US Stocks End Mixed: Dow Down, NASDAQ and S&P 500 Up
The US stock market closed with a mixed performance on Friday, with the Dow Jones Industrial Average experiencing a downturn while the NASDAQ and S&P 500 climbed. This comes after a week of economic reports and developments in the energy sector.
The Dow Jones Industrial Average dropped by 0.49% to close at 42,166.64, losing nearly 200 points. Meanwhile, the NASDAQ Composite Index gained 0.69% to reach 18,543.06. The S&P 500, a broad market index, also showed positive momentum, rising by 0.12% to settle at 5,816.55.
Sector Highlights
Within sectors, communication services shares demonstrated strength on Thursday, rising by 0.7%. Conversely, utilities shares experienced a decline of 1.2% on the same day.
Equities Trading UP
Several companies saw their share prices surge on Friday. Upexi, Inc. (UPXI) saw a massive 255% jump to $10.65 after announcing its review of recent trading activity, investigating potential stock manipulation. Newell Brands Inc. (NWL) witnessed a 21% increase to $8.71 following the release of its third-quarter financial results, which included a raised 2024 guidance. Tapestry, Inc. (TPR) also experienced gains, rising 13% to $50.07 after a report emerged that a judge blocked its proposed acquisition of Capri. However, Tapestry stated its intention to appeal the decision.
Equities Trading DOWN
However, not all companies fared well on Friday. Joby Aviation, Inc. (JOBY) experienced a 16% drop to $5.08 after pricing its $202 million public offering of common shares at $5.05. Capri Holdings Limited (CPRI) saw a significant 48% decline to $21.42 following the report about the judge’s block on its acquisition by Tapestry. The company is also pursuing an appeal against the court’s decision. Evolv Technologies Holdings, Inc. (EVLV) fell 43% to $2.3550 after announcing that shareholders should disregard certain previously issued financial statements and the company’s delay in filing its Quarterly Report.
Commodities
In the commodities market, oil prices rose 2.3% to $71.80. Gold also climbed 0.3% to $2,757.10. Silver saw a 0.3% increase to $33.880, while copper gained 0.4% to $4.3675.
Eurozone
European stock markets ended Friday with a mixed performance. The eurozone’s STOXX 600 slipped by 0.03%, Germany’s DAX gained 0.11%, and France’s CAC 40 fell 0.08%. Spain’s IBEX 35 Index declined by 0.23%, while London’s FTSE 100 closed down 0.25%.
Asia Pacific Markets
Asian markets also saw mixed results on Friday. Japan’s Nikkei 225 fell 0.60%, Hong Kong’s Hang Seng Index rose 0.49%, China’s Shanghai Composite Index gained 0.59%, and India’s BSE Sensex dropped 0.83%. The Reserve Bank of India’s foreign exchange reserves declined to $688 billion as of October 18th, down from $704.9 billion in the final week of September.
Economics
In economic news, the University of Michigan consumer sentiment for the US rose to 70.5 in October, up from a preliminary reading of 68.9. US durable goods orders fell by 0.8% to $284.8 billion in September, after a revised 0.8% decline in August. Additionally, Baker Hughes Inc. reported that the total number of active US oil rigs decreased by two to 480 this week.
Looking Ahead
The mixed performance of the US stock market underscores the ongoing volatility in the global economy. Investors continue to monitor economic data, corporate earnings reports, and geopolitical developments for clues about future market direction. The week ahead promises continued activity with additional economic releases and corporate announcements that will shape the trajectory of the markets.