Swings in the Market
U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining around 0.3% on Friday.
The Dow traded down 0.49% to 39,585.67 while the NASDAQ rose 0.26% to 16,444.91. The S&P 500 also rose, gaining, 0.01% to 5,241.56.
Market Performance Overview
Communication services shares jumped by 0.8% on Friday.
In trading on Friday, real estate shares fell by 1.1%.
Lululemon Takes a Tumble
Shares of Lululemon Athletica Inc. fell more than 15% during Friday’s session after releasing fourth-quarter results.
Lululemon posted better-than-expected results for its fourth quarter, but issued a weak forecast for the first quarter.
The company said it sees first-quarter revenue in the range of $2.175 billion to $2.2 billion versus estimates of $2.25 billion. The company anticipates first-quarter earnings of $2.35 to $2.40 per share versus estimates of $2.55 per share, according to data from Benzinga Pro.
Ups and Downs in Equities
Summit Midstream Partners, LP shares shot up 38% to $26.85 after the company announced the sale of its Utica position for $625 million.
Shares of Outlook Therapeutics, Inc. got a boost, surging 19% to $8.40 after the company announced it received a positive European Union CHMP opinion for ONS-5010 as a treatment for Wet AMD.
Intellicheck, Inc. shares were also up, gaining 70% to $2.98 after the company reported a year-over-year increase in fourth-quarter EPS results.
Losses in Equities Trading
Cutera, Inc. shares dropped 29% to $1.6391 after the company reported worse-than-expected fourth quarter adjusted EPS results.
Shares of Sintx Technologies, Inc. were down 31% to $0.0941 after the company announced a proposed public offering of common stock.
Ispire Technology Inc. was down, falling 26% to $5.97 after the company announced the pricing of its public offering of 2.05 million shares of common stock at $6.00 per share.
Tracking Commodities
In commodity news, oil traded down 0.5% to $80.63 while gold traded down 0.9% at $2,164.20.
Silver traded down 0.6% to $24.85 on Friday, while copper fell 1.2% to $4.0090.
Insights from Around the Globe
European shares were mixed today. The eurozone’s STOXX 600 fell 0.03%, London’s FTSE 100 jumped 0.61% while Spain’s IBEX 35 Index rose 0.70% The German DAX rose 0.15% French CAC 40 fell 0.34% while Italy’s FTSE MIB Index rose 0.05%.
The Ifo Business Climate indicator for Germany climbed to 87.8 in March from February’s revised reading of 85.7. German import prices declined 5.9% year-over-year in January.
Retail sales volumes in the UK came in unchanged for February, while UK’s GfK Consumer Confidence indicator came in flat at -21 in March.
Market Movements in Asia Pacific
Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.18%, Hong Kong’s Hang Seng Index falling 2.16%, China’s Shanghai Composite Index falling 0.95% and India’s S&P BSE Sensex gaining 0.26%.
Foreign direct investment into China dipped by 19.9% year-over-year to CNY 215.1 billion during the first two months of the year. The annual inflation rate in Japan accelerated to 2.8% in February from 2.2% a month ago.
Economic Indicators
The total number of active U.S. oil rigs fell by 1 rig this week, Baker Hughes Inc reported.
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