Crude Oil Surges Over 2%; Newell Brands Shares Spike Higher

U.S. stocks traded mixed toward the end of trading, with the Dow Jones index falling around 200 points on Friday.

The Dow traded down 0.49% to 42,166.64 while the NASDAQ rose 0.69% to 18,543.06. The S&P 500 also rose, gaining, 0.12% to 5,816.55.

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Leading and Lagging Sectors

Communication services shares rose by 0.7% on Thursday.

In trading on Thursday, utilities shares fell by 1.2%.

Top Headline

The total number of active U.S. oil rigs fell by two to 480 rigs this week, Baker Hughes Inc reported.

Equities Trading UP
                       

• Upexi, Inc. UPXI shares shot up 255% to $10.65 after the company said it is currently reviewing trading activity to determine if recent activity involved possible stock manipulation.
• Shares of Newell Brands Inc. NWL got a boost, surging 21% to $8.71 after the company reported third-quarter financial results and raised its 2024 guidance.
• Tapestry, Inc. TPR shares were also up, gaining 13% to $50.07 following a report alleging that a judge blocked the company’s proposed acquisition of Capri. The company issued a statement on the ruling saying it intends to appeal the decision.

Equities Trading DOWN

• Joby Aviation, Inc. JOBY shares dropped 16% to $5.08 after the company priced its $202 million public offering of 40 million common shares at $5.05 per share.
• Shares of Capri Holdings Limited CPRI were down 48% to $21.42 following a report alleging that a judge blocked the company from being acquired by Tapestry. The company intends to jointly file Tapestry a notice of appeal regarding the court’s decision.
• Evolv Technologies Holdings, Inc. EVLV was down, falling 43% to $2.3550 after the company announced that shareholders and others should not rely upon certain of the Company’s previously issued financial statements and that it will delay filing its Quarterly Report.

Commodities

In commodity news, oil traded up 2.3% to $71.80 while gold traded up 0.3% at $2,757.10.

Silver traded up 0.3% to $33.880 on Friday, while copper rose 0.4% to $4.3675.

Euro zone

European shares closed mixed today. The eurozone's STOXX 600 slipped 0.03%, Germany's DAX gained 0.11% and France's CAC 40 fell 0.08%. Spain's IBEX 35 Index fell 0.23%, while London's FTSE 100 fell 0.25%.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan's Nikkei 225 falling 0.60%, Hong Kong's Hang Seng Index gaining 0.49%, China's Shanghai Composite Index gaining 0.59% and India's BSE Sensex falling 0.83%.

Foreign exchange reserves held by the Reserve Bank of India declined to $688 billion as of Oct. 18, from $704.9 billion in the final week of September.

Economics

• The University of Michigan consumer sentiment for the US rose to 70.5 in October compared to a preliminary reading of 68.9.
• U.S. durable goods orders fell by 0.8% to $284.8 billion in September compared to a revised 0.8% fall in August.
• The total number of active U.S. oil rigs fell by two to 480 rigs this week, Baker Hughes Inc reported.

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