Nasdaq Surges 150 Points; Snap Shares Plunge

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 500 points on Friday.

The Dow traded up 1.95% to 30,924.25 while the NASDAQ rose 1.45% to 10,768.67. The S&P 500 also rose, gaining, 1.71% to 3,728.62.

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Leading and Lagging Sectors

Materials shares climbed 2.8% on Friday. Leading the sector was strength from Huadi International Group Co., Ltd.. HUDI and Metalla Royalty & Streaming Ltd. MTA.

In trading on Friday, communication services shares dipped 0.3%.

Top Headline

Verizon Communications Inc. VZ company reported better-than-expected Q3 earnings.

Verizon posted quarterly earnings of $1.32 per share, beating analysts’ estimates of $1.29 per share. The company’s quarterly sales came in at $34.20 billion, versus expectations of $33.78 billion.

Equities Trading UP

• Altamira Therapeutics Ltd. CYTO shares shot up 65% to $0.5399 after the company announced divestiture of its inner ear development assets.
• Shares of Veris Residential, Inc. VRE got a boost, shooting 21% to $15.08 after Kushner Companies made an offer to acquire the company for $16 per share.
• The Boston Beer Company, Inc. SAM shares were also up, gaining 17% to $394.66 after the company reported better-than-expected Q3 adjusted EPS and sales results.

Equities Trading DOWN

• Immunic, Inc. IMUX shares tumbled 75% to $2.31 after the company reported the pre-planned Phase 1b interim analysis of IMU-935 in psoriasis patients was confounded by a high placebo rate. Two active arms did not separate from the placebo.
• Shares of Snap Inc. SNAP were down 30% to $7.55 following Q3 results. The company said it will not provide Q4 expectations due to uncertainties in the operating environment but believes it is likely that year-over-year revenue growth will decelerate as it moves through Q4. The company also said total time spend watching content in the US decreased 5% year over year.
• Tenet Healthcare Corporation THC was down, falling 28% to $39.00 after the company reported worse-than-expected Q3 sales results and issued Q4 and FY22 adjusted EPS and sales guidance below estimates.

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Commodities

In commodity news, oil traded up 0.6% to $85.03, while gold traded up 1.2% at $1,657.10.

Silver traded up 2.2% to $19.10 on Friday while copper rose 1.9% to $3.4765.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.62%, London’s FTSE 100 rose 0.37% while Spain’s IBEX 35 Index fell 1.29%. The German DAX fell 0.29%, French CAC 40 declined 0.85% and Italy’s FTSE MIB Index fell 0.62%.

Retail sales in the UK fell 1.4% month-over-month in September versus a revised 1.8% drop in the previous month, while GfK Consumer Confidence indicator in the country increased to - 47 in October.

Economics

The Baker Hughes North American rig count report for the latest week will be released at 1:00 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 99,037,430 cases with around 1,092,400 deaths. India confirmed a total of at least 44,638,630 cases and 528,950 deaths, while France reported over 36,475,510 COVID-19 cases with 156,250 deaths. In total, there were at least 632,146,040 cases of COVID-19 worldwide with more than 6,580,130 deaths.