Crude Oil Down 4%; AMC Networks Shares Spike Higher

U.S. stocks traded mostly lower midway through trading, with the Nasdaq Composite dropping around 100 points on Friday.

The Dow traded up 0.03% to 33,708.20 while the NASDAQ fell 0.79% to 11,762.38. The S&P 500 also fell, dropping, 0.51% to 4,069.49.

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Leading and Lagging Sectors

• Consumer staples shares rose around 0.6% on Friday. Meanwhile, top gainers in the sector included Dingdong (Cayman) Limited DDL, up 4%, and Oatly Group AB OTLY, up 6%.
• In trading on Friday, energy shares dipped by 2.7%.

 

Top Headline

Deere & Company DE posted better-than-expected results for its first quarter on Friday.

The company reported fiscal first-quarter earnings of $6.55 a share from sales of $12.65 billion, beating the Wall Street estimate of $5.56 a share from sales of $11.28 billion.

 

Equities Trading UP

• AMC Networks Inc. AMCX shares shot up 26% to $25.74 after reporting better-than-expected Q4 results.
• Shares of iBio, Inc. IBIO got a boost, shooting 104% to $1.5320 after the company announced MUC16 as its latest immune-oncology target program.
• Universal Security Instruments, Inc. UUU shares were also up, gaining 41% to $3.10 after the company reported a year-over-year increase in Q3 EPS and revenues.

 

Equities Trading DOWN

• Arqit Quantum Inc. ARQQ shares tumbled 41% to $1.5050 after the company announced a $20 million registered direct offering.
• Shares of DZS Inc. DZSI were down 21% to $9.55 after the company reported worse-than-expected Q4 results.
• Universal Electronics Inc. UEIC was down, falling 31% to $16.91 after reporting downbeat Q4 results.

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Commodities

In commodity news, oil traded down 4.1% to $75.26 while gold traded down 0.4% at $1,843.90.

Silver traded down 0.9% to $21.505 on Friday while copper fell 1.3% to $4.0820.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.17%, London’s FTSE 100 dropped 0.18% while Spain’s IBEX 35 Index fell 0.01%. The German DAX declined 0.37% French CAC 40 fell 0.19% and Italy’s FTSE MIB Index fell 0.21%.

The current account surplus in the Eurozone increased to EUR 28.9 billion in December from EUR 21.9 billion in the year-ago month. The annual inflation rate in France increased to 6% in January from 5.9% in the prior month. Retail sales in the UK rose 0.5% month-over-month in January. The annual producer inflation in Germany eased to 17.8% in January from 21.6% in the earlier month.

 

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan’s Nikkei 225 dropping 0.66%, Hong Kong’s Hang Seng Index falling 1.28% and China’s Shanghai Composite Index declining 0.77%. India’s S&P BSE Sensex fell 0.7%.

Singapore's non-oil domestic exports fell by 25% from a year ago in January following a 20.6% drop in the previous month.

Japanese core machinery orders increased 1.6% month-over-month in December. Exports from Japan rose by 3.5% year-over-year to JPY 6,551.2 billion in January, while imports increased 17.8% to JPY 10,047.8 billion.

 

Economics

• Prices for US imports fell 0.2% from a month ago in January versus a revised 0.1% drop in the prior month. US export prices rose by 0.8% from a month ago in January.
• US leading economic index dropped 0.3% in January.

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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 104,918,830 cases with around 1,141,860 deaths. India confirmed a total of at least 44,684,650 cases and 530,750 deaths, while France reported over 39,578,460 COVID-19 cases with 164,680 deaths. In total, there were at least 678,287,670 cases of COVID-19 worldwide with more than 6,787,830 deaths.