US stocks kicked off Friday with a positive note, showcasing a surge in optimism. The Dow Jones Industrial Average soared by over 100 points, marking a gain of 0.27% to 42,290.97. The tech-heavy Nasdaq also climbed, adding 0.16% to reach 18,218.51, while the broad-based S&P 500 edged up 0.17% to 5,755.11.
Among the sector movers, energy shares were the standout performers, jumping by 0.8% on the day. On the other side of the spectrum, consumer staples shares experienced a slight dip, falling by 0.2%.
Costco Wholesale Corp (COST) reported upbeat earnings for its fourth quarter, giving investors a reason to cheer. While revenue missed expectations, coming in at $79.697 billion compared to the consensus estimate of $79.973 billion, the membership-based retailer exceeded earnings estimates, posting $5.29 per share versus the anticipated $5.08 per share. This strong performance bolstered investor sentiment.
In terms of individual stock performance, CN Energy Group Inc. (CNEY) saw a remarkable surge, its shares skyrocketing 109% to $1.21. Onconetix Inc. (ONCO) also experienced significant gains, jumping 78% to $6.03, driven by a 32.5% stake in the company reported by Altos Venture in a 13D filing on Thursday. Fangdd Network Group Ltd. (DUO) also enjoyed a positive day, with its shares climbing 38% to $1.47.
On the downside, Seelos Therapeutics Inc. (SEEL) shares took a hit, plunging 23% to $3.8725 after the company announced the postponement of its annual meeting of stockholders. enVVeno Medical Corporation (NVNO) shares followed suit, declining 22% to $3.50, following the company’s announcement of a $15 million public offering of 4.3 million shares at $3.50 per share. Acadia Healthcare Company Inc. (ACHC) also saw a significant drop, falling 17% to $62.78, after the company disclosed it is cooperating fully with authorities regarding a government investigation.
In commodity markets, oil traded up 0.1% to $67.71, while gold saw a slight decline, falling 0.1% to $2,694.70. Silver gained 0.4% to $32.480 on Friday, while copper slipped 0.5% to $4.6170.
European shares were predominantly in the green on Friday, with the Eurozone’s STOXX 600 gaining 0.5%. Germany’s DAX climbed 1.2%, while France’s CAC 40 jumped 0.6%. Spain’s IBEX 35 Index rose 0.3%, and London’s FTSE 100 also added 0.3%. The industry confidence indicator in Spain climbed 2.8 points from the prior month to a reading of -0.7 in September, a positive sign for the Spanish economy.
Meanwhile, industrial producer prices in Italy declined by 0.8% year-over-year in August. The economic sentiment indicator in the Eurozone slipped to 96.2 in September from 96.5 in August, while the services sentiment indicator climbed to a four-month high of 6.7 in September. The consumer confidence indicator in the Eurozone gained by 0.5 points to -12.9 in September.
Asian markets closed mostly higher on Friday, with Japan’s Nikkei 225 jumping 2.32%, Hong Kong’s Hang Seng Index climbing 3.55%, and China’s Shanghai Composite Index gaining 2.88%. India’s BSE Sensex, however, fell 0.31%. Hong Kong’s trade deficit widened to $33.1 billion in August compared to $25.6 billion in the year-ago month. Notably, the People’s Bank of China slashed the reserve requirement ratio for banks by 50bps, a move aimed at boosting liquidity and supporting economic growth.
On the economic front, US wholesale inventories increased 0.2% month-over-month to $905.7 billion in August, following a revised 0.2% rise in the prior month. The US trade deficit in goods narrowed to $94.3 billion in August, compared to a revised $102.8 billion gap in the previous month. US personal income rose by 0.2% from the prior month to $24.015 trillion in August, following a 0.3% gain in the previous month. Personal spending also rose by 0.2% month-over-month in August. The US core PCE price index increased by 0.1% from the prior month in August, compared to market estimates of a 0.2% increase and versus the 0.2% gain in the previous month.
