Crude Oil Rises 2%; Samsara Shares Spike Higher

U.S. stocks extended gains midway through trading, with Nasdaq Composite gaining 1% on Friday.

The Dow traded up 1.69% to 33,619.02 while the NASDAQ rose 1% to 13,232.01. The S&P 500, also rose, gaining, 1.34% to 4,277.76.

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Leading and Lagging Sectors

• Materials shares jumped by 3.2% on Friday. Meanwhile, top gainers in the sector included The Chemours Company CC, up 24%, and Trinseo PLC TSE, up 13%.
• In trading on Friday, communication services shares rose by just 0.2%.

Top Headline

The US economy added 339,000 jobs in May, significantly higher than market estimates of 190,000. The unemployment rate, however, increased to 3.7% in May.

Equities Trading UP

• MultiMetaVerse Holdings Limited MMV shares shot up 157% to $2.42 after the company announced it signed a non-binding term sheet to acquire an equity stake in Taomee group.
• Shares of Samsara Inc. IOT got a boost, shooting 31% to $24.82 after the company reported better-than-expected first-quarter results and raised its FY24 outlook.
• Yunji Inc. YJ shares were also up, gaining 105% to $0.4366 after reporting first-quarter financial results.

Equities Trading DOWN

• SentinelOne, Inc. S shares dropped 37% to $13.09 after the company reported worse-than-expected first-quarter sales and issued weak second-quarter guidance.
• Shares of PagerDuty, Inc. PD were down 17% to $22.92 after the company issued weak revenue guidance.
• Oncorus, Inc. ONCR was down, falling 39% to $0.1111 after the company announced a workforce reduction plan of approximately 55 employees.

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Commodities

In commodity news, oil traded up 2% to $71.49 while gold traded down 0.7% at $1,980.90.

Silver traded down 0.9% to $23.78 on Friday while copper rose 0.6% to $3.7340.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.52%, London’s FTSE 100 rose 1.52% while Spain’s IBEX 35 Index rose 1.68% The German DAX gained 1.24% French CAC 40 rose 1.87% and Italy’s FTSE MIB Index climbed 1.86%.

Industrial production in France increased by 0.8% month-over-month in April versus a 1.1% drop in the prior month, and compared to market estimates of a 0.3% gain.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 1.21%, Hong Kong’s Hang Seng Index jumping 4.02% and China’s Shanghai Composite Index rising 0.79%. India’s S&P BSE Sensex rose 0.2%.

The value of new home loans in Australia fell by 3.8% month-over-month to A$15.40 billion during the month of April.

Economics

The US economy added 339,000 jobs in May, significantly higher than market estimates of 190,000. The unemployment rate, however, increased to 3.7% in May.

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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 107,123,540 cases with around 1,165,530 deaths. India confirmed a total of at least 44,990,870 cases and 531,870 deaths, while France reported over 40,090,330 COVID-19 cases with 167,310 deaths. In total, there were at least 689,748,740 cases of COVID-19 worldwide with more than 6,885,490 deaths.