Nasdaq Surges Over 1%; Workday Shares Climb After Q2 Earnings

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining over 1% on Friday.

The Dow traded up 0.89% to 41,073.20 while the NASDAQ rose 1.22% to 17,835.11. The S&P 500 also rose, gaining, 0.90% to 5,621.03.

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Leading and Lagging Sectors

Real estate shares climbed by 1.9% on Friday.

In trading on Friday, consumer staples shares fell by 0.1%.

Top Headline

The total number of active U.S. oil rigs came in unchanged at 483 rigs this week, Baker Hughes Inc reported

Equities Trading UP
                       

• Sequans Communications S.A. SQNS shares shot up 115% to $1.1590 after the company reported a year-over-year increase in preliminary second-quarter revenue results.
• Shares of CAVA Group, Inc. CAVA got a boost, surging 21% to $123.08 as the company reported better-than-expected second-quarter financial results on Thursday.
• Workday, Inc. WDAY shares were also up, gaining 13% to $260.14 as the company upbeat earnings for the second quarter.

Equities Trading DOWN

• iQIYI, Inc. IQ shares dropped 10% to $2.3450 after Benchmark downgraded the stock from Buy to Hold.
• Shares of Farmmi, Inc. FAMI were down 57% to $0.2454 after the company announced the pricing of $1 million registered direct offering.
• Red Robin Gourmet Burgers, Inc. RRGB was down, falling 8% to $4.3516 as the company reported downbeat earnings for its second quarter and lowered its FY24 revenue guidance.

Commodities

In commodity news, oil traded up 2.7% to $74.95 while gold traded up 1.2% at $2,546.00.

Silver traded up 2.8% to $29.845 on Friday, while copper rose 1.5% to $4.2085.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 gained 0.46%, Germany's DAX rose 0.76% and France's CAC 40 gained 0.70%. Spain's IBEX 35 Index rose 1.09%, while London's FTSE 100 rose 0.48%.

Median expectations for inflation over the next 12 months for the Eurozone came in unchanged at 2.8% for the third month in a row. The manufacturing climate indicator in France climbed to 98.8 in August from 95.4 in July.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan's Nikkei 225 gaining 0.40%, Hong Kong's Hang Seng Index falling 0.16%, China's Shanghai Composite Index rising 0.20% and India's BSE Sensex rising 0.04%.

The annual inflation rate in Japan came in at 2.8% in July, holding steady for the third month in a row.

Economics

• U.S. building permits declined by 3.3% to an annual rate of 1.406 million in July.
• Sales of new single-family houses in the U.S. jumped by 10.6% from the prior month to a rate of 739 thousand homes in July.
• The total number of active U.S. oil rigs came in unchanged at 483 rigs this week, Baker Hughes Inc reported.

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