US Stocks Open Higher; Deere Posts Upbeat Q2 Results

U.S. stocks traded higher this morning, with the Dow Jones gaining over 50 points on Friday.

Following the market opening Friday, the Dow traded up 0.17% to 33,594.20 while the NASDAQ rose 0.28% to 12,724.56. The S&P 500, also rose, gaining, 0.34% to 4,212.26.

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Leading and Lagging Sectors

• Energy shares rose by 1.2% on Friday. Meanwhile, top gainers in the sector included Nine Energy Service, Inc. NINE, up 5%, and New Fortress Energy Inc. NFE, up 2%.
• In trading on Friday, consumer discretionary shares fell 0.4%.

 

 

Top Headline

 

Deere & Company DE reported better-than-expected second-quarter financial results.

Deere reported second-quarter net sales and revenue growth of 30% year-on-year to $17.39 billion, beating the consensus of $14.83 billion. The EPS of $9.65 surpassed the consensus of $8.59.

 

Equities Trading UP

• Monogram Orthopaedics Inc. MGRM shares shot up 223% to $37.91 after jumping 62% on Thursday. Monogram Orthopaedics raised $17,216,147 through the sale of 2,374,641 shares of its Class A Common Stock priced at $7.25 per share.
• Shares of SunCar Technology Group Inc SDA got a boost, shooting 85% to $7.60 amid volatility following the recent completion of the company's combination with Goldenbridge Acquisition to become a publicly-traded company.
• Farfetch Limited FTCH shares were also up, gaining 26% to $5.49 after the company reported better-than-expected first-quarter results.

 

 

Equities Trading DOWN

• Foot Locker, Inc. FL shares dropped 25% to $31.01 after the company reported worse-than-expected first-quarter results and lowered its FY23 guidance.
• Shares of CaliberCos Inc. CWD were down 17% to $6.40 amid post-IPO volatility.
• Exela Technologies, Inc. XELA was down, falling 11% to $5.64.

 

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Commodities

 

In commodity news, oil traded up 0.6% to $72.30 while gold traded up 0.1% at $1,961.60.

Silver traded up 0.7% to $23.795 on Friday while copper rose 1.3% to $3.7380.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 rose 0.8%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.9% The German DAX climbed 0.8%, French CAC 40 gained 0.9% and Italy’s FTSE MIB Index gained 1.5%.

Construction output in Italy dropped by 3.4% year-over-year in March versus a revised 0.1% decline in the prior month. The annual producer inflation in Germany fell for the seventh consecutive month to 4.1% in April. The GfK Consumer Confidence indicator in the UK climbed to -27 in May from -30 in the prior month.

 

Asia Pacific Markets

 

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.77%, Hong Kong’s Hang Seng Index dropping 1.40% and China’s Shanghai Composite Index dropping 0.42%. India’s S&P BSE Sensex rose 0.3%.

The annual inflation rate in Japan increased to 3.5% in April from 3.2% in March. Food prices in Japan increased by 8.4% year-over-year in April, recording the steepest rise since August 1976.

 

Economics

 

The Baker Hughes 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 106,877,360 cases with around 1,163,870 deaths. India confirmed a total of at least 44,984,050 cases and 531,810 deaths, while France reported over 40,054,860 COVID-19 cases with 167,050 deaths. In total, there were at least 688,668,270 cases of COVID-19 worldwide with more than 6,877,080 deaths.