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Bouncing Crude Oil Prices Uplift the Market; Newell Brands Provides a Gloomy Forecast

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The trading scene witnessed a surge with the Nasdaq Composite skyrocketing over 1% this Friday.

The Dow hovered around 38,691.21, down by 0.09%, while the NASDAQ experienced a remarkable 1.26% surge to reach 15,992.17. Following the trend, the S&P 500 also ascended, earning 0.55% to stabilize at 5,025.21.

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Leading and Lagging Sectors

Information technology shares demonstrated a robust performance on Friday with a 1.4% rise, while energy shares faced a setback, declining by 1.2%.

Top Headline

Newell Brands Inc NWL delivered upbeat sales for its fourth quarter, but cast a shadow with a weak forecast. The company raked in fourth-quarter revenues of $2.076 billion, surpassing the analyst consensus of $1.980 billion. Yet, there was a 9.1% year-over-year dip in revenues. The normalized EPS of 22 cents outshone the consensus of 17 cents. However, the company envisages a sales decline of 8% to 5% for FY24. Additionally, Newell Brands anticipates adjusted EPS to range from 52 cents to 62 cents as opposed to estimates of 77 cents, adding a dollop of gloom to the forecast.

Equities Trading UP

Intelligent Bio Solutions Inc. INBS witnessed a meteoric rise of 254% to reach $10.19 following the second-quarter results. The stellar performance continued as Masonite International Corporation DOOR surged by 35% to $130.24 after Owens Corning announced its acquisition for $3.9 billion. Cloudflare, Inc. NET shares latched onto the momentum, escalating by 21% to reach $108.95 post the announcement of better-than-expected fourth-quarter financial results and a promising first-quarter guidance.

Equities Trading DOWN

The Children’s Place, Inc. PLCE found itself in a rough spot with a 40% decline, resulting in a valuation of $11.84 after the company anticipated fourth-quarter net sales to hover around $454 million to $456 million, falling short of its prior guidance of $460 million to $465 million and expectations of $462.88 million. Shares of Synlogic, Inc. SYBX were also in the red, plummeting by 49% to $1.75 after the company revealed the discontinuation of Synpheny-3, operations coming to a halt, and a massive reduction in its workforce by more than 90%. EMCORE Corporation EMKR experienced a dismal performance, witnessing a 37% drop to $0.3943 after posting underwhelming quarterly results.

Commodities

In the commodity realm, oil maneuvered up by 0.8% to strike $76.83, while gold stepped back by 0.4% to reach $2,039.40. Meanwhile, silver dipped by 0.2% to $22.585 and copper descended by 0.5% to $3.6830 on Friday.

Euro zone

European shares encountered mixed reactions with the STOXX 600 in the eurozone plunging by 0.3092%, the FTSE 100 in London enduring a 0.30% fall, and the IBEX 35 Index in Spain witnessing a 0.09% setback. The German DAX and French CAC 40 experienced a slip of 0.22% and 0.24%, respectively, whereas Italy’s FTSE MIB Index managed to eke out a 0.30% gain. Notably, industrial production in Italy witnessed a 1.1% month-over-month upswing in December, and German consumer price inflation clocked in at 2.9% year-over-year in January.

Asia Pacific Markets

Asian markets exhibited a mixed bag of results as Japan’s Nikkei 225 advanced by 0.09%, the Hang Seng Index in Hong Kong receded by 0.83%, but India’s S&P BSE Sensex managed to clinch a 0.20% gain by the time trading concluded on Friday.

Economics

The CPI in the U.S. showcased a month-over-month ascent of 0.2% in December, revised down from the initially reported 0.3% rise, according to figures from the BLS. Meanwhile, Baker Hughes Inc reported an unchanged total of 499 active U.S. oil rigs this week, adding a touch of stability to the market.

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