U.S. stocks were a mixed bag at the close of trading, with the S&P 500 and NASDAQ Composite edging higher on Friday.
The Dow fell 0.28% to 37,607.16 while the NASDAQ rose 0.06% to 14,978.45. The S&P 500 posted a gain of 0.11% to 4,785.71.
Energy Sector Surges
Energy shares soared by 1% on Friday.
In contrast, consumer discretionary shares declined by 0.9%.
Top News of the Day
Delta Air Lines Inc DAL saw its shares plunge by more than 8% on Friday following its fourth-quarter earnings release.
The company reported fourth-quarter FY23 operating revenue growth of 5.9% year-over-year to $14.22 billion and adjusted operating revenue of $13.66 billion, surpassing the consensus of $13.52 billion. Adjusted EPS stood at $1.28, above the consensus of $1.17.
Delta Air expects an EPS of $6 – $7 for the current year, versus the $6.56 estimate. In December 2022, DAL had stated that it was on track for its 2024 earnings target of over $7 per share.
Stocks on the Rise
Applied UV, Inc. AUVI witnessed a 29% surge to $2.9470 after announcing the launch of its Fighter Flex LED solution at the upcoming AHR Expo on Jan. 22.
Shares of Flexsteel Industries, Inc. FLXS received a boost, surging 26% to $22.74 after reporting strong preliminary results for the second quarter. The company projected preliminary earnings of 57 cents per share, exceeding analysts’ estimates of 27 cents per share. The company also issued financial guidance for the remainder of fiscal year 2024 and fiscal year 2025.
Wipro Limited WIT also saw an 18% increase to $6.35 after reporting third-quarter financial results, issuing guidance, and declaring an interim dividend.
Stocks on the Decline
Genius Group Limited GNS witnessed a 47% drop to $0.27 following the announcement of the pricing of an $8.25 million public offering.
Shares of VCI Global Limited VCIG fell 28% to $1.1290 after announcing the pricing of a $2.75 million public offering.
Momentus Inc. MNTS dwindled 18% to $1.0191 following the company’s notice from the Space Development Agency that it was not selected for funding for the Tranche 2 Tracking Layer and that there is substantial doubt about the company’s ability to continue as a going concern.
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Commodity Market Update
In commodity news, oil traded up 1.2% to $72.85 while gold traded up 1.4% at $2,047.30.
Silver traded up 2.4% to $23.255 on Friday while copper fell 0.9% to $3.7435.
Eurozone Report
European shares were higher today. The eurozone’s STOXX 600 rose 0.84%, with London’s FTSE 100, Spain’s IBEX 35 Index, the German DAX, the French CAC 40, and Italy’s FTSE MIB Index all posting gains.
Spain’s consumer price inflation eased to 3.1% year-over-year in December from 3.2% in the previous month. Household spending in France increased by 0.7% from a month ago in November.
The British economy grew by 0.3% month-over-month in November compared to a 0.3% decline in the prior month. Industrial production in the UK increased 0.3% month-over-month in November versus a revised 1.3% decline in October. The UK’s trade deficit shrank to £1.408 billion in November from a revised gap of £3.198 billion a month ago.
Asia-Pacific Highlights
Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 1.50%, Hong Kong’s Hang Seng Index declining 0.35%, China’s Shanghai Composite Index stumbling 0.16%, and India’s S&P BSE Sensex rising 1.16%.
The gauge for Japan’s service sector confidence rose by 1.2 points to a reading of 50.7 in December, while Japan’s current account rose to JPY 1,925.6 billion in November versus JPY 1,772.2 billion in the year-ago period.
China’s trade surplus widened to $75.34 billion in December from $70.65 billion in the year-ago month. China’s producer prices fell by 2.7% year-over-year in December, while consumer prices fell by 0.3% year-over-year in December.
Economic Indicators
Producer prices in the U.S. fell 0.1% month-over-month in December, in line with the prior month, and compared to market estimates of a 0.1% rise.
The total number of active U.S. oil rigs climbed by 13 to 546 rigs this week, as reported by Baker Hughes Inc.
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