Crude Oil Down 2%; Zoomcar Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 100 points on Friday.

The Dow traded up 0.27% to 40,673.09 while the NASDAQ rose 0.22% to 17,633.18. The S&P 500 also rose, gaining, 0.18% to 5,553.08.

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Leading and Lagging Sectors

Financials shares climbed by 0.6% on Thursday.

In trading on Thursday, real estate shares fell by 0.4%.

Top Headline

The total number of active U.S. oil rigs fell by 2 to 483 rigs this week, Baker Hughes Inc reported.

Equities Trading UP
                       

• Cingulate Inc. CING shares shot up 301% to $19.23 after the company on Thursday was granted European patent No. 3261625 for CTx-1301, its lead asset for the treatment of ADHD.
• Shares of Zoomcar Holdings, Inc. ZCAR got a boost, surging 48% to $0.1639 after the company reported first-quarter results.
• H&R Block, Inc. HRB shares were also up, gaining 14% to $65.44 after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance above estimates.

Equities Trading DOWN

• Sonida Senior Living, Inc. SNDA shares dropped 17% to $26.58 after the company announced the pricing of an upsized public offering of 4.3 million shares at $27 per share.
• Shares of Shimmick Corporation SHIM were down 20% to $2.62 after the company reported worse-than-expected quarterly financial results.
• ENDRA Life Sciences Inc. NDRA was down, falling 20% to $0.0416 after the company announced a 1-for-50 reverse stock split, effective on August 20.

Commodities

In commodity news, oil traded down 2.1% to $76.56 while gold traded up 1.7% at $2,535.10.

Silver traded up 1.4% to $28.81 on Friday, while copper fell 0.1% to $4.1495.

Euro zone

European shares closed mostly higher today. The eurozone's STOXX 600 rose 0.31%, Germany's DAX rose 0.77% and France's CAC 40 rose 0.35%. Spain's IBEX 35 Index rose 0.59%, while London's FTSE 100 fell 0.43%.

The Eurozone recorded a trade surplus of EUR 22.3 billion in June, higher than market expectations of EUR 13.3 billion. Retail sales in the UK climbed 0.5% month-over-month in July compared to a revised 0.9% decline in the prior month.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei 225 jumping 3.64%, Hong Kong's Hang Seng Index climbing 1.88%, China's Shanghai Composite Index gaining 0.07% and India's BSE Sensex gaining 1.68%.

Hong Kong's economy grew by 3.3% year-over-year in the second quarter compared to a 2.8% increase in the previous period, while unemployment rate came in unchanged at 3% in the three months ending July.

Economics

• Housing starts in the U.S. declined by 6.8% from the prior month to an annualized rate of 1.238 million in July.
• Building permits dropped by 4% to an annual rate of 1.396 million in July.
• The University of Michigan consumer sentiment climbed to 67.8 in August from 66.4 in the prior month and topping market estimates of 66.9.
• The total number of active U.S. oil rigs fell by 2 to 483 rigs this week, Baker Hughes Inc reported.

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