Nasdaq Down 100 Points; Crude Oil Drops Over 1%

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping around 100 points on Friday.

The Dow traded down 0.43% to 33,164.71 while the NASDAQ fell 0.82% to 12,227.60. The S&P 500, also fell, dropping, 0.60% to 4,105.64.

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Leading and Lagging Sectors

• Utilities shares rose by 0.3% on Friday. Meanwhile, top gainers in the sector included Companhia de Saneamento Básico do Estado de São Paulo - SABESP SBS, up 7%, and Azure Power Global Limited AZRE, up 6%.
• In trading on Friday, consumer discretionary shares fell 1.2%.

Top Headline

The total number of active U.S. oil rigs fell by 2 to 586 rigs this week, Baker Hughes Inc reported.

Equities Trading UP

• ARS Pharmaceuticals, Inc. SPRY shares shot up 80% to $8.14 after the company reported the FDA's Advisory Committee voted in support of favorable benefit-risk assessment for neffy in the treatment of severe allergic reactions (Type 1), including anaphylaxis.
• Shares of AirSculpt Technologies, Inc. AIRS got a boost, shooting 38% to $6.77 after the company reported better-than-expected Q1 sales results.
• Getaround, Inc. GETR shares were also up, gaining 61% to $0.5330 after the company announced it is acquiring substantially all of the assets of HyreCar for an aggregate purchase price of $9.45 million.

Equities Trading DOWN

• TOP Financial Group Limited TOP shares dropped 30% to $6.42 after the SEC said it is temporarily suspending trading in the securities of the company because of "recent, unusual, and unexplained market activity" raising concerns regarding the adequacy and accuracy of publicly-available information.
• Shares of Heron Therapeutics, Inc. HRTX were down 37% to $1.4050 after the company reported mixed Q1 financial results.
• Assure Holdings Corp. IONM was down, falling 39% to $1.18 after the company announced pricing of a $6 million underwritten public offering.

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Commodities

In commodity news, oil traded down 1.2% to $70.00 while gold traded down 0.1% at $2,019.00.

Silver traded down 1.2% to $24.135 on Friday while copper rose 0.5% to $3.7290.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.40%, London’s FTSE 100 rose 0.31% while Spain’s IBEX 35 Index rose 0.56% The German DAX rose 0.50%, French CAC 40 rose 0.45% and Italy’s FTSE MIB Index rose 0.92%.

Spain's annual consumer price inflation increased to 4.1% in April from 3.3% in the previous month, while annual inflation rate in France increased to 5.9% in April from 5.7% in the prior month.

The UK economy grew 0.2% year-over-year during the first quarter, recording the smallest annual expansion since 2021. Industrial production in the UK rose 0.7% month-over-month in March, while trade deficit narrowed to £2.86 billion in March versus a revised £3.35 billion in the earlier month.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.90%, Hong Kong’s Hang Seng Index dropping 0.59% and China’s Shanghai Composite Index falling 1.12%. India’s S&P BSE Sensex rose 0.3%.

Hong Kong’s economy expanded 2.7% year-over-year in the first quarter versus a revised 4.1% contraction in the earlier quarter. Annual inflation rate in India eased to 4.7% in April from 5.7% in March.

Economics

• U.S. export prices increased by 0.2% from a month ago in April, while import prices rose 0.4% month-over-month in April.
• The University of Michigan consumer sentiment dropped to a six-month low level of 57.7 in May from 63.5 in the prior month.
• The total number of active U.S. oil rigs fell by 2 to 586 rigs this week, Baker Hughes Inc reported.

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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 106,790,390 cases with around 1,162,690 deaths. India confirmed a total of at least 44,978,170 cases and 531,750 deaths, while France reported over 40,029,700 COVID-19 cases with 166,860 deaths. In total, there were at least 688,143,330 cases of COVID-19 worldwide with more than 6,873,530 deaths.