Market News

Nasdaq Surges Over 100 Points Nasdaq Surges Over 100 Points

U.S. stocks experienced a mix of trade on Friday as the Nasdaq Composite surged over 100 points.

The Dow traded down 0.24% to 38,633.08 while the NASDAQ rose 0.81% to 15,921.72. The S&P 500 also rose, gaining 0.28% to 5,012.01.

 

Sector Performance

 

Information technology shares rose by 1.2% on Friday.

In trading on Friday, consumer staples shares fell by 0.8%.

Company Performance

 

On Thursday, Pinterest, Inc. reported upbeat earnings for its fourth quarter, while sales missed estimates. The company noted that it sees first-quarter revenue in the range of $690 million to $705 million.

Stock Upturn

 

Intelligent Bio Solutions Inc. shares shot up 145% to $7.05 following second-quarter results. Masonite International Corporation also saw a 35% surge to $129.98 after it was announced that Owens Corning will acquire the company for $3.9 billion. Cloudflare, Inc. shares were also up, gaining 22% to $110.19 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance.

Stock Downturn

 

The Children’s Place, Inc. shares dropped 53% to $9.31 after the company stated expectations for fourth-quarter net sales were lower than previously guided. Synlogic, Inc. shares were down 52% to $1.65 after the company announced it will discontinue Synpheny-3, cease operations and reduce its workforce. EMCORE Corporation fell 32% to $0.4297 after posting weak quarterly results.

Commodities News

 

In commodity news, oil traded up 0.7% to $76.73 while gold traded down 0.4% at $2,038.90. Silver traded down 0.4% to $22.555 on Friday while copper fell 0.7% to $3.6775.

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Global Market Review

 

European shares were mostly lower, with the eurozone’s STOXX 600, London’s FTSE 100, Spain’s IBEX 35 Index, the German DAX, and French CAC 40 seeing mixed performance. Italy’s FTSE MIB Index gained 0.02%. Industrial production in Italy increased by 1.1% month-over-month in December, while German consumer price inflation came in at 2.9% year-over-year in January.

Asian markets closed with mixed performance, with Japan’s Nikkei 225, Hong Kong’s Hang Seng Index, and India’s S&P BSE Sensex seeing varied ups and downs.

Economic Indicators

 

The CPI in the U.S. rose 0.2% month-over-month in December, according to revised figures from the BLS.