US Stocks Mixed; Dell Posts Upbeat Results

U.S. stocks traded mixed this morning, with the Dow Jones falling around 40 points on Friday.

Following the market opening Friday, the Dow traded down 0.11% to 38,954.76 while the NASDAQ rose 0.11% to 16,109.20. The S&P 500 also rose, gaining, 0.04% to 5,098.24.

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Leading and Lagging Sectors

Energy shares rose by 1.1% on Friday.

In trading on Friday, utilities shares fell by 1.1%.

Top Headline

Dell Technologies Inc. DELL reported better-than-expected fourth-quarter financial results and increased its annual cash dividend by 20%.

Equities Trading UP

BioVie Inc. BIVI shares shot up 126% to $2.80. BioVie's Ne3107 demonstrated potential improvements in motor and non-motor symptoms for Parkinson's disease patients and may be realigning physiological processes for Alzheimer's patients.

Shares of Adial Pharmaceuticals, Inc. ADIL got a boost, surging 92% to $3.92. Adial Pharmaceuticals was awarded a new patent covering AD04 for the potential treatment of opioid use disorder.

Nxu, Inc. NXU shares were also up, gaining 39% to $1.11 after the company announced it successfully charged a Tesla Cybertruck on Feb. 26.

Equities Trading DOWN

GigCapital5, Inc. GIA shares dropped 60% to $4.3999. GigCapital5 announced closing date of March 4, 2024 for business combination with QT Imaging.

Shares of Fisker Inc. FSR were down 48% to $0.38 after the company reported preliminary fourth-quarter total revenue results below estimates and said it expects to conclude there is substantial doubt about its ability to continue as a going concern when its annual financial statements are filed with the SEC.

Scilex Holding Company SCLX was down, falling 37% to $1.43 after reporting a $10 million bought deal offering.

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Commodities

In commodity news, oil traded up 1.7% to $79.55 while gold traded up 0.4% at $2,062.80.

Silver traded rose 0.1% to $22.915 on Friday while copper fell 0.3% to $3.8355.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.4%, London’s FTSE 100 rose 0.7% while Spain’s IBEX 35 Index climbed 0.8% The German DAX gained 0.4% French CAC 40 fell 0.1% while Italy’s FTSE MIB Index surged 0.9%.

The unemployment rate in the Eurozone fell to 6.4% in January from 6.5% in the previous month, while consumer price inflation rate eased to 2.6% year-over-year in February. The HCOB Eurozone manufacturing PMI was revised up to 46.5 in February versus a preliminary level of 46.1.

The S&P Global UK manufacturing PMI was revised higher to 47.5 in February, recording the highest level in ten months, while German manufacturing PMI rose to 42.5 in February versus a preliminary level of 42.3. French manufacturing PMI rose to 47.1 in February versus a preliminary reading of 46.8.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 1.90%, Hong Kong’s Hang Seng Index climbing 0.47%, China’s Shanghai Composite Index gaining 0.39% and India’s S&P BSE Sensex gaining 1.72%.

Retail sales in Hong Kong fell 1.2% year-over-year in January compared to a 4.8% increase in the prior month. The HSBC Indian manufacturing PMI climbed to 56.9 in February versus a preliminary level of 56.7.

The official NBS manufacturing PMI in China fell to 49.1 in February from 49.2 a month ago, while official NBS non-manufacturing PMI rose to 51.4 from 50.7. The au Jibun Bank Japan manufacturing PMI fell to 47.2 in February from a final reading of 48.0 in January.

Economics

The ISM Manufacturing index will be released at 10:00 a.m. ET.

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