Crude Oil Rises; Evolv Technologies Shares Spike Higher

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling around 65 points on Friday.

The Dow traded up 0.32% to 35,289.89 while the NASDAQ fell 0.48% to 13,672.26. The S&P 500, also fell, dropping, 0.02% to 4,467.80.

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Leading and Lagging Sectors

Energy shares jumped by 1.2% on Friday.

In trading on Friday, information technology shares fell by 1%.

Top Headline

Spectrum Brands Holdings Inc SPB reported better-than-expected earnings for its second quarter.

The company posted a second-quarter 2023 sales decline of 10.1% year-on-year to $735.5 million, missing the analyst consensus estimate of $780.97 million. Adjusted EPS of $0.75 beat the analyst consensus estimate of $0.57.

Spectrum Brands reiterated FY23 sales outlook of mid-single digit decline with foreign exchange expected to have a negative impact based upon current rates.

Equities Trading UP

Evolv Technologies Holdings, Inc. EVLV shares shot up 30% to $7.59 after the company reported better-than-expected second-quarter financial results and raised FY23 revenue guidance above estimates.

Shares of Telesat Corporation TSAT got a boost, shooting 56% to $13.18 after the company reported second-quarter results and tapped MDA under a $2.1 billion deal as prime satellite manufacturer of advanced Telesat Lightspeed Low Earth Orbit constellation.

Rigetti Computing, Inc. RGTI shares were also up, gaining 35% to $2.22 following a narrower-than-expected quarterly loss.

Equities Trading DOWN

Yield10 Bioscience, Inc. YTEN shares dropped 57% to $0.4370 after the company announced pricing of a $3.7 million public offering.

Shares of Cano Health, Inc. CANO were down 74% to $0.4012 after the company reported worse-than-expected second-quarter financial results, withdrew its guidance and said it is pursuing a sale process. The company also expressed doubt over its ability to continue as a going concern.

Maxeon Solar Technologies, Ltd. MAXN was down, falling 33% to $14.99 after the company reported mixed second-quarter financial results and issued FY23 revenue guidance below estimates.

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Commodities

In commodity news, oil traded up 0.8% to $83.46 while gold traded down 0.1% at $1,946.20.

Silver traded down 0.4% to $22.735 on Friday while copper fell 1.5% to $3.7190.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.09%, London’s FTSE 100 fell 1.24% while Spain’s IBEX 35 Index fell 0.71% The German DAX fell 1.03% French CAC 40 fell 1.26% and Italy’s FTSE MIB Index fell 1.05%.

Italy recorded a trade surplus of EUR 7.7 billion in June, compared to a EUR 2.5 billion deficit in June. Annual inflation rate in Spain rose to 2.3% in July from 1.9% in the prior month, while annual inflation rate in France eased to 4.3% in July from 4.5% in the previous month

The British economy grew 0.4% year-over-year in the second quarter, versus a 0.2% expansion in the first three months of the year. The UK trade deficit narrowed to £4.79 billion in June versus a revised £7.66 billion gap in May. Industrial production in the UK rose 1.8% month-over-month in June.

Asia Pacific Markets

Asian markets closed lower on Friday, with China’s Shanghai Composite Index falling 2.01% and Hong Kong’s Hang Seng Index falling 0.90%. India’s S&P BSE Sensex, meanwhile, fell 0.56%.

Hong Kong’s economic growth slowed to 1.5% year-over-year in the second quarter, from 2.9% in the previous period. Vehicle sales in China declined 1.4% year-over-year to 2.387 million units in July.

Economics

Producer prices in the U.S. increased 0.3% month-over-month in July, recording the biggest rise since January, following a revised flat reading for June. However, analysts were expecting a 0.2% increase in prices.

The University of Michigan consumer sentiment fell to 71.2 in August from 71.6 in the previous month, but topped market estimates of 71.

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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 107,708,990 cases with around 1,171,690 deaths. India confirmed a total of at least 44,996,150 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,161,540 cases of COVID-19 worldwide with more than 6,906,720 deaths.