Wall Street Mixed; Dow Drops Over 50 Points

U.S. stocks traded mixed this morning, with the Dow Jones dropping more than 50 points on Friday.

Following the market opening Friday, the Dow traded down 0.22% to 29,160.17 while the NASDAQ rose 0.13% to 10,751.20. The S&P 500 also rose, gaining, 0.01% to 3,640.75.

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Leading and Lagging Sectors

Real estate shares rose by 0.6% on Friday.

In trading on Friday, consumer discretionary shares fell by 0.6%.

Top Headline

Personal income in the US climbed by 0.3% from a month ago in August, while personal spending rose 0.4%. The personal consumption expenditure price index rose 0.3% month-over-month in August following a 0.1% decline in July.

Equities Trading UP

• F45 Training Holdings Inc. FXLV shares shot up 51% to $3.3001 after a 13D filing showed the company received a non-binding proposal offer by one or more funds for a value of $4 per share.
• Shares of InMed Pharmaceuticals Inc. INM got a boost, shooting 54% to $8.85. InMed recently reported a FY22 net loss of $33.17 per share.
• Avenue Therapeutics, Inc. ATXI shares were also up, gaining 30% to $9.39. The stock has been volatile after the company last week announced a 1-for-15 reverse split and received meeting minutes from the FDA regarding a meeting conducted on August 9, 2022, for IV Tramadol.

Equities Trading DOWN

• Intercept Pharmaceuticals, Inc. ICPT shares tumbled 18% to $13.40 after the company announced its REVERSE Phase 3 study of obeticholic acid did not meet its primary endpoint.
• Shares of SHF Holdings Inc SHFS were down 17% to $7.28 after declining 15% on Thursday. Northern Lights Acquisition completed business combination of SHF, Safe Harbor Financial, which offers compliance services to financial institutions that serve the regulated cannabis industry.
• Carnival Corporation CCL was down, falling 17% to $7.60 after the company reported worse-than-expected Q3 EPS and sales results.

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Commodities

In commodity news, oil traded down 0.9% to $80.50, while gold traded up 0.6% at $1,678.90.

Silver traded up 2.3% to $19.15 on Friday while copper rose 0.6% to $3.44.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.8%. The German DAX gained 0.8%, French CAC 40 climbed 0.9% and Italy’s FTSE MIB Index gained 1.2%.

The unemployment rate in Germany came in unchanged at 5.5% in September, while unemployment rate in Italy fell to 7.8% in August from 7.9% in the previous month. Retail trade in Spain came in flat for August versus an annual drop of 0.5% in the prior month. The annual inflation rate in France fell to 5.6% in September from 5.9% a month ago.

The Nationwide House Price Index in the UK climbed 9.5% year-over-year in September, while British GDP expanded 4.4% year-over-year in the second quarter. The current account deficit in the UK narrowed to GBP 33.8 billion in the second quarter versus a revised record GBP 43.9 billion in the previous period.

Economics

• Personal income in the US climbed by 0.3% from a month ago in August, while personal spending rose 0.4%. The personal consumption expenditure price index rose 0.3% month-over-month in August following a 0.1% decline in July.
• The Chicago PMI dropped to 45.7 in September from 52.2 in the earlier month.
• The University of Michigan consumer sentiment index was revised lower to 58.6 in September from a preliminary estimate of 59.5.
• Federal Reserve Governor Michelle Bowman will speak at 11:00 a.m. ET.
• Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 12:30 p.m. ET.
• The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
• Data on farm prices for August will be released at 3:00 p.m. ET.
• Federal Reserve Bank of New York President John Williams will speak at 4:15 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,166,900 cases with around 1,084,280 deaths. India confirmed a total of at least 44,587,300 cases and 528,620 deaths, while France reported over 35,342,950 COVID-19 cases with 155,070 deaths. In total, there were at least 622,557,150 cases of COVID-19 worldwide with more than 6,547,770 deaths.