Market News

S&P 500 Surges; State Street Reports Strong Earnings – Anitra (AMEX:AZTR), C3is (NASDAQ:CISS) S&P 500 Surges; State Street Reports Strong Earnings – Anitra (AMEX:AZTR), C3is (NASDAQ:CISS)

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Friday.


The Dow traded up 0.95% to 37,824.10 while the NASDAQ rose 1.39% to 15,264.30. The S&P 500 also rose, gaining, 1.06% to 4,831.75.



 


 


Leading and Trailing Sectors


 


Information technology shares rose by 1.6% on Friday.




In trading on Friday, utilities shares fell by 0.6%.


 




Major News


 


State Street Corporation STT posted stellar earnings for its fourth quarter.


State Street reported fourth-quarter revenues of $3.04 billion, down 4% Y/Y, surpassing the consensus estimate of $2.95 billion. EPS (ex-notable items) of $2.04 surpasses the consensus estimate of $1.83.


State Street announced new authorization to repurchase up to $5 billion of common shares with no expiration date.


 




Rising Equities


 


Kaman Corporation KAMN shares surged by 101% to $45.17 after the company announced it will be acquired by Arcline for $1.8 billion.


Shares of Processa Pharmaceuticals, Inc. PCSA received a boost, skyrocketing by 27% to $0.2570 after the company announced the expansion of the NGC-Cap program into advanced or metastatic breast cancer.


Tricon Residential Inc. TCN shares were also up, gaining 28% to $11.07 after the company announced it entered into an arrangement agreement where Blackstone Real Estate Partners X with Blackstone Real Estate Income Trust will acquire all outstanding common shares of the company.


 




Falling Equities


 


C3is Inc. CISS shares plummeted by 64% to $0.1340 as the company announced pricing of $7.0 million upsized underwritten public offering.


Shares of Azitra, Inc. AZTR were down by 32% to $1.39 after the company filed for a firm commitment public offering of 3 million shares of common stock.


iRobot Corporation IRBT was down, falling by 28% to $17.10 following a report suggesting the EU plans to block Amazon’s acquisition of the company.


 

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Commodities


 


In commodity news, oil traded down by 0.8% to $73.46 while gold traded up by 0.4% at $2,028.80.


Silver traded down by 0.5% to $22.685 on Friday while copper rose by 1% to $3.7835.


 



Euro zone


 


European shares were mostly lower today. The eurozone’s STOXX 600 fell by 0.26%, London’s FTSE 100 rose by 0.04% while Spain’s IBEX 35 Index fell by 0.22%. The German DAX fell by 0.07%. The French CAC 40 and Italy’s FTSE MIB Index both experienced decreases.


Producer prices in Germany declined by 8.6% year-over-year in December compared to a 7.9% fall in the previous month. Retail sales in the UK fell by 3.2% in December compared to a revised 1.4% rise in the prior month.


 



Asia Pacific Markets


 


Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining by 1.40%, Hong Kong’s Hang Seng Index falling by 0.54% and China’s Shanghai Composite Index declining by 0.47%. India’s S&P BSE Sensex, meanwhile, rose by 0.70%.


Foreign direct investment into China declined by 8% year-over-year to CNY 1.13 trillion ($157.1 billion) in 2023. The business confidence indicator in Hong Kong declined to +1 in the first quarter versus a reading of +8 in the prior three-month period. The annual inflation rate in Japan slowed to 2.6% in December from 2.8% in the earlier month, recording the lowest reading since July 2022.


 



Economics


 


U.S. existing-home sales fell by 1.0% from a month ago to an annualized rate of 3.78 million units in December, hitting the lowest level since Aug. 2010 and compared to market estimates of 3.82 million units.


The University of Michigan’s consumer sentiment jumped to 78.8 in January, notching the highest level since July 2021, up from 69.7 in December and versus market estimates of 70, according to preliminary estimates.


The total number of active U.S. oil rigs fell by 2 to 497 rigs this week, Baker Hughes Inc reported.


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