Wall Street ended the week on a high note, with US stocks rallying on the back of strong corporate earnings. The Dow Jones Industrial Average climbed over 350 points, representing a 0.86% gain, closing at 42,820.94. The NASDAQ Composite followed suit, rising 0.35% to 18,346.63, while the S&P 500 also saw a healthy gain of 0.58%, reaching 5,813.55.
One of the key drivers behind the market’s positive momentum was the strong performance of the financials sector. Financials shares surged by 1.9% on Friday. Meanwhile, consumer discretionary stocks lagged, declining by 0.3%.
BlackRock, Inc. (BLK) delivered better-than-expected third-quarter results, contributing to the overall bullish sentiment. The investment management giant reported a 15% year-over-year revenue growth, reaching $5.197 billion, exceeding analysts’ expectations of $5.007 billion. Its adjusted earnings per share also climbed by 5% year-over-year, hitting $11.46, surpassing the consensus estimate of $10.38.
In the world of equities, several companies experienced significant price movements.
Equities Trading UP
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Top Wealth Group Holding Limited (TWG)
shares soared by a remarkable 194% to $6.21. The company successfully priced its $10.8 million public offering of 27 million ordinary shares at $0.40 per share.*
Pacific Biosciences of California Inc (PACB)
shares jumped by 30% to $2.0093 after announcing a research collaboration agreement with the National Cancer Center of Singapore. The project will leverage the company’s sequencing technologies.*
Conduit Pharmaceuticals Inc (CDT)
shares also saw a positive day, gaining 9% to $0.1119. This surge followed the news that AstraZeneca had acquired a 9.9% stake in the company.Equities Trading DOWN
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Tesla, Inc. (TSLA)
shares took a tumble, dropping 8% to $218.97 following the unveiling of its Cybercab. Investors appeared to be assessing the potential 2026 or 2027 timeline for its launch.*
Perspective Therapeutics Inc (CATX)
shares fell 8% to $12.20. The company announced plans to advance the development of radiopharmaceutical therapy [212Pb]VMT01 based on data presented at the Society for Melanoma Research Congress.*
A. O. Smith Corporation (AOS)
experienced a 7% decline to $80.33 after reporting preliminary third-quarter results that fell short of estimates. The company also revised its FY24 EPS guidance downward.Commodities
In commodity markets, oil prices dipped by 0.5% to $75.49, while gold prices rose 1.3% to $2,673.40. Silver prices followed a similar upward trajectory, gaining 1.4% to $31.675 on Friday, while copper rose 1.4% to $4.4875.
European Markets
European stocks ended the day in positive territory. The eurozone’s STOXX 600 index gained 0.55%, with Germany’s DAX rising 0.85% and France’s CAC 40 climbing 0.48%. Spain’s IBEX 35 Index saw a 0.54% increase, while London’s FTSE 100 rose 0.19%. The UK’s trade deficit narrowed to £0.96 billion in August, compared to a revised £4.71 billion gap in July. Additionally, the British economy expanded by 0.2% month-over-month in August. Industrial production in the UK saw a 0.5% month-over-month increase in August.
Asia Pacific Markets
Asian markets closed with a mixed performance on Friday. Japan’s Nikkei 225 gained 0.57%, while China’s Shanghai Composite Index dipped 2.55%, and India’s BSE Sensex fell 0.28%. Industrial production in India fell 0.1% year-over-year in August, compared to a revised 4.7% gain in July.
Economics
Core producer prices in the US rose 0.2% from the previous month in September, compared to a 0.3% increase in August. The University of Michigan consumer sentiment index declined to 68.9 in October, from a five-month high of 70.1 in September, falling short of market estimates of 70.8. Baker Hughes Inc reported that the total number of active US oil rigs increased by two to 481 rigs this week.
