US Stocks Mixed; Dow Gains 50 Points

U.S. stocks traded mixed this morning, with Dow Jones gaining around 50 points on Friday.

Following the market opening Friday, the Dow traded up 0.16% to 34,464.01 while the NASDAQ fell 0.14% to 13,763.40. The S&P 500, also rose, gaining, 0.10% to 4,430.43.

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Leading and Lagging Sectors

• Utilities shares jumped by 0.9% on Friday. Meanwhile, top gainers in the sector included ReNew Energy Global Plc RNW, up 5%, and National Grid plc NGG, up 2%.
• In trading on Friday, communication services shares fell by 0.5%.

Top Headline

Adobe Inc. ADBE reported better-than-expected results for its second quarter and issued strong earnings forecast.

Adobe said second-quarter revenue increased 10% year-over-year to $4.82 billion, which beat the consensus estimate of $4.43 billion. The creative software company reported quarterly adjusted earnings of $3.91 per share, which beat estimates of $3.79 per share.

Adobe expects third-quarter revenue to be in the range of $4.83 billion to $4.87 billion versus estimates of $4.86 billion. Third-quarter adjusted earnings are expected to be between $3.95 and $4 per share versus estimates of $3.89 per share.

Equities Trading UP

• Virgin Galactic Holdings, Inc. SPCE shares shot up 38% to $5.59 after the company on Thursday said its first commercial spaceflight is planned to fly between June 27 and June 30 and the second will follow in early August.
• Shares of Lordstown Motors Corp. RIDE got a boost, shooting 20% to $5.06. Lordstown Motors plans to take the legal route against Taiwanese electronics contract manufacturer Foxconn Technology Co.
• Ault Disruptive Technologies Corporation ADRT shares were also up, gaining 21% to $13.20.

Equities Trading DOWN

• Panbela Therapeutics, Inc. PBLA shares dropped 51% to $2.83 after the company announced pricing of an approximately $8.5 million public offering,
• Shares of Coherus BioSciences, Inc. CHRS were down 17% to $4.4550. Coherus BioSciences agreed to acquire Surface Oncology Inc SURF, a clinical-stage immuno-oncology (I-O) company developing next-generation immunotherapies that target the tumor microenvironment.
• Stereotaxis, Inc. STXS was down, falling 12% to $1.7750. Stereotaxis will initiate first-in-human trial to support CE Mark application of MAGiC Catheter.

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Commodities

In commodity news, oil traded down 0.1% to $70.55 while gold traded up 0.1% at $ 1,971.60.

Silver traded up 0.8% to $24.13 on Friday while copper rose 0.1% to $3.9010.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.7%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index rose 0.7% The German DAX gained 0.8% French CAC 40 climbed 1.4% and Italy’s FTSE MIB Index gained 0.7%.

The consumer price inflation in the Eurozone came in at 6.1% in May, recording the lowest level since Feb. 2022. Wages and salaries in the Eurozone increased by 4.6% year-over-year in the first quarter, while hourly labor costs rose by 5 % year-over-year. The annual inflation rate in Italy eased to 7.6% in May from 8.2% in the prior month.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 0.66%, Hong Kong’s Hang Seng Index gaining 1.07% and China’s Shanghai Composite Index gaining 0.63%. India’s S&P BSE Sensex rose 0.8%.

The Bank of Japan maintained its key short-term interest rate at -0.1% at its June meeting.

Economics

The University of Michigan's Consumer sentiment for June will be released at 10:00 a.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 107,201,630 cases with around 1,166,890 deaths. India confirmed a total of at least 44,993,280 cases and 531,890 deaths, while France reported over 40,119,160 COVID-19 cases with 167,500 deaths. In total, there were at least 690,387,000 cases of COVID-19 worldwide with more than 6,891,720 deaths.