Dow Rises Over 50 Points; Crude Oil Up 2%

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

The Dow traded up 0.25% to 33,783.85 while the NASDAQ fell 1.14% to 11,655.07. The S&P 500 also fell, dropping, 0.22% to 4,072.54.

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Leading and Lagging Sectors

• Energy shares rose by 3.3% on Friday. Meanwhile, top gainers in the sector included NGL Energy Partners LP NGL, up 22%, and KLX Energy Services Holdings, Inc. KLXE, up 10%.
• In trading on Friday, consumer discretionary shares dipped by 1.7%.

Top Headline

Global Payments Inc GPN reported better-than-expected Q4 results.

The company reported fourth-quarter FY22 adjusted net revenue growth of 2% year-on-year (4% Y/Y in constant currency) to $2.02 billion, beating the consensus of $2.01 billion. Adjusted EPS of $2.42 beat the consensus of $2.41.

Global Payments expects FY23 adjusted net revenue of $8.575 billion - $8.675 billion, above the consensus of $8.570 billion.

Equities Trading UP

• Lions Gate Entertainment Corp. (NYSE: LGF-A) shares shot up 23% to $10.14 following Q3 results.
• Shares of Hillstream BioPharma, Inc. HILS got a boost, shooting 84% to $2.1698 after the company reported initial results evaluating the synergy of HSB-1216 with immune checkpoint inhibitors in KRAS G12C-mutated non-small cell lung cancer cells, Calu-1, with Pembrolizumab, demonstrating significantly greater tumor inhibition.
• Expion360 Inc. XPON shares were also up, gaining 74% to $3.4449 after the company announced it has been selected by Cube Series as the exclusive supplier of lithium-ion batteries for a ultra-lightweight foldable campler.

Equities Trading DOWN

• Hempacco Co., Inc. HPCO shares tumbled 65% to $1.5588 after the company announced pricing of an upsized $6.3 million public offering.
• Shares of Lyft, Inc. LYFT were down 36% to $10.36 after the company issued Q1 revenue guidance below analyst estimates.
• AppHarvest, Inc. APPH was down, falling 33% to $0.8801 after the company announced pricing of $40 million underwritten public offering of 40 million shares of common stock at a price of $1 per share.

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Commodities

In commodity news, oil traded up 2.1% to $79.68 while gold traded down 0.5% at $1,869.50.

Silver traded down 0.7% to $21.985 on Friday while copper fell 2.2% to $4.0070.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.96%, London’s FTSE 100 fell 0.36% while Spain’s IBEX 35 Index fell 1.36%. The German DAX fell 1.39% French CAC 40 fell 0.82% and Italy’s FTSE MIB Index fell 0.86%.

Industrial production in the UK increased by 0.3% month-over-month in December, while the country’s economy shrank 0.5% month-over-month in December. The UK trade deficit widened to £7.2 billion in December 2022 versus a revised £2.3 billion in the previous month. Italy's industrial production increased 1.6% from a month ago in December.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 gaining 0.31%, Hong Kong’s Hang Seng Index dropping 2% and China’s Shanghai Composite Index falling 0.3%. India’s S&P BSE Sensex slipped 0.2%.

Auto sales in China dipped by 35% from a year ago to 1.65 million units in January, while annual inflation rate increased to 2.1% in January from 1.8% in the prior month. China's producer prices fell 0.8% year-over-year in January following a 0.7% decline a month ago. Producer prices in Japan increased 9.5% year-over-year in January.

Economics

• The University of Michigan consumer sentiment rose to a thirteen-month high level of 66.4 in February from 64.9 in the previous month.
• The Baker Hughes rig count report for the latest week will be released at 1:00 pm 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 104,731,500 cases with around 1,139,670 deaths. India confirmed a total of at least 44,683,860 cases and 530,750 deaths, while France reported over 39,555,760 COVID-19 cases with 164,510 deaths. In total, there were at least 677,154,880 cases of COVID-19 worldwide with more than 6,779,410 deaths.