Dow Surges 200 Points; Constellation Brands Posts Upbeat Results

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 200 points on Friday.

Following the market opening Friday, the Dow traded up 0.63% to 34,338.23 while the NASDAQ rose 1.05% to 13,734.23. The S&P 500, also rose, gaining, 0.84% to 4,433.37.

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Leading and Lagging Sectors

• Information technology shares jumped by 1.4% on Friday.
• In trading on Friday, materials shares rose by just 0.3%.

Top Headline

Constellation Brands, Inc STZ reported better-than-expected results for its first quarter on Friday.

Constellation Brands reported first-quarter FY24 net sales growth of 6.4% year-on-year to $2.51 billion, beating the analyst consensus of $2.47 billion. Comparable EPS of $2.91 beat the consensus of $2.83. Comparable EPS, excluding Canopy equity losses, was $3.04.

Equities Trading UP

• Renalytix Plc RNLX shares shot up 34% to $2.71 after the company received FDA De Novo marketing authorization for its KidneyIntelX.dkd prognostic test.
• Shares of CymaBay Therapeutics, Inc. CBAY got a boost, shooting 34% to $10.48.
• TOP Financial Group Limited TOP shares were also up, gaining 28% to $9.94 after the company reported FY23 financial results.

Equities Trading DOWN

• Paltalk, Inc. PALT shares dropped 20% to $2.25
• Shares of Root, Inc. ROOT were down 20% to $8.97. Root said it is not in receipt of any proposal that is either actionable or in the best interests of shareholders.
• Cineverse Corp. CNVS was down, falling 16% to $1.93 after the company reported weak fourth-quarter sales.

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Commodities

In commodity news, oil traded up 0.4% to $70.16 while gold traded up 0.1% at $1,919.10.

Silver traded down 0.6% to $22.665 on Friday while copper rose 1.2% to $3.7440.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.2%, London’s FTSE 100 rose 1% while Spain’s IBEX 35 Index rose 1.3% The German DAX climbed 1.2% French CAC 40 rose 1.2% and Italy’s FTSE MIB Index rose 1.1%.

The unemployment rate in the Eurozone came in unchanged at a record low level of 6.5% in May. The consumer price inflation rate in the Eurozone declined to 5.5% in June from 6.1% in the prior month.

Germany’s unemployment rate rose to 5.7% in June, while Italy’s jobless rate dropped to 7.6% in May. Producer prices in the French domestic markets declined 1.4% month-over-month during the month of May, while consumer price inflation fell to 4.5% year-over-year in June.

The gross domestic product in the UK expanded by 0.2% during the first quarter, while current account gap increased sharply to £10.8 billion in the first quarter versus a £2.5 billion gap in the prior period.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 dropping 0.14%, Hong Kong’s Hang Seng Index falling 0.09%, China’s Shanghai Composite Index gaining 0.62%. India’s S&P BSE Sensex gained 1.3%.

China recorded a current account surplus of $81.5 billion in the first quarter versus a year-ago surplus of $85.3 billion. The NBS Composite PMI Output Index in China fell to 52.3 in June from 52.9 in the prior month. Japan's housing starts climbed by 3.5% year-over-year in May, while industrial production dropped by 1.6% month-over-month in May. Japan’s unemployment rate came in at 2.6% in May.

Economics

• Personal income in the U.S. increased by 0.4% month-over-month in May following a revised 0.3% growth in April.
• Personal spending in the U.S. rose by 0.1% in May following a 0.6% increase in April.
• The personal consumption expenditure price index in the U.S. rose 3.8% year-over-year in May, recording the lowest reading since April 2021.

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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 107,305,930 cases with around 1,168,110 deaths. India confirmed a total of at least 44,994,140 cases and 531,900 deaths, while France reported over 40,137,450 COVID-19 cases with 167,640 deaths. In total, there were at least 690,920,130 cases of COVID-19 worldwide with more than 6,895,420 deaths.