U.S. stocks traded higher midway through trading, with the Dow Jones index gaining over 100 points on Friday.
The Dow traded up 0.32% to 38,170.95 while the NASDAQ rose 0.10% to 15,525.24. The S&P 500 also rose, gaining, 0.19% to 4,903.28.
check this out: Snap To Rally Around 17%? Here Are 10 Top Analyst Forecasts For Friday
Market Movement
Health care shares rose by 0.5% on Friday, while information technology shares fell by 0.8%.
American Express Soars
Shares of American Express Company AXP gained more than 7% on Friday after the company reported fourth-quarter financial results, issued FY24 guidance, and expressed its intention to raise its dividend.
In the last quarter of 2023, American Express registered a revenue growth of 11% year-on-year to $15.8 billion, albeit falling short of the $16.0 billion consensus, while its EPS of $2.62 missed the consensus of $2.64.
Stock Surge and Plunge
AppFolio, Inc. APPF shares surged 28% to $222.67 after reporting better-than-expected Q4 results and providing optimistic guidance. Meanwhile, shares of Corbus Pharmaceuticals Holdings, Inc. CRBP rose 221% to $27.11 after announcing encouraging data from a clinical study. eHealth, Inc. EHTH shares also gained 24% to $6.93 following their preliminary Q4 results. Conversely, shares of Yoshitsu Co., Ltd TKLF fell 60% to $0.3133 after the company announced pricing of a $4.0 million registered direct offering and private placement. In addition, Intel Corporation INTC was down 10% to $44.44 despite reporting upbeat Q4 results due to a weak forecast for the first quarter. Processa Pharmaceuticals, Inc. PCSA also faced a decline, falling 25% to $3.8489 after announcing the pricing of its $7 million public offering.
Commodity Market
In commodity news, oil traded down 1% to $76.60 while gold traded up 0.1% at $2,018.20. Silver traded down 0.2% to $22.885 on Friday, while copper fell 0.1% to $3.8650.
Global Market Insights
European shares were higher today with various indices in the Eurozone and the UK seeing positive movement. Bank lending to households in the Eurozone rose by 0.3% year-over-year to EUR 6.86 trillion in December. Furthermore, the unemployment rate in Spain declined to 11.76% in Q4 from 11.84% in the prior quarter. In Asia, Japan’s Nikkei 225 fell 1.34%, Hong Kong’s Hang Seng Index declined 1.60%, while China’s Shanghai Composite Index gained 0.14%. In Japan, the index of leading economic indicators was revised lower to 107.6 in November, while the index of coincident economic indicators rose to 114.6 in the same month.
Economic Indicators
The headline PCE annual inflation rate held at 2.6% in December, matching both the previous and expected rate. On a monthly basis, the PCE price index rebounded with a 0.2% increase, recovering from a 0.1% decline in November and matching the predicted 0.2% rise. U.S. personal spending rose by 0.7% from a month ago in December, while personal income rose by 0.3%. Additionally, U.S. pending home sales surged 8.3% month-over-month in December, surpassing market estimates of a 1.5% increase, and compared to a revised 0.3% decline in November.
