Nasdaq Surges 100 Points; Crude Oil Rises Sharply

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining 100 points on Friday.

The Dow traded down 0.76% to 33,459.99 while the NASDAQ climbed 0.94% to 11,219.02. The S&P 500 also rose, gaining, 0.13% to 3,961.39.

Also check this: CBOE Volatility Index Drops To Near Two-Month Low Following Inflation Data

Leading and Lagging Sectors

Energy shares jumped 2.8% on Friday. Leading the sector was strength from Ultrapar Participações S.A. UGP and Nine Energy Service, Inc. NINE.

In trading on Friday, health care shares fell by 2.4%.

Top Headline

 

The University of Michigan consumer sentiment dropped to 54.7 in November, recording the lowest level since July, compared to 59.9 in October.

 

Equities Trading UP

 

• Snail, Inc. SNAL shares shot up 44% to $3.23 after the company announced a $5 million share repurchase program.
• Shares of Compass Inc COMP got a boost, shooting 54% to $3.73. Compass posted a wider-than-expected loss for its third quarter, while sales topped estimates.
• Sight Sciences, Inc. SGHT shares were also up, gaining 31% to $10.94 after the company posted upbeat Q3 sales and raised FY22 revenue outlook.

 

Equities Trading DOWN

• Brilliant Earth Group, Inc. BRLT shares tumbled 25% to $6.00 after the company issued 2022 sales guidance below estimates.
• Shares of AirSculpt Technologies, Inc. AIRS were down 27% to $3.43 after the company reported worse-than-expected Q3 results.
• Blue Apron Holdings, Inc. APRN was down, falling 31% to $1.1958. Blue Apron filed for offering of up to $30 million of common stock.

Also check out: Amazon, Apple, Tesla And Other Big Gainers From Thursday

Commodities

In commodity news, oil traded up 3.5% to $89.50 while gold traded up 0.7% at $1,765.30.

Silver traded down 0.6% to $21.575 on Friday while copper rose 3.8% to $3.9010.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.28%, London’s FTSE 100 fell 0.45% while Spain’s IBEX 35 Index fell 0.37%. The German DAX climbed 0.81%, French CAC 40 rose 0.85% and Italy’s FTSE MIB Index gained 0.6%.

Annual inflation rate in Germany came in at 10.4% in October, matching the preliminary estimates.

The UK trade deficit fell to GBP 3.1 billion in September versus revised GBP 4.7 billion in the prior month, while British economy shrank by 0.6% month-over-month during September. Industrial production in the UK climbed by 0.2% from a month ago in September.

 

Asia Pacific Markets

Asian markets closed higher on Friday, with the Japan’s Nikkei jumping 2.98% and Hong Kong’s Hang Seng Index surging 7.74%. China’s Shanghai Composite Index gained 1.69%.

Hong Kong's economy contracted by 4.5% year-over-year in the third quarter. Producer prices in Japan surged 9.1% year-over-year in October versus a revised 10.2% increase in September.

Economics

The University of Michigan consumer sentiment dropped to 54.7 in November, recording the lowest level since July, compared to 59.9 in October.

Check out this: Markets Turn More Bullish After October's Consumer Price Index

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,859,900 cases with around 1,099,850 deaths. India confirmed a total of at least 44,664,810 cases and 530,520 deaths, while France reported over 37,068,080 COVID-19 cases with 157,670 deaths. In total, there were at least 639,510,160 cases of COVID-19 worldwide with more than 6,612,210 deaths.