The US stock market wrapped up the week on a mixed note, with the Nasdaq Composite closing down by 0.5% on Friday. Despite a minor gain of 0.01% for the Dow Jones Industrial Average, the S&P 500 also saw a decline of 0.32%. This mixed performance came as the number of active US oil rigs remained unchanged at 488, according to Baker Hughes Inc.
While the utilities sector enjoyed a strong day, jumping by 2.3%, industrials shares lagged behind, falling by 0.6%. The spotlight on individual stocks was on Banzai International, Inc. (BNZI), whose shares soared 87% to $5.36 after announcing a 1-for-50 reverse stock split. Battalion Oil Corporation (BATL) shares also experienced a surge, climbing 122% to $6.54 following its amended merger agreement with Fury Resources. Constellation Energy Corporation (CEG) saw a 19% gain, reaching $248.26, driven by its 20-year power purchase agreement with Microsoft to launch the Crance Clean Energy Center and restart Three Mile Island Unit 1.
However, not all stocks fared well. Corbus Pharmaceuticals Holdings, Inc. (CRBP) witnessed a significant drop of 60%, settling at $20.52. This decline came despite a reiterated Outperform rating from RBC Capital analyst Brian Abrahams, who maintained a price target of $82. Sable Offshore Corp. (SOC) shares also fell 19% to $23.06 after announcing a $150 million private placement of 7.50 million shares. FedEx Corporation (FDX) experienced a considerable drop of 13%, closing at $260.55, following weaker-than-expected results for the first quarter of fiscal 2025 and a downward revision in full-year guidance.
In commodity markets, oil prices rose by 0.6% to $72.38, while gold saw a more significant gain of 1.4%, reaching $2,650.00. Silver also experienced a positive trend, climbing 0.5% to $31.62, while copper dipped slightly by 0.1% to $4.3425.
European markets, however, closed lower on Friday, with the eurozone’s STOXX 600 falling 1.42%. Germany’s DAX dropped 1.49%, and France’s CAC 40 also declined by 1.51%. Spain’s IBEX 35 Index experienced a smaller dip of 0.21%, while London’s FTSE 100 fell 1.19%.
In economic news, Spain’s trade deficit narrowed to EUR 3.2 billion in July from EUR 4.9 billion in the year-ago month. The manufacturing climate indicator in France slipped to 98.6 in September from 98.9 in the prior month. Retail sales in the UK grew by 1% month-over-month in August, compared to the revised 0.7% gain in July. Producer prices in Germany declined by 0.8% year-over-year in August.
Across the Pacific, Asian markets ended the week on a positive note. Japan’s Nikkei 225 gained 1.53%, Hong Kong’s Hang Seng Index surged 1.36%, China’s Shanghai Composite Index saw a moderate gain of 0.03%, and India’s BSE Sensex climbed 1.63%.
In India, foreign exchange reserves held by the Reserve Bank of India reached $689.5 billion as of September 13. Hong Kong’s annual inflation rate remained flat at 2.5% in August, while its current account surplus increased to HKD 101.03 billion in the second quarter from HKD 50.71 billion in the year-ago period. The Bank of Japan maintained its key short-term interest rate at around 0.25% during its recent meeting.
