U.S. stock markets experienced a positive close on Friday, with the Dow Jones Industrial Average rising by approximately 200 points. The Dow climbed 0.50% to 40,916.65, while the NASDAQ surged 0.92% to 17,780.96. The S&P 500 also mirrored this positive trend, gaining 0.66% to reach 5,607.44.
The information technology sector led the charge on Friday, posting a gain of 1.1%. In contrast, consumer staples shares saw a modest increase of just 0.1%.
Ross Stores, Inc. (ROST) delivered encouraging news after the closing bell on Thursday, reporting stronger-than-expected earnings for the second quarter. The company also expressed optimism about the upcoming quarters, projecting earnings of between $1.35 and $1.41 per share for the third quarter (compared to the $1.38 per share estimate) and between $1.60 and $1.67 per share for the fourth quarter.
In the realm of equities trading, Sequans Communications S.A. (SQNS) experienced a significant surge, with its shares skyrocketing 155% to $1.3899. This surge was fueled by the company’s announcement of a year-over-year increase in preliminary second-quarter revenue results. Portage Biotech Inc. (PRTG) also saw a substantial gain, with its shares soaring 154% to $6.87. Momentus Inc. (MNTS) joined the upward trend, with its shares rising 63% to $0.9280.
On the other side of the spectrum, U-BX Technology Ltd. (UBXG) witnessed a sharp decline, with its shares plummeting 78% to $6.87. This drop may be attributed to unconfirmed comments circulating on social media platforms amidst heightened option activity. Farmmi, Inc. (FAMI) also experienced a downturn, with its shares falling 64% to $0.2098 after the company announced the pricing of a $1 million registered direct offering. SRIVARU Holding Limited (SVMH) saw a decrease of 25% to $0.1180, following the recent formal launch of the PRANA 2.0 electric motorcycle at a major event in Chennai, India.
In the commodities market, oil prices increased by 1.8% to $74.30, while gold prices rose 0.7% to $2,535.20. Silver prices also gained momentum, increasing 0.8% to $29.275, and copper prices rose 0.4% to $4.1635.
Turning to the European markets, shares in the Eurozone closed higher on Friday. The eurozone’s STOXX 600 index gained 0.2%, Germany’s DAX climbed 0.5%, and France’s CAC 40 rose 0.4%. Spain’s IBEX 35 Index also saw an increase of 0.5%, while London’s FTSE 100 gained 0.3%. Median expectations for inflation over the next 12 months in the Eurozone remained unchanged at 2.8% for the third consecutive month. Notably, the manufacturing climate indicator in France climbed to 98.8 in August, up from 95.4 in July.
Asian markets exhibited mixed results on Friday. Japan’s Nikkei 225 closed higher, gaining 0.40%, while Hong Kong’s Hang Seng Index experienced a slight decline of 0.16%. China’s Shanghai Composite Index rose 0.20%, and India’s BSE Sensex gained 0.04%. Japan’s annual inflation rate held steady for the third consecutive month, coming in at 2.8% in July.
In economic news, the United States reported a decline in building permits in July, with the annual rate falling by 3.3% to 1.406 million.
