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Market Overview: Crude Oil Surges, Newell Brands Issues Weak Forecast – Masonite International (NYSE:DOOR), EMCORE (NASDAQ:EMKR) Market Overview: A Look at the Latest Market Movement

U.S. stocks are witnessing diverse performances, with the Nasdaq Composite seeing an uptick of over 1% on Friday’s trading.

The Dow is down 0.09% to 38,691.21, while the NASDAQ is up 1.26% to 15,992.17. The S&P 500 also made gains, rising by 0.55% to 5,025.21.

Moving forward, let’s delve into the various factors influencing the market movements.

Positive Momentum in Tech, Energy Facing Challenges

Notably, information technology shares witnessed a rise of 1.4% on Friday, indicating positive momentum in this sector.

Meanwhile, energy shares experienced a decline of 1.2% during trading on Friday, reflecting the challenges faced by this sector.

Newell Brands Reports Strong Sales, Issues Dim Forecast

Newell Brands Inc reported robust sales for the fourth quarter, surpassing analyst consensus. However, the company issued a weak outlook, with fourth-quarter revenues of $2.076 billion, reflecting a 9.1% decrease year over year. Normalized EPS of 22 cents exceeded the consensus of 17 cents, but the company anticipates a sales decline of 8% to 5% for FY24.

Stocks on the Rise and Fall

Several equities experienced significant movement, with Intelligent Bio Solutions Inc. shares surging by 254% to $10.19 following second-quarter results. Masonite International Corporation witnessed a 35% surge to $130.24 after the announcement of its acquisition by Owens Corning for $3.9 billion. On the other hand, EMCORE Corporation shares fell by 37% to $0.3943 after posting weak quarterly results.

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Commodity Activity and Global Market Trends

In the commodity market, oil traded up 0.8% to $76.83, while gold experienced a 0.4% decrease at $2,039.40. Silver and copper also witnessed fluctuations during Friday’s trading.

Additionally, European shares closed mostly lower, with varying performances in major indices such as STOXX 600, FTSE 100, IBEX 35, DAX, CAC 40, and FTSE MIB. In Asia Pacific markets, Japan’s Nikkei 225 gained 0.09%, Hong Kong’s Hang Seng Index fell 0.83%, and India’s S&P BSE Sensex gained 0.20%.

Market Indicators and Economic Trends

The Consumer Price Index (CPI) in the U.S. saw a 0.2% month-over-month increase in December, as revised figures from the BLS indicated. Furthermore, the total number of active U.S. oil rigs remained unchanged at 499 rigs this week, according to Baker Hughes Inc.