Dow Surges Over 100 Points; Foot Locker Earnings Top Views

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 100 points on Friday.

Following the market opening Friday, the Dow traded up 0.37% to 33,671.36 while the NASDAQ rose 0.58% to 11,209.68. The S&P 500 also rose, gaining, 0.52% to 3,967.16.

Also check this: Investor Optimism Declines After US Stocks Settle Lower

Leading and Lagging Sectors

Real estate shares rose by 1.2% on Friday. Leading the sector was strength from Offerpad Solutions Inc. OPAD and Xenia Hotels & Resorts, Inc. XHR.

In trading on Friday, energy dipped by 1.9%.

Top Headline

 

Foot Locker Inc reported better-than-expected Q3 results and raised FY22 guidance.

Foot Locker reported a third-quarter FY22 sales decline of 0.73% year-on-year to $2.17 billion, beating the consensus of $2.09 billion. Adjusted EPS of $1.27 beat the analyst consensus of $1.11. Comparable store sales increased 0.8% versus last year.

It raised adjusted FY22 EPS from $4.25 - $4.45 to $4.42 - $4.50.

Equities Trading UP

 

• Yatra Online, Inc. YTRA shares shot up 28% to $2.71. Yatra Online's Indian Subsidiary, Yatra Online Limited, received the final observation from the Securities and Exchange Board of India. The company also announced that it will report its Q2 financial results on Tuesday, November 29, 2022.
• Shares of Clearfield, Inc. CLFD got a boost, shooting 25% to $116.79 after the company reported better-than-expected Q4 results.
• IVERIC bio, Inc. ISEE shares were also up, gaining 23% to $21.26 after the company announced the FDA has granted breakthrough therapy designation for avacincaptad pegol for geographic atrophy.

 

Equities Trading DOWN

• TuanChe Limited TC shares tumbled 33% to $6.26. TuanChe and IAT Automobile Technology Co., Ltd., on Thursday, announced a strategic partnership to develop and market new energy vehicles.
• Shares of Kiora Pharmaceuticals, Inc. KPRX were down 33% to $4.0050. Kiora Pharmaceuticals entered into agreements to raise $3.12 million from the exercise of previously issued Class A warrants.
• Inotiv, Inc. NOTV was down, falling 30% to $4.77. Lake Street downgraded Inotiv from Buy to Hold and announced a $7 price target. Inotiv, on Thursday, announced the U.S. Attorney's Office for the Southern District of Florida has criminally charged employees of the co.'s principal supplier of non-human primates, along with two Cambodian officials, with conspiring to illegally import non-human primates into the U.S.

Also check out: Hillenbrand, Cisco, Macy's And Other Big Gainers From Thursday

Commodities

In commodity news, oil traded down 3.8% to $78.54 while gold traded down 0.5% at $1,754.80.

Silver traded up 0.1% to $21.005 on Friday while copper fell 0.8% to $3.6590.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index rose 0.7%. The German DAX rose 0.9%, French CAC 40 climbed 1% and Italy’s FTSE MIB Index gained 1.1%.

Retail sales in the UK rose 0.6% month-over-month in October versus analysts’ expectations for a 0.3% growth, while the GfK Consumer Confidence indicator increased slightly to -44 in November.

 

Asia Pacific Markets

Asian markets closed lower on Friday, with the Japan’s Nikkei dropping 0.11% and Hong Kong’s Hang Seng Index falling 0.29%. China’s Shanghai Composite Index fell 0.58%.

The core consumer price index in Japan rose 3.6% from a year ago in October.

Economics

 

• Existing home sales in the US dropped 5.9% to an annual rate of 4.43 million in October, recording the lowest level since December.
• US leading economic index declined 0.8% in November.

 

Check out this: Market Volatility Decreases Following Jobless Claims Data

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 100,108,700 cases with around 1,101,840 deaths. India confirmed a total of at least 44,668,950 cases and 530,550 deaths, while France reported over 37,250,370 COVID-19 cases with 158,080 deaths. In total, there were at least 642,113,850 cases of COVID-19 worldwide with more than 6,622,180 deaths.