Towards the end of trading on Friday, the U.S. stock market painted a mixed picture. The S&P 500 and NASDAQ Composite rose, while the Dow experienced a slight decline of 0.28% to 37,607.16. The NASDAQ, on the other hand, rose 0.06% to 14,978.45, and the S&P 500 gained 0.11% to 4,785.71.
For the lastest analyst forecasts, consider checking out:: Lululemon To Rally Over 17%? Here Are 10 Top Analyst Forecasts For Friday
Energy Sector Shines
Energy shares surged by 1% on Friday, illustrating the sector’s resilience amid market fluctuations.
Corporate Spotlight: Delta Air Lines Inc
Delta Air Lines Inc DAL witnessed an over 8% decline in its shares, following the release of its fourth-quarter results.
The company posted a fourth-quarter FY23 operating revenue growth of 5.9% year-over-year to $14.22 billion and adjusted operating revenue of $13.66 billion (+11.1% Y/Y), surpassing the consensus of $13.52 billion. Additionally, its adjusted EPS stood at $1.28 above the consensus of $1.17.
Delta Air affirmed an EPS outlook of $6 – $7 for the current year, surpassing the $6.56 estimate. Previously, in December 2022, DAL expressed confidence in achieving its 2024 earnings target of over $7 per share.
Beyond airline specifics, let’s delve into the stocks that made significant moves.
Winners and Losers in Equities Trading
Amidst the market turmoil, Applied UV, Inc. AUVI experienced a notable 29% surge, reaching $2.9470, after launching its Fighter Flex LED solution at the upcoming AHR Expo on Jan. 22.
Similarly, Flexsteel Industries, Inc. FLXS witnessed a remarkable 26% surge to $22.74, propelled by strong preliminary results for the second quarter. The company projected earnings of 57 cents per share, surpassing analysts’ expectations of 27 cents per share, and revenue of $100.1 million compared to predictions of $96.77 million. It also issued financial guidance for the remainder of fiscal year 2024 and fiscal year 2025.
In contrast, Genius Group Limited GNS experienced a drastic 47% decline to $0.27, following the announcement of an $8.25 million public offering.
Enabling a comprehensive financial overview, Wipro Limited WIT showcased an 18% gain to $6.35, subsequent to the release of its third-quarter financial results, guidance, and declaration of an interim dividend.
Commodities and Global Markets
In the commodities arena, crude oil surged by 1.2% to reach $72.85, while gold ascended by 1.4% to $2,047.30. Silver also experienced an upturn of 2.4% to $23.255, but copper witnessed a decline of 0.9% to $3.7435 on Friday.
Global Economic Landscape
Across the pond, European shares manifested growth. The eurozone’s STOXX 600 rose by 0.84%, with significant increases in London’s FTSE 100, Spain’s IBEX 35 Index, the German DAX, the French CAC 40, and Italy’s FTSE MIB Index.
Shifting focus to Asia Pacific markets, Japan’s Nikkei 225 climbed 1.50%, and India’s S&P BSE Sensex surged by 1.16%. Conversely, there were declines in Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index.
Considering the economic data, Japan’s current account rose to JPY 1,925.6 billion in November from JPY 1,772.2 billion in the year-ago period. China also experienced a widening trade surplus and a decline in producer and consumer prices.
Key Economic Indicators
Producer prices in the U.S. showed a monthly decline of 0.1% in December, echoing the trend from the prior month and contrasting with market estimates of a 0.1% rise. Additionally, the total number of active U.S. oil rigs increased by 13 to 546 rigs this week, as reported by Baker Hughes Inc.
