U.S. stocks were trading lower midway through the session, with the Nasdaq Composite dipping over 50 points on Friday.
The Dow traded down 0.10% to 38,736.15 while the NASDAQ fell 0.34% to 15,852.87. The S&P 500 also fell, dropping, 0.09% to 5,025.26.
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Market Movement
Materials shares rose by 0.8% on Friday, while communication services shares fell by 1.6%.
TreeHouse Foods Woes
Shares of TreeHouse Foods, Inc. THS tumbled around 14% on Friday after the company reported worse-than-expected fourth-quarter revenue results and issued a downbeat FY24 outlook.
While the company’s fourth-quarter adjusted EPS of 77 cents beat the analyst consensus of 73 cents, quarterly net sales of $910.8 million missed the consensus of $925.44 million.
Market Winners and Losers
The Trade Desk, Inc. TTD shares surged 16% to $87.56 after the company reported mixed fourth-quarter financial results. Meanwhile, China Natural Resources, Inc. CHNR shares dropped 49% to $1.78 after announcing a registered direct placement of $3.27 million of 1,487,870 common shares and private placement warrants at a price of $2.20 per unit.
Shares of Bloom Energy Corporation BE were down 21% to $9.09 following worse-than-expected fourth-quarter financial results.
Global Market Movement
European shares were higher on the day, with the eurozone’s STOXX 600 gaining 0.52%. Asian markets also closed higher on Friday.
Economic Indicators
U.S. producer prices for final demand rose 0.3% month-over-month in January, recording the biggest rise in five months, compared to a 0.1% fall in the previous month. Building permits fell by 1.5% to an annual rate of 1.470 million in January, and housing starts in the U.S. dipped 14.8% month-over-month to an annual rate of 1.331 million in January. The University of Michigan consumer sentiment rose to a reading of 79.6 in February from 79 in January.
