S&P 500 Moves Higher; BlackRock Reports Upbeat Results

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 350 points on Friday.

The Dow traded up 0.86% to 42,820.94 while the NASDAQ rose 0.35% to 18,346.63. The S&P 500 also rose, gaining, 0.58% to 5,813.55.

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Leading and Lagging Sectors

Financials shares jumped by 1.9% on Friday.

In trading on Friday, consumer discretionary shares fell by 0.3%.

Top Headline

BlackRock, Inc. BLK reported better-than-expected third-quarter results.

Revenue growth of 15% Y/Y to $5.197 billion, beating the consensus of $5.007 billion. Adjusted EPS increased 5% Y/Y to $11.46, beating the consensus of $10.38.

Equities Trading UP
                       

• Top Wealth Group Holding Limited TWG shares shot up 194% to $6.21. The company priced its $10.8 million public offering of 27 million ordinary shares at $0.40 per share.
• Shares of Pacific Biosciences of California Inc PACB got a boost, surging 30% to $2.0093 after the company announced it signed a research collaboration agreement with the National Cancer Center of Singapore. The project will use the company’s sequencing technologies.
• Conduit Pharmaceuticals Inc CDT shares were also up, gaining 9% to $0.1119 after AstraZeneca reported a 9.9% stake in the company.

Equities Trading DOWN

• Tesla, Inc. TSLA shares dropped 8% to $218.97 following its Cybercab unveiling, with investors assessing a potential 2026 or 2027 timeline.
• Shares of Perspective Therapeutics Inc CATX were down 8% to $12.20. Perspective Therapeutics announced plans to advance development of radiopharmaceutical therapy [212Pb]VMT01 after data at Society for Melanoma Research Congress.
• A. O. Smith Corporation AOS was down, falling 7% to $80.33 after the company reported preliminary third-quarter results below estimates and cut its FY24 EPS guidance below estimates.

Commodities

In commodity news, oil traded down 0.5% to $75.49 while gold traded up 1.3% at $2,673.40.

Silver traded up 1.4% to $31.675 on Friday, while copper rose 1.4% to $4.4875.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 gained 0.55%, Germany's DAX gained 0.85% and France's CAC 40 rose 0.48%. Spain's IBEX 35 Index rose 0.54%, while London's FTSE 100 rose 0.19%.

The UK’s trade deficit shrank to £0.96 billion in August compared to a revised £4.71 billion gap in July, while the British economy grew by 0.2% month-over-month in August. Industrial production in the UK climbed 0.5% month-over-month in August. The annual inflation rate in Germany fell to 1.6% in September from 1.9% in August

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan's Nikkei 225 gaining 0.57%, China's Shanghai Composite Index dipping 2.55% and India's BSE Sensex falling 0.28%.

Industrial production in India fell 0.1% year-over-year in August compared to a revised 4.7% gain in July.

Economics

• Core producer prices in the U.S. increased by 0.2% from the previous month for September compared to a 0.3% rise in August.
• The University of Michigan consumer sentiment fell to 68.9 in October versus a five-month high level of 70.1 in September, and compared to market estimates of 70.8.
• The total number of active U.S. oil rigs rose by two to 481 rigs this week, Baker Hughes Inc reported.

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