S&P 500 Gains Over 1%; 3M Shares Jump After Q2 Results

U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining more than 1% on Friday.

The Dow traded up 1.66% to 40,598.17 while the NASDAQ rose 1.07% to 17,365.04. The S&P 500 also rose, gaining, 1.17% to 5,462.66.

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Leading and Lagging Sectors

Industrials shares jumped by 2% on Wednesday.

In trading on Wednesday, energy shares rose by just 0.6%.

Top Headline

3M Company MMM shares jumped around 21% on Friday after the company posted better-than-expected second-quarter financial results and raised its FY24 EPS outlook.

The company reported second-quarter net sales of $6.255 billion, a slight decline of 0.5% year-over-year. Adjusted net sales totaled $6.019 billion, up 1.1% YoY, beating the consensus of $5.878 billion. Adjusted EPS was $1.93, up from $1.39 in the prior-year quarter, beating the consensus of $1.68.

For fiscal 2024, 3M continues to see adjusted total sales growth of (0.25%) to +1.75% and, on an organic basis, flat to +2%. MMM now expects adjusted EPS of $7.00 – $7.30 (prior $6.80 – $7.30) versus the $7.17 consensus.

Equities Trading UP
                       

• Windtree Therapeutics, Inc. WINT shares shot up 107% to $6.85 after the company filed a request for the withdrawal of its registration statement on a Form S-1.
• Shares of BurgerFi International, Inc. BFI got a boost, surging 144% to $0.5191 after the company announced it reached a legal settlement agreement with Lion Point Capital. The company agreed to pay $1,350,000 and issue Lion Point 300,000 of preferred stock.
• Coursera, Inc. COUR shares were also up, gaining 45% to $10.77 after the company beat second-quarter earnings estimates.

Equities Trading DOWN

• NovaBay Pharmaceuticals, Inc. NBY shares dropped 64% to $0.70 after the company reported pricing of $3.5 million underwritten public offering.
• Shares of DexCom, Inc. DXCM were down 42% to $62.50 after the company reported worse-than-expected second-quarter revenue results and issued weak FY24 revenue guidance.
• Nature’s Miracle Holding Inc NMHI was down, falling 47% to $0.2087 after the company announced pricing of $1.2 million public offering.

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Commodities

In commodity news, oil traded down 1.1% to $77.41 while gold traded up 1.2% at $2,381.50.

Silver traded up 0.1% to $28.00 on Friday, while copper fell 0.3% to $4.1145.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.83%, Germany's DAX rose 0.65% and France's CAC 40 rose 1.22%. Spain's IBEX 35 Index rose 0.18%, while London's FTSE 100 rose 1.21%.

Median expectations for inflation over the next 12 months for the Eurozone came in unchanged at 2.8% for June. Spanish unemployment rate declined to 11.27% during the second quarter. The consumer confidence indicator in France climbed to 90.8 in July compared to a revised reading of 89.7 in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan's Nikkei 225 falling 0.53%, Hong Kong's Hang Seng Index gaining 0.1%, China's Shanghai Composite Index gaining 0.14% and India's S&P BSE Sensex jumping 1.62%.

Foreign exchange reserves held by the Reserve Bank of India rose to $670.9 billion as of July 19. The index of coincident economic indicators in Japan rose to 117.1 in May versus a flash reading of 116.5.

Economics

• The headline Personal Consumption Expenditure (PCE) price index fell to 2.5% year-on-year in June, as expected.
• Personal spending in the U.S. rose 0.3% from the prior month in June, while personal income increased by 0.2% to $23.948 trillion in June.
• The University of Michigan consumer sentiment was revised higher to 66.4 in July compared to a preliminary level of 66.
• The total number of active U.S. oil rigs climbed by 5 to 482 rigs this week, Baker Hughes Inc reported

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