U.S. stocks opened to a mixed trading session this day, observing the Dow Jones dipping approximately 40 points on Friday.
During the early hours of trading on Friday, the Dow saw a 0.11% decrease to 38,954.76, while the NASDAQ climbed by 0.11% to 16,109.20. The S&P 500 also experienced a rise, gaining 0.04% to reach 5,098.24.
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The Winner and The Loser
Energy sector shares saw a 1.1% increase on Friday.
Meanwhile, utility shares experienced a 1.1% decline in trading.
Standing Tall in the Crowd
BioVie Inc. BIVI shares took a leap of 126% to $2.80. BioVie’s Ne3107 showcased making strides in enhancing both motor and non-motor symptoms for those battling Parkinson’s disease, potentially even reshaping physiological responses for Alzheimer’s patients.
Shares of Adial Pharmaceuticals, Inc. ADIL got a significant push, surging by a whopping 92% to $3.92. Adial Pharmaceuticals obtained a fresh patent covering AD04 for potentially treating opioid use disorder.
Nxu, Inc. NXU shares also encountered an upswing, climbing 39% to hit $1.11 post announcing the successful charging of a Tesla Cybertruck on Feb. 26.
In the Shadows of Gloom
GigCapital5, Inc. GIA shares descended by a massive 60% to $4.3999. GigCapital5 revealed a March 4, 2024 cut-off date for the business combination with QT Imaging.
Shares of Fisker Inc. FSR slumped by 48% to $0.38 following reports of preliminary fourth-quarter total revenue performing below expectations, along with forecasts indicating doubts about the company’s ability to continue as a going concern in its upcoming annual financial statements to be filed with the SEC.
Scilex Holding Company SCLX also experienced a downtick, falling by 37% to reach $1.43 after disclosing a $10 million bought deal offering.
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Commodity Rollercoaster
In commodity realms, oil observed a 1.7% upturn to hit $79.55, while gold marked a 0.4% rise reaching $2,062.80.
Silver prices saw a 0.1% hike to $22.915 on Friday, whereas copper experienced a 0.3% dip, settling at $3.8355.
A Glimpse Into Euro Zone
European shares exhibited a mostly upward trend today. The STOXX 600 within the eurozone rose by 0.4%, while London’s FTSE 100 soared by 0.7%, and Spain’s IBEX 35 Index ascended by 0.8%. The German DAX witnessed a 0.4% climb, but French CAC 40 experienced a minor 0.1% dip, with Italy’s FTSE MIB Index surging by a substantial 0.9%.
The Eurozone saw a drop in the unemployment rate to 6.4% in January from its previous 6.5%, whereas consumer price inflation slightly eased to 2.6% year-over-year in February. The HCOB Eurozone manufacturing PMI got a revision up to 46.5 in February from an initial level of 46.1.
The UK’s S&P Global manufacturing PMI also saw a hike to 47.5 in February, marking its highest level in ten months, while Germany’s manufacturing PMI increased to 42.5 in February from its initial level of 42.3. French manufacturing PMI also climbed to 47.1 in February compared to its preliminary reading of 46.8.
Asia Pacific Markets Pulse
Asian markets wound up in the green on Friday, with Japan’s Nikkei 225 escalating by 1.90%, Hong Kong’s Hang Seng Index edging up by 0.47%, China’s Shanghai Composite Index increasing by 0.39%, and India’s S&P BSE Sensex leaping by 1.72%.
Retail sales within Hong Kong witnessed a 1.2% year-over-year decline in January compared to a 4.8% upsurge in the preceding month. The HSBC Indian manufacturing PMI elevated to 56.9 in February from an initial level of 56.7.
China’s official NBS manufacturing PMI dropped to 49.1 in February from 49.2 a month ago, although the official NBS non-manufacturing PMI experienced a rise to 51.4 from 50.7. Japan’s au Jibun Bank saw a dip in manufacturing PMI to 47.2 in February from a final reading of 48.0 in January.
Eclectic Economic Updates
The eagerly awaited ISM Manufacturing index release is scheduled for 10:00 a.m. ET.
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