Nasdaq Down 1.5%; Gap Shares Spike Higher

U.S. stocks traded mostly lower midway through trading, with the Nasdaq Composite falling around 1.5% on Friday.

The Dow traded up 0.09% to 38,144.50 while the NASDAQ dipped 1.53% to 16,480.34. The S&P 500 also fell, dropping, 0.69% to 5,199.39.

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Leading and Lagging Sectors

Real estate shares rose by 1.1% on Friday.

In trading on Friday, information technology shares fell by 1.3%.

Top Headline

The Federal Reserve's preferred inflation measure held steady in April, aligning with economist expectations, yet keeping investors anxious about potential rate cuts.

The headline PCE inflation rate held steady at 2.7% year-on-year in April 2024, matching economist expectations, according to Econoday data.

Equities Trading UP
                       

• Novo Integrated Sciences, Inc. NVOS shares shot up 142% to $1.0875 after the company approved a $5 million stock repurchase. The company’s board is conducting a review to determine whether it is appropriate to increase the amount under the repurchase program.
• Shares of Ambarella, Inc. AMBA got a boost, surging 17% to $56.58 following strong first-quarter earnings and upbeat second-quarter guidance.
• The Gap, Inc. GPS shares were also up, gaining 25% to $28.07 after reporting strong quarterly results

Equities Trading DOWN

• MongoDB, Inc. MDB shares dropped 25% to $232.63 after the company issued weak FY25 guidance.
• Shares of Dell Technologies Inc. DELL were down 21% to $134.04. Dell reported upbeat earnings and sales results for the first quarter.
• Calidi Biotherapeutics, Inc CLDI was down, falling 30% to $0.2098 after the company reported exercise of warrants for $2.1 million gross proceeds.

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Commodities

In commodity news, oil traded down 0.8% to $77.32 while gold traded down 0.4% at $2,358.30.

Silver traded down 1.2% to $31.150 on Friday, while copper fell 1.1% to $4.6085.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.18%, Germany's DAX fell 0.19% and France's CAC 40 slipped 0.01%. Spain's IBEX 35 Index slipped 0.35%, while London's FTSE 100 gained 0.45%.

Annual inflation rate in the Eurozone increased to 2.6% in May compared to 2.4% in each of the prior two months. Producer prices in France fell 3.6% month-over-month for the month of April. The French economy grew by 0.2% quarter-over-quarter in the first quarter, while annual inflation rate in France came in steady at 2.2% in May.

Consumer credit in the UK increased by £73 million in April versus a revised £1.422 billion a month ago. Italy's gross domestic product increased by 0.3% from the prior quarter during the three months ending March. Retail sales in Germany fell 1.2% month-over-month during April.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan's Nikkei gaining 1.14%, China's Composite Index falling 0.16%, Hong Kong's Hang Seng Index falling 0.83% and India's S&P BSE Sensex gaining 0.01%.

Retail sales in Hong Kong fell 16.5% year-over-year in April compared to revised 8.7% decline in the earlier month. The NBS Composite PMI Output Index for China fell to 51.0 in May compared to April's reading of 51.7.

Retail sales in Japan increased by 2.4% year-over-year in April, while industrial production fell 0.1% month-over-month in April. Japan’s housing starts climbed by 13.9% year-over-year in April versus a 12.8% decline in the prior month. Japan's unemployment rated came in unchanged at 2.6% in April.

Economics

• The headline PCE inflation rate held steady at 2.7% year-on-year in April 2024, matching economist expectations, according to Econoday data.
• Personal income rose at a 0.3% monthly rate, slowing down from March's 0.5% growth and matching expectations.
• Personal spending advanced at a 0.2% pace, decelerating from March's 0.8% growth and missing expectations of 0.3%.
• The Chicago PMI fell to 35.4 in May from 37.9 in the previous month.

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