Crude Oil Rises; Adobe Posts Upbeat Results

U.S. stocks traded slightly higher midway through trading, with Dow Jones gaining around 20 points on Friday.

The Dow traded up 0.06% to 34,428.13 while the NASDAQ rose 0.05% to 13,789.23. The S&P 500, also rose, gaining, 0.19% to 4,434.03.

Check This Out: FedEx Likely To Report Lower Q4 Earnings; Here's A Look At Recent Price Target Changes By The Most Accurate Analysts

Leading and Lagging Sectors

• Utilities shares jumped by 1.1% on Friday. Meanwhile, top gainers in the sector included ReNew Energy Global Plc RNW, up 4%, and Azure Power Global Limited AZRE, up 3%.
• In trading on Friday, materials shares fell by 0.3%.

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 30% to $5.26 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 iRobot Corporation IRBT got a boost, shooting 19% to $50.09 after UK's Competition and Markets Authority cleared its acquisition deal with Amazon.
• Evelo Biosciences, Inc. EVLO shares were also up, gaining 198% to $0.2471 after the company won U.S. Patent for prebiotic compositions and methods of use thereof for modulation of the microbiome.

Equities Trading DOWN

• Panbela Therapeutics, Inc. PBLA shares dropped 53% to $2.7366 after the company announced pricing of an approximately $8.5 million public offering,
• Shares of Coherus BioSciences, Inc. CHRS were down 18% to $4.4250. 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.
• Clene Inc. CLNN was down, falling 15% to $0.8898 after the company announced pricing of a $40 million public offering. Clene’s CNM-Au8 treatment demonstrated a statistically significant reduction of plasma neurofilament light chain levels compared to placebo at 24 weeks.

Also Check This Out: Bitcoin Surpasses This Key Level; Trust Wallet Token Emerges As Top Gainer

Commodities

In commodity news, oil traded up 0.7% to $71.11 while gold traded down 0.2% at $1,967.40.

Silver traded up 0.1% to $23.965 on Friday while copper rose 0.1% to $3.9045.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.63%, London’s FTSE 100 rose 0.32% while Spain’s IBEX 35 Index rose 1.02% The German DAX gained 0.5% French CAC 40 climbed 1.33% and Italy’s FTSE MIB Index gained 0.67%.

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 consumer sentiment rose to 63.9 in June, recording the highest level in four months, compared to 59.2 in the previous month.

Now Read This: $3.8M Bet On This Energy Stock? Check Out These 3 Stocks Insiders Are Buying

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.