Crude Oil Falls Sharply; Exxon Mobil Earnings Top Views

U.S. stocks traded lower toward the end of trading, with the S&P 500 falling more than 2% on Friday.

The Dow traded down 1.92% to 39,571.38 while the NASDAQ fell 2.56% to 16,754.04. The S&P 500 also fell, dropping, 2.15% to 5,329.56.

Leading and Lagging Sectors

Consumer staples shares rose by 0.3% on Friday.

In trading on Thursday, consumer discretionary shares dipped by 5.4%.

Top Headline

Exxon Mobil Corporation XOM reported better-than-expected second-quarter FY24 results on Friday.

Total revenues and other income stood at $93.060 billion, beating the consensus of $90.987 billion. Adjusted net profit came in at $9.24 billion, up from $8.22 billion in the prior quarter. Adjusted EPS stood at $2.14, beating the consensus of $2.01.

Equities Trading UP
                       

• VSee Health, Inc. VSEE shares shot up 100% to $4.85 after the company announced an agreement with Ava Robotics to develop telepresence solutions for the inpatient intensive care market.
• Shares of Exicure, Inc. XCUR got a boost, surging 37% to $0.6790 after the company announced it received a continued listing determination from the Nasdaq.
• Tandem Diabetes Care, Inc. TNDM shares were also up, gaining 18% to $41.56 following better-than-expected second-quarter earnings and strong guidance.

Equities Trading DOWN

• bioAffinity Technologies, Inc. BIAF shares dropped 29% to $1.68 after the company announced pricing of registered direct offering and concurrent private placement and warrant inducement for aggregate gross proceeds of $1.75 million.
• Shares of Gamer Pakistan Inc. GPAK were down 50% to $0.0845 after the company announced it received a delisting notice from the Nasdaq.
• Fresh Vine Wine, Inc. VINE was down, falling 30% to $0.3051 after the company announced that it terminated the merger agreement with Notes Live.

Commodities

In commodity news, oil traded down 3.9% to $73.37 while gold traded down 0.4% at $2,470.30.

Silver traded down 0.3% to $28.40 on Friday, while copper rose 0.6% to $4.1050.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 2.73%, Germany's DAX fell 2.33% and France's CAC 40 fell 1.61%. Spain's IBEX 35 Index fell 1.67%, while London's FTSE 100 fell 1.31%.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan's Nikkei 225 dipping 5.81%, Hong Kong's Hang Seng Index falling 2.08%, China's Shanghai Composite Index falling 0.92% and S&P BSE Sensex declining 1.08%.

Economics

• Nonfarm payrolls came in at 114,000 last month, a slowdown of 65,000 from June, and well below the economist consensus estimate of 175,000 according to TradingEconomics.
• The unemployment rate rose from 4.1% to 4.3%, contrary to expectations of it remaining unchanged.
• Wage growth showed further signs of cooling, with average hourly earnings rising by 0.2% month-over-month, down from 0.3% in June and slightly below expectations.
• U.S. factory orders declined by 3.3% from the prior month to $564.2 billion in June compared to market estimates of a 2.9% drop.
• The total number of active U.S. oil rigs were unchanged at 482 rigs this week, Baker Hughes Inc reported.

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