US Stocks Sink; Deere Shares Fall Despite Earnings Beat

U.S. stocks traded down this morning with the Nasdaq Composite falling more than 101 points on Friday.

The Dow traded down 0.23% to 34,396.96 while the NASDAQ fell 0.91% to 13,196.22. The S&P 500 also fell, dropping 0.45% to 4,350.51.

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Leading and Lagging Sectors

Both Consumer Staples and Utilities shares rose by 6% on Friday.

In trading on Friday, Communication Services shares fell by 1.55%.

Top Headline

Deere & Company DE reported its third-quarter results significantly better of consensus expectations while raising its fiscal 2023 guidance.

Deere reported its third quarter EPS at $10.20, driven by equipment sales of $14.3 billion, compared to analyst expectations of EPS of $8.22 on equipment sales of $14.1 billion. The company raised its fiscal 2023 net income guidance to a range of $9.75 billion to $10 billion from a guidance range of $9.25 billion to $9.5 billion, announced in May.

Despite the upbeat results, the stock declined 3.9% after the earnings release due to investor concerns regarding an end to the agricultural equipment demand boom.

Equities Trading UP

• Nautilus Biotechnology Inc’s NAUT shares climbed 3.49% to $2.96 amid big moves in healthcare stocks.
• Shares of Meta Data Ltd AIU rose by 3.34% to $1.08.
• Hawaiian Electric Industries, Inc’s HE stock spiked 2.87% to $13.22 after the company said its goal is not to restructure.

Equities Trading DOWN

• TriSalus Life Sciences Inc’s TLSI shares fell 4.74% to $8.65 with Wall Street stocks losing steam on concerns over further interest rate hikes by the Federal Reserve.
• Jiayin Group Inc’s JFIN stock slid 1.87% to $5.51. The company had reported its second-quarter results last week.
• Shares of TMC The Metals Company Inc TMC declined by 1.65% to $1.20.

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Commodities

In commodity news, oil traded up 0.41% to $80.72 while gold gained 0.46% at $1,924.10.

Silver traded up 48% to $22.825 on Friday while copper rose 0.24% to $3.7005.

Euro Zone

European shares were lower today. The eurozone’s STOXX 600 declined 1.05%, London’s FTSE 100 fell 1.15% while Spain’s IBEX 35 Index fell 0.49%. The German DAX fell 1.09% and French CAC 40 also dipped 1.09%, while Italy’s FTSE MIB Index slipped 0.95%.

The consumer price index for the Eurozone stood at 5.3% for July, the lowest level since January 2022, driven by a continued decline in energy prices. Core consumer prices in the Eurozone rose 5.5% in July, compared to the same period in 2022.

Asia Pacific Markets

Asian markets traded lower on Friday, with Japan’s Nikkei 225 falling 0.55%, China’s Shanghai Composite Index declining 1% and Hong Kong’s Hang Seng Index falling 2.05%. India’s S&P BSE Sensex also fell 0.31%.

China reported a decline in foreign direct investment of 4% to CNY 766.71 billion in the first seven months of 2023 compared to the same period a year ago. Meanwhile, India reported an increase in its foreign exchange reserves to $602160 million for the week of August 11 from $601450 million in the previous week.

Economics

Retail sales declined by 3.20% in the UK in July 2023, compared to a year ago, marking the steepest fall in three months.

Canada’s Raw Materials Price Index rose 3.5% in July, rebounding from the upwardly revised decline of 2% in June and higher than the consensus of a flat reading.

Now Read This: Deere Excels Q3 Earnings Estimates; Lifts Annual Profit Outlook

Photo: Courtesy John Deere