US Stocks Mostly Higher; RH Posts Upbeat Earnings

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining around 60 points on Friday.

Following the market opening Friday, the Dow traded down 0.03% to 34,491.98 while the NASDAQ rose 0.49% to 13,816.50. The S&P 500, also rose, gaining, 0.24% to 4,461.81.

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Leading and Lagging Sectors

 

Energy shares jumped by 0.7% on Friday.

In trading on Friday, industrials shares fell by 0.4%.

 

Top Headline

 

RH RH reported better-than-expected second-quarter earnings on Thursday.

RH reported quarterly earnings of $3.93 per share, which beat the analyst consensus estimate of $2.56, a 51.36% decrease over earnings of $8.08 per share from last year. The company reported quarterly sales of $800.48 million, which beat the analyst consensus estimate of $784.90 million, a 19.28% decrease over sales of $991.62 million in the same period last year.

The company raised the low end of its revenue guidance for the full-year 2023 to a range of $3.04 billion to $3.1 billion versus the $3.07 billion estimate.

 

Equities Trading UP

 

Biocept, Inc. BIOC shares shot up 81% to $1.52 after the company announced non-exclusive licensing agreement for CNSide with Plus Therapeutics.

Shares of Verb Technology Company, Inc. VERB got a boost, shooting 35% to $2.23. Verb Technology recently announced a technology integration with TikTok.

Lantronix, Inc. LTRX shares were also up, gaining 26% to $5.05 following better-than-expected quarterly sales.

 

Equities Trading DOWN

 

Grom Social Enterprises, Inc. GROM shares dropped 43% to $2.30 after the company reported pricing of $3.0 million public offering.

Shares of Rent the Runway, Inc. RENT were down 33% to $0.9063 after the company reported downbeat second-quarter sales and issued weak third-quarter forecast.

Arqit Quantum Inc. ARQQ was down, falling 30% to $0.67 after the company reported a $16.2 million registered direct offering.

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Commodities

 

In commodity news, oil traded up 0.5% to $87.33 while gold traded up 0.1% at $1,944.30.

Silver traded down 0.2% to $23.195 on Friday while copper fell 1.3% to $3.7125.

 

Euro zone

 

European shares were mixed today. The eurozone’s STOXX 600 slipped 0.1% London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.1% The German DAX fell 0.1% French CAC 40 rose 0.3%, while Italy’s FTSE MIB Index fell 0.1%.

Industrial production in Spain declined by 1.8% year-over-year in July following a revised 3.2% fall in the prior month. French industrial output increased by 0.8% month-over-month in July versus a 0.9% decline in June.

Germany’s consumer price inflation rate eased to 6.1% year-over-year in August from 6.2% in the earlier month.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 1.16% and China’s Shanghai Composite Index falling 0.18%. India’s S&P BSE Sensex, meanwhile, rose 0.5%.

The gauge for Japan's service sector sentiment fell to 53.6 in August from 54.4 a month ago. Japanese current account surplus widened to JPY 2.772 trillion in July from JPY 1.509 trillion in the previous month, while the country’s economy expanded 1.2% quarter-over-quarter in the second quarter.

 

Economics

 

Data on wholesale inventories will be released today.

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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 108,268,240 cases with around 1,174,460 deaths. India confirmed a total of at least 44,997,460 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,034,570 cases of COVID-19 worldwide with more than 6,913,060 deaths.