Dow Dips 200 Points; JPMorgan Posts Upbeat Earnings

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 200 points on Friday.

The Dow traded down 0.56% to 37,498.15 while the NASDAQ fell 0.18% to 14,942.82. The S&P 500 also fell, dropping, 0.13% to 4,774.05.

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Leading and Lagging Sectors

 

Energy shares jumped by 1% on Friday.

In trading on Friday, consumer discretionary shares fell by 0.8%.

 

Top Headline

 

JPMorgan Chase & Co JPM reported better-than-expected earnings for its fourth quarter on Friday.

JPMorgan Chase reported quarterly net revenue (managed) of $39.943 billion, up 12% Y/Y, beating the consensus of $39.778 billion. EPS was $3.97, beating the consensus of $3.32.

 

Equities Trading UP

 

Applied UV, Inc. AUVI shares shot up 30% to $2.94 after the company announced the launch of its Fighter Flex LED solution at the upcoming AHR Expo on Jan. 22.

Shares of Flexsteel Industries, Inc. FLXS got a boost, surging 24% to $22.36 after the company reported strong preliminary results for the second quarter. The company said it sees preliminary earnings of 57 cents per share, versus analysts’ estimates of 27 cents per share. The company sees revenue of $100.1 million versus expectations of $96.77 million. Flexsteel Industries also issued financial guidance for the remainder of fiscal year 2024 and fiscal year 2025.

Inpixon INPX shares were also up, gaining 17% to $0.0525 after the company provided an update on pending strategic transactions.

 

Equities Trading DOWN

 

Genius Group Limited GNS shares dropped 50% to $0.2547 after the company announced pricing of an $8.25 million public offering.

Shares of VCI Global Limited VCIG were down 34% to $1.0250 after the company announced pricing of a $2.75 million public offering.

Momentus Inc. MNTS was down, falling 22% to $0.9750 after the company announced it was notified by the Space Development Agency that it was not selected for funding for the Tranche 2 Tracking Layer and that there is substantial doubt about the company's ability to continue as a going concern.

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Commodities

 

In commodity news, oil traded up 2% to $73.45 while gold traded up 2.2% at $2,062.90.

Silver traded up 4.3% to $23.685 on Friday while copper rose 0.1% to $3.78.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 rose 0.86%, London’s FTSE 100 rose 0.73% while Spain’s IBEX 35 Index rose 1% The German DAX rose 0.94% French CAC 40 rose 0.98% while Italy’s FTSE MIB Index rose 0.83%.

Spain's consumer price inflation eased to 3.1% year-over-year in December from 3.2% in the earlier month. Household spending in France increased by 0.7% from a month ago in November.

The British economy grew by 0.3% month-over-month in November compared to a 0.3% decline in the prior month. Industrial production in the UK increased 0.3% month-over-month in November versus a revised 1.3% decline in October The UK's trade deficit shrank to £1.408 billion in November from a revised gap of £3.198 billion a month ago.

 

Asia Pacific Markets

 

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 1.50%, Hong Kong’s Hang Seng Index falling 0.35% and China’s Shanghai Composite Index falling 0.16%. India’s S&P BSE Sensex, meanwhile, rose 1.16%.

The gauge for Japan's service sector confidence rose by 1.2 points to a reading of 50.7 in December, while Japan’s current account rose to JPY 1,925.6 billion in November versus JPY 1,772.2 billion in the year-ago period.

China's trade surplus widened to $75.34 billion in December from $70.65 billion in the year-ago month. China's producer prices fell by 2.7% year-over-year in December, while consumer prices fell by 0.3% year-over-year in December.

 

Economics

 

Producer prices in the U.S. fell 0.1% month-over-month in December, the same as in the prior month, and compared to market estimates of a 0.1% rise.

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