US stock markets ended the week on a positive note, with the Nasdaq Composite leading the charge, gaining over 100 points on Friday. The Dow Jones Industrial Average also saw a healthy rise, closing at 42,043.38, representing a 0.67% increase. The S&P 500 followed suit, climbing 0.47% to 5,732.21.
The day’s gains were fueled by strong performance in the consumer discretionary sector, which surged by 2.3%. This positive sentiment contrasted with the utilities sector, which saw a decline of 2.1%.
Among the major headlines, Apple Inc. (AAPL) shares experienced a slight dip of around 2% on Friday, despite reporting strong fourth-quarter results. The tech giant exceeded analyst expectations, reporting revenue of $94.9 billion and adjusted earnings of $1.64 per share.
Several companies experienced significant stock price movements. ChromaDex Corporation (CDXC) shares soared by 53% to $5.34, driven by a year-over-year increase in third-quarter earnings per share and an upward revision in its FY24 revenue guidance. Proto Labs, Inc. (PRLB) shares also saw a surge, climbing 33% to $36.42, following the release of better-than-expected third-quarter financial results and a fourth-quarter adjusted earnings per share guidance that surpassed estimates. Interface, Inc. (TILE) shares experienced a similar positive trajectory, gaining 33% to $23.23, spurred by the company’s strong third-quarter financial performance and an upward revision in its FY24 net sales guidance.
On the other hand, some companies faced stock price declines. ESSA Pharma Inc. (EPIX) shares plummeted 71% to $1.51 after the company announced the termination of its Phase 2 study evaluating masofaniten combined with enzalutamide in patients with mCRPC. Myriad Genetics, Inc. (MYGN) shares dropped 21% to $17.30, and Lexicon Pharmaceuticals, Inc. (LXRX) saw a decline of 37% to $1.2250. The latter’s drop was attributed to the outcome of the FDA’s Endocrinologic and Metabolic Drugs Advisory Committee Meeting reviewing the company’s New Drug Application for Zynquista (sotagliflozin). Lexicon is seeking approval for the oral SGLT1/SGLT2 inhibitor as an adjunct to insulin therapy for glycemic control in adults with type 1 diabetes (T1D) and chronic kidney disease (CKD).
In commodity markets, oil traded up 0.8% to $69.79, while gold saw a slight decline of 0.1% to $2,745.60. Silver traded down 0.7% to $32.555, while copper rose 0.3% to $4.3520.
European markets also saw positive performance on Friday. The eurozone’s STOXX 600 gained 1.09%, Germany’s DAX rose 0.93%, and France’s CAC 40 increased by 0.80%. Spain’s IBEX 35 Index surged 1.46%, while London’s FTSE 100 climbed 0.83%.
Asian markets closed mixed. Japan’s Nikkei 225 fell 2.63%, while Hong Kong’s Hang Seng Index gained 0.93%. China’s Shanghai Composite Index declined 0.24%, and India’s BSE Sensex fell 0.27%.
In economic news, the US economy added 12,000 jobs in October, compared to a revised 223,000 gain in September and versus market estimates of 113,000. Average hourly earnings increased by 0.4% over a month to $35.46 in October, while the unemployment rate remained unchanged at 4.1%. US construction spending rose 0.1% month-over-month to an annual rate of $2,148.8 billion in September. The S&P Global Flash manufacturing PMI was revised upward to 48.5 in October from a preliminary reading of 47.8. The ISM manufacturing PMI declined to 46.5 in October from 47.2 in the previous month and below estimates of 47.6. Baker Hughes Inc reported that the total number of active US oil rigs decreased by one to 479 rigs this week.
