Nasdaq Surges Over 100 Points; Schlumberger Reports Mixed Q3 Result

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining over 100 points on Friday.

The Dow traded up 0.04% to 43,258.31 while the NASDAQ rose 0.67% to 18,496.61. The S&P 500 also rose, gaining, 0.40% to 5,865.01.

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Leading and Lagging Sectors

Communication services shares jumped by 1% on Friday.

In trading on Friday, energy shares fell by 0.5%.

Top Headline

Schlumberger N.V. SLB reported mixed third-quarter results.

Revenue grew 10.2% year over year to $9.159 billion, missing the consensus of $9.25 billion. Adjusted EPS increased 14% to 89 cents, above the consensus of 88 cents.

Equities Trading UP
                       

• United States Cellular Corporation USM shares shot up 7% to $62.56 after the company announced the sale of a portion of its retained spectrum licenses to Verizon for $1 billion.
• Shares of Bright Minds Biosciences Inc. DRUG got a boost, surging 159% to $56.25. The company announced a $35 million non-brokered private placement.
• SOBR Safe, Inc. SOBR shares were also up, gaining 27% to $10.10 after the company announced it filed a form RW and will not pursue a public offering at this time.

Equities Trading DOWN

• MGP Ingredients, Inc. MGPI shares dropped 25% to $60.96 after the company issued soft preliminary guidance and lowered its 2024 financial outlook.
• Shares of Lilium N.V. LILM were down 15% to $0.4917. On Thursday, Canaccord Genuity downgraded the stock from Buy to Hold and cut its price target from $1.85 to $0.70.
• CVS Health Corporation CVS was down, falling 6% to $59.83 after the company cut its third-quarter outlook.

Commodities

In commodity news, oil traded down 1.5% to $69.62 while gold traded up 0.9% at $2,731.20.

Silver traded up 4.9% to $33.325 on Friday, while copper rose 1.5% to $4.3880.

Euro zone

European shares closed mostly higher today. The eurozone's STOXX 600 rose 0.21%, Germany's DAX rose 0.38% and France's CAC 40 climbed 0.39%. Spain's IBEX 35 Index rose 0.17%, while London's FTSE 100 fell 0.32%.

Construction output in the Eurozone fell by 2.5% year-over-year in August compared to a revised 2.3% decline in the previous month. The current account surplus in the Eurozone increased to €35.2 billion in August from €26.8 billion in the year-ago period.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei 225 gaining 0.18%, Hong Kong's Hang Seng Index climbing 3.61%, China's Shanghai Composite Index gaining 2.91% and India's BSE Sensex gaining 0.27%.

Economics

• U.S. housing starts fell by 0.5% from the previous month to an annualized rate of 1.354 million units in September.
• Building permits declined by 2.9% to an annual rate of 1.428 million in September.
• The total number of active U.S. oil rigs rose by one to 482 rigs this week, Baker Hughes Inc reported.

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