US Stocks Mostly Higher; Dow Surges 300 Points

U.S. stocks traded mostly higher this morning, with the Dow Jones surging more than 300 points on Friday.

Following the market opening Friday, the Dow traded up 1.01% to 32,355.66 while the NASDAQ rose 0.06% to 10,799.69. The S&P 500 also rose, gaining, 0.33% to 3,819.94.

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Leading and Lagging Sectors

Information technology shares climbed 2% on Friday. Leading the sector was strength from 8x8, Inc. EGHT and Cohu, Inc. COHU.

In trading on Friday, consumer discretionary shares fell by 3.3%.

Top Headline

Personal spending in the US rose 0.6% month-over-month in September, while personal income increased by 0.4%. The personal consumption expenditure price index in the US increased 0.3% month-over-month in September, the same as in the earlier month.

Equities Trading UP

• Nuvalent, Inc. NUVL shares shot up 69% to $37.12 after the company reported preliminary Phase 1 clinical data from the ARROS-1 trial that support the best-in-class potential of NVL-520 for patients with ROS1-positive NSCLC.
• Shares of Data I/O Corporation DAIO got a boost, shooting 23% to $3.7850 after the company reported better-than-expected Q3 results.
• Provident Acquisition Corp. PAQC shares were also up, gaining 25% to $10.40. Perfect Corp. and Provident Acquisition Corp. recently announced approval of business combination by Provident's shareholders.

Equities Trading DOWN

• Selina Hospitality PLC SLNA shares tumbled 26% to $29.78.
• Shares of DaVita Inc. DVA were down 25% to $72.62 after the company reported worse-than-expected Q3 EPS and sales results and lowered FY22 adjusted EPS guidance below estimates.
• Edwards Lifesciences Corporation EW was down, falling 19% to $70.31 after the company reported worse-than-expected Q3 results. The company also lowered its FY22 EPS guidance below analyst estimates.

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Commodities

In commodity news, oil traded down 1% to $88.22 while gold traded down 1.1% at $1,647.70.

Silver traded down 1.4% to $19.22 on Friday while copper fell 2.5% to $3.4320.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.2%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.6%. The German DAX fell 0.1%, French CAC 40 rose 0.2% and Italy’s FTSE MIB Index fell 0.5%.

German economy expanded by 0.3% on quarter during the three months to September, versus a 0.1% growth in the prior period. Spanish consumer price inflation declined to 7.3% year-over-year in October from 8.9% in the previous month, while the country’s economy expanded by 0.2% on quarter during the three months to September. The French economy grew 0.2% on quarter in the third quarter.

Economics

• Personal spending in the US rose 0.6% month-over-month in September, while personal income increased by 0.4%. The personal consumption expenditure price index in the US increased 0.3% month-over-month in September, the same as in the earlier month.
• Compensation costs for civilian workers climbed 1.2% on quarter in the third quarter, versus a 1.3% increase in the prior period.
• The University of Michigan consumer sentiment was revised higher to 59.9 in October versus a preliminary level of 59.8.
• Pending home sales in the US dipped by 10.2% from a month ago in September.
• 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 99,281,950 cases with around 1,094,590 deaths. India confirmed a total of at least 44,649,080 cases and 528,990 deaths, while France reported over 36,744,650 COVID-19 cases with 156,770 deaths. In total, there were at least 634,727,460 cases of COVID-19 worldwide with more than 6,589,740 deaths.