US stocks closed mostly higher on Friday, fueled by a surge in the tech-heavy Nasdaq Composite, which gained around 100 points. The Dow Jones Industrial Average saw a modest rise, trading up by 0.03% to 43,252.87. The S&P 500 also experienced a positive day, climbing by 0.33% to 5,861.03.
Communication services shares emerged as the top performers of the day, jumping by 1.2%. On the other hand, energy stocks lagged behind, experiencing a decline of 1%.
Among individual stocks, American Express Co (AXP) shares dropped around 5% after the company released its third-quarter results. While the company reported an 8% year-over-year increase in quarterly revenue (net of interest expense) to $16.64 billion, it slightly missed the analyst consensus estimate of $16.67 billion. However, adjusted earnings per share (EPS) of $3.49 surpassed the analyst consensus estimate of $3.28.
On the positive side, United States Cellular Corporation (USM) shares surged 12% to $65.62 following the announcement of a $1 billion spectrum license sale to Verizon. Bright Minds Biosciences Inc. (DRUG) shares experienced a remarkable surge of 196% to $64.35 after the company announced a $35 million non-brokered private placement. SOBR Safe, Inc. (SOBR) shares also saw gains, rising 55% to $12.30 after the company filed a form RW indicating that it would not pursue a public offering at this time.
On the downside, MGP Ingredients, Inc. (MGPI) shares plummeted 26% to $60.24 after the company issued soft preliminary guidance and lowered its 2024 financial outlook. Lilium N.V. (LILM) shares fell 11% to $0.5101 following a downgrade from Canaccord Genuity, which reduced its rating from Buy to Hold and cut its price target from $1.85 to $0.70. CVS Health Corporation (CVS) shares declined by 8% to $58.77 after the company revised its third-quarter outlook downwards.
In commodity markets, oil prices traded down 1.2% to $69.84, while gold prices climbed 0.9% to $2,731.90. Silver prices rose by 2.9% to $32.705, and copper prices increased by 1.2% to $4.3785.
Across the Atlantic, European shares displayed mixed performance. The eurozone’s STOXX 600 index rose 0.1%, Germany’s DAX index gained 0.31%, and France’s CAC 40 index climbed 0.35%. However, Spain’s IBEX 35 Index fell 0.1%, and London’s FTSE 100 index dropped 0.52%. Construction output in the Eurozone contracted by 2.5% year-over-year in August, compared to a revised 2.3% decline in the previous month. The current account surplus in the Eurozone expanded to €35.2 billion in August, up from €26.8 billion in the same period last year.
In Asia Pacific, markets closed higher on Friday. Japan’s Nikkei 225 gained 0.18%, Hong Kong’s Hang Seng Index climbed 3.61%, China’s Shanghai Composite Index rose 2.91%, and India’s BSE Sensex gained 0.27%.
On the economic front, the US saw a decrease in housing starts in September. Starts fell 0.5% from the previous month to an annualized rate of 1.354 million units. Building permits also declined, dropping by 2.9% to an annual rate of 1.428 million in September.