Nasdaq Down Over 1%; Wells Fargo Beats Expectations

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 1% on Friday.

The Dow traded down 0.02% to 33,622.97 while the NASDAQ fell 1.27% to 13,401.56. The S&P 500 also fell, dropping, 0.64% to 4,321.66.

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Leading and Lagging Sectors

Energy shares climbed by 2.4% on Friday.

In trading on Friday, information technology shares fell by 1.5%.

Top Headline

Wells Fargo & Company WFC reported better-than-expected earnings for its third quarter on Friday.

The bank’s quarterly EPS reached $1.48, beating the consensus of $1.24 and $0.86 a year ago The bank reported Q3 revenues of $20.86 billion, up 21% Y/Y, above the consensus of $20.11 billion.
For FY23, Wells Fargo expects net interest income to be ~16% higher than the FY22 level of $45.0 billion, up from prior guidance of ~14% higher, with 4Q23 expected to be ~$12.7 billion.

Equities Trading UP

Sigma Additive Solutions, Inc. SASI shares shot up 115% to $5.33 after the company announced the signing of a definitive agreement for the acquisition of NextTrip Holdings, Inc.

Shares of Comtech Telecommunications Corp. CMTL got a boost, shooting 28% to $10.44 after posting better-than-expected fourth-quarter results.

SunOpta Inc. STKL shares were also up, gaining 27% to $3.64 after the company disclosed third-quarter preliminary results, asset sales, and CFO transition details.

Equities Trading DOWN

Outset Medical, Inc. OM shares dropped 49% to $3.4588. The company announced preliminary revenue for the third quarter of $30.4 million, below the consensus estimate of $36.03 million.

Shares of SMART Global Holdings, Inc. SGH were down 44% to $13.14 after the company reported worse-than-expected fourth-quarter financial results and issued a weak forecast for the first quarter.

Harmony Biosciences Holdings, Inc. HRMY was down, falling 33% to $20.21 as the company announced topline results from the INTUNE Phase 3 study of pitolisant in patients with idiopathic hypersomnia (IH).

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Commodities

In commodity news, oil traded up 5% to $87.04 while gold traded up 3.1% at $1,941.40.

Silver traded up 4.1% to $22.85 on Friday while copper fell 0.7% to $ 3.5670.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.98% London’s FTSE 100 fell 0.59% while Spain’s IBEX 35 Index fell 1.10% The German DAX fell 1.55% French CAC 40 fell 1.42%, while Italy’s FTSE MIB Index fell 0.90%.

Spain's annual consumer price inflation rose to a five-month high of 3.5% in September from 2.6% in August. The annual inflation rate in France came in at 4.9% in September, unchanged versus the prior month.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 0.55%, China’s Shanghai Composite Index falling 2.33% and Hong Kong’s Hang Seng Index dropping 0.64%. India’s S&P BSE Sensex, meanwhile, slipped 0.2%.

India recorded a merchandise trade deficit of $19.4 billion in September, compared to market expectations of a $23.3 billion gap. China's producer prices declined 2.5% year-over-year in September, while consumer prices came in unchanged from a year-ago in September.