Dow Edges Lower; Sientra Shares Spike Higher

U.S. stocks traded pared some gains midway through trading, with Dow Jones turning lower on Friday.

The Dow traded down 0.07% to 33,810.44 while the NASDAQ rose 0.17% to 13,260.91. The S&P 500, also rose, gaining, 0.06% to 4,296.69.

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Leading and Lagging Sectors

• Consumer discretionary shares jumped by 0.6% on Friday. Meanwhile, top gainers in the sector included Farfetch Limited FTCH, up 8%, and BARK, Inc. BARK, up 10%.
• In trading on Friday, materials shares fell by 1%.

Top Headline

Tesla, Inc. TSLA shares gained over 5% on Friday after Wedbush added the stock to its best ideas list and raised its price target from $215 to $300.

Equities Trading UP

• Braze, Inc. BRZE shares shot up 22% to $41.40 after the company posted upbeat first-quarter results and issued strong forecast.
• Shares of Disc Medicine Opco Inc IRON got a boost, shooting 23% to $48.41 after the company announced data from its ongoing Phase 2 open-label BEACON trial evaluating bitopertin in patients with erythropoietic protoporphyria and X-linked protoporphyria at the EHA 2023 Congress.
• Sientra, Inc. SIEN shares were also up, gaining 64% to $2.85. Sientra announced FDA-clearance of next generation AlloX2 Pro Tissue Expander.

Equities Trading DOWN

• Elevation Oncology, Inc. ELEV shares dropped 39% to $1.7250 after the company reported pricing of $50 million public offering.
• Shares of Planet Labs PBC PL were down 26% to $3.6395 after the company reported first-quarter results.
• American Software, Inc. AMSWA was down, falling 22% to $10.46. American Software reported better-than-expected earnings for its fourth quarter, while sales missed estimates. The company said it sees FY24 revenue of $120 million to $126.0 million.

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Commodities

In commodity news, oil traded up 0.1% to $71.39 while gold traded down 0.1% at $1,978.20.

Silver traded up 0.5% to $24.48 on Friday while copper rose 0.4% to $3.8105.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.02%, London’s FTSE 100 fell 0.34% while Spain’s IBEX 35 Index fell 0.2% The German DAX dropped 0.09% French CAC 40 rose 0.01% and Italy’s FTSE MIB Index fell 0.22%.

The consumer confidence indicator in Spain rose to 81.5 in May from 73 in the prior month, while industrial production in Italy dropped by 1.9% from a month ago in April.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan’s Nikkei 225 gaining 1.97%, Hong Kong’s Hang Seng Index gaining 0.47% and China’s Shanghai Composite Index gaining 0.55%. India’s S&P BSE Sensex fell 0.35%.

Vehicle sales in China jumped 27.9% year-over-year to 2.382 million units in May. China's annual inflation rate rose to 0.2% in May from April's reading of 0.1%. The country’s producer prices dropped 4.6% year-over-year in May.

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 107,162,530 cases with around 1,166,330 deaths. India confirmed a total of at least 44,992,290 cases and 531,880 deaths, while France reported over 40,105,200 COVID-19 cases with 167,420 deaths. In total, there were at least 690,061,520 cases of COVID-19 worldwide with more than 6,889,330 deaths.