in September, while unemployment rate in Italy fell to 7.8% in August from 7.9% in the previous month. Retail trade in Spain came in flat for August versus an annual drop of 0.5% in the prior month. The annual inflation rate in France fell to 5.6% in September from 5.9% a month ago.

The Nationwide House Price Index in the UK climbed 9.5% year-over-year in September, while British GDP expanded 4.4% year-over-year in the second quarter. The current account deficit in the UK narrowed to GBP 33.8 billion in the second quarter versus a revised record GBP 43.9 billion in the previous period.

Economics

• Personal income in the US climbed by 0.3% from a month ago in August, while personal spending rose 0.4%. The personal consumption expenditure price index rose 0.3% month-over-month in August following a 0.1% decline in July.
• The Chicago PMI dropped to 45.7 in September from 52.2 in the earlier month.
• The University of Michigan consumer sentiment index was revised lower to 58.6 in September from a preliminary estimate of 59.5.
• The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
• Data on farm prices for August will be released at 3:00 p.m. ET.
• Federal Reserve Bank of New York President John Williams will speak at 4:15 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 98,166,900 cases with around 1,084,280 deaths. India confirmed a total of at least 44,587,300 cases and 528,620 deaths, while France reported over 35,342,950 COVID-19 cases with 155,070 deaths. In total, there were at least 622,557,150 cases of COVID-19 worldwide with more than 6,547,770 deaths.