US stocks rallied on Friday, with the Nasdaq Composite leading the charge, gaining over 200 points. The Dow Jones Industrial Average closed up 1.18% at 42,254.81, while the S&P 500 rose 0.95% to 5,759.63.
Amazon.com Inc. (AMZN) shares soared 7% after the e-commerce giant posted strong third-quarter results. The company reported net sales of $158.9 billion, exceeding analysts’ expectations and marking an 11% year-over-year increase. Amazon also forecasted fourth-quarter net sales growth between 7% and 11%, signaling continued momentum.
Consumer discretionary shares, which include companies in sectors like retail and travel, saw a significant boost, rising 2.9% on Friday. On the other hand, utilities shares experienced a decline of 1.1%.
Top Stock Movers
Equities Trading UP
*
ChromaDex Corporation (CDXC):
Shares surged 55% to $5.41 after the company reported a year-over-year increase in third-quarter earnings per share (EPS) and raised its revenue guidance for the fiscal year 2024.*
Proto Labs, Inc. (PRLB):
The company’s stock climbed 31% to $36.54 following better-than-expected third-quarter financial results and an upbeat fourth-quarter adjusted EPS guidance.*
Interface, Inc. (TILE):
Shares rose 33% to $23.15 after the company announced strong third-quarter financial results and an upward revision of its net sales guidance for the fiscal year 2024.Equities Trading DOWN
*
ESSA Pharma Inc. (EPIX):
Shares plummeted 70% to $1.58 after the company announced the termination of its Phase 2 clinical trial evaluating masofaniten in combination with enzalutamide for patients with metastatic castration-resistant prostate cancer (mCRPC).*
Myriad Genetics, Inc. (MYGN):
Shares fell 21% to $17.24. The company is scheduled to hold its third-quarter earnings conference call on Thursday, November 7.*
Lexicon Pharmaceuticals, Inc. (LXRX):
The company’s stock dropped 36% to $1.2550 after the FDA’s Endocrinologic and Metabolic Drugs Advisory Committee Meeting reviewed its New Drug Application (NDA) for Zynquista (sotagliflozin). Lexicon is seeking approval for the drug as an adjunct to insulin therapy for glycemic control in adults with type 1 diabetes and chronic kidney disease.Commodities
Oil prices rose 1.1% to $70.04, while gold gained 0.2% to $2,753.70. Silver traded down 0.1% to $32.755, and copper rose 0.5% to $4.3635.
European Markets
European shares were also higher on Friday. The Euro Stoxx 600 index gained 1.25%, Germany’s DAX index rose 1.10%, and France’s CAC 40 index increased 1.05%. Spain’s IBEX 35 Index surged 1.42%, while London’s FTSE 100 climbed 1.06%.
Asian Markets
Asian markets ended the trading day with mixed results. 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%.
Economic Data
The U.S. economy added 12,000 jobs in October, a significant decrease from the revised gain of 223,000 jobs in September and below market expectations of 113,000. Average hourly earnings increased by 0.4% to $35.46, 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, falling short of estimates of 47.6.