Dow Jumps 600 Points; Crude Oil Down Over 1%

U.S. stocks extended gains midway through trading, with the Dow Jones surging more than 600 points on Friday.

The Dow traded up 1.92% to 32,648.16 while the NASDAQ rose 1.74% to 10,979.98. The S&P 500 also rose, gaining, 1.60% to 3,868.26.

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Leading and Lagging Sectors

Information technology shares climbed 4% on Friday. Leading the sector was strength from 8x8, Inc. EGHT and TROOPS, Inc. TROO.

In trading on Friday, consumer discretionary shares fell by 1.9%.

Top Headline

Exxon Mobil Corporation XOM reported upbeat earnings for its third quarter on Friday.

Exxon Mobil posted a Q3 profit of $4.45 per share, a robust increase over $1.58 a year ago versus the consensus of $3.65. But the company's revenue, at $112.07 billion, jumped 52% Y/Y, missing the $115.60 billion analysts were expecting.

Equities Trading UP

• Nuvalent, Inc. NUVL shares shot up 51% to $33.25 after the company reported preliminary Phase 1 clinical data from the ARROS-1 trial that support the best-in-class potential of NVL-520 for patients with ROS1-positive NSCLC.
• Shares of Data I/O Corporation DAIO got a boost, shooting 23% to $3.7903 after the company reported better-than-expected Q3 results.
• 8x8, Inc. EGHT shares were also up, gaining 14% to $3.90 after the company announced better-than-expected Q2 EPS and sales results.

Equities Trading DOWN

• Greenlane Holdings, Inc. GNLN shares tumbled 63% to $0.4533 after the company reported a $7.5 million public offering.
• Shares of DaVita Inc. DVA were down 25% to $72.53 after the company reported worse-than-expected Q3 EPS and sales results and lowered FY22 adjusted EPS guidance below estimates.
• Edwards Lifesciences Corporation EW was down, falling 17% to $71.75 after the company reported worse-than-expected Q3 results. The company also lowered its FY22 EPS guidance below analyst estimates.

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Commodities

In commodity news, oil traded down 1.2% to $88.03 while gold traded down 1.2% at $1,645.20.

Silver traded down 2.2% to $19.06 on Friday while copper fell 2.5% to $3.4305.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.15%, London’s FTSE 100 fell 0.41% while Spain’s IBEX 35 Index fell 0.23%. The German DAX rose 0.24%, French CAC 40 rose 0.51% and Italy’s FTSE MIB Index fell 0.27%.

German economy expanded by 0.3% on quarter during the three months to September, versus a 0.1% growth in the prior period. Spanish consumer price inflation declined to 7.3% year-over-year in October from 8.9% in the previous month, while the country’s economy expanded by 0.2% on quarter during the three months to September. The French economy grew 0.2% on quarter in the third quarter.

Economics

• Personal spending in the US rose 0.6% month-over-month in September, while personal income increased by 0.4%. The personal consumption expenditure price index in the US increased 0.3% month-over-month in September, the same as in the earlier month.
• Compensation costs for civilian workers climbed 1.2% on quarter in the third quarter, versus a 1.3% increase in the prior period.
• The University of Michigan consumer sentiment was revised higher to 59.9 in October versus a preliminary level of 59.8.
• Pending home sales in the US dipped by 10.2% from a month ago in September.
• The Baker Hughes North American rig count report for the latest week will be released at 1:00 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 99,281,950 cases with around 1,094,590 deaths. India confirmed a total of at least 44,649,080 cases and 528,990 deaths, while France reported over 36,744,650 COVID-19 cases with 156,770 deaths. In total, there were at least 634,727,460 cases of COVID-19 worldwide with more than 6,589,740 deaths.