US stock markets were on an upward trajectory on Friday, with the Nasdaq Composite leading the charge. The tech-heavy index gained around 150 points, closing at 17,767.15, representing an increase of 0.84%. The Dow Jones Industrial Average also experienced growth, rising 0.63% to 40,969.43. The S&P 500 followed suit, climbing 0.60% to 5,603.85.
Information technology shares were particularly strong, experiencing a 2.1% surge. On the other hand, consumer staples shares saw a modest rise of just 0.1%.
Among the top headlines, Intuit Inc. (INTU) reported impressive fourth-quarter results, exceeding expectations and issuing strong earnings guidance for fiscal year 2025. The company also announced a new $3 billion stock repurchase authorization.
Equities experienced significant price movements, with Sequans Communications S.A. (SQNS) shares soaring 130% to $1.2602 after reporting a year-over-year increase in preliminary second-quarter revenue. CAVA Group, Inc. (CAVA) shares surged 17% to $119.25, fueled by the company’s better-than-expected second-quarter financial results. Workday, Inc. (WDAY) also saw a positive performance, gaining 11% to $256.99, driven by upbeat second-quarter earnings.
On the other side of the spectrum, ZKH Group Limited (ZKH) shares plummeted 11% to $3.40 after reporting disappointing second-quarter sales results. Farmmi, Inc. (FAMI) shares dropped 59% to $0.2381 following the announcement of a $1 million registered direct offering. Red Robin Gourmet Burgers, Inc. (RRGB) also experienced a decline, falling 9% to $4.3150 after reporting weak second-quarter earnings and lowering its revenue guidance for fiscal year 2024.
In commodity markets, oil prices increased by 2.1%, reaching $74.55. Gold prices rose by 1.4%, trading at $2,553.00. Silver saw a 2.6% increase, reaching $29.805. Copper also gained 1.2%, closing at $4.1985.
European stock markets mirrored the positive sentiment in the US, with the eurozone’s STOXX 600 gaining 0.39%. Germany’s DAX rose by 0.75%, while France’s CAC 40 increased by 0.58%. Spain’s IBEX 35 Index gained 0.81%, and London’s FTSE 100 rose by 0.29%.
Inflation expectations for the Eurozone remained steady at 2.8% for the third consecutive month. France’s manufacturing climate indicator climbed to 98.8 in August, up from 95.4 in July.
Asian markets closed mostly higher on Friday. Japan’s Nikkei 225 gained 0.40%, while Hong Kong’s Hang Seng Index declined by 0.16%. China’s Shanghai Composite Index rose by 0.20%, and India’s BSE Sensex gained 0.04%. Japan’s annual inflation rate held steady at 2.8% in July for the third consecutive month.
In US economic news, building permits declined by 3.3% to an annual rate of 1.406 million in July. Sales of new single-family homes in the US jumped by 10.6% from the prior month to a rate of 739 thousand homes in July.
