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Crude Oil Rises 1%; MicroAlgo Shares Trend Higher

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Crude Oil Rises 1%; MicroAlgo Shares Trend Higher

The Nasdaq Composite registered a gain of about 100 points on Friday, contributing to a slight increase in U.S. stocks during midday trading.

The Dow rose by 0.02% to 34,077.68, while the NASDAQ increased by 0.76% to 13,325.02. The S&P 500 also experienced growth, climbing 0.40% to 4,347.41.

 

Leading and Lagging Sectors

 

On Friday, information technology shares saw a 0.9% increase.

However, financial shares witnessed a 0.3% decline in trading.

 

Top Headline

 

The S&P Global manufacturing PMI exceeded expectations, rising to 48.9 in September from 47.9 in the previous month. The S&P Global services PMI, however, fell to 50.2 in September from 50.5 in August, below the estimated 50.6.

 

Equities Trading UP

 

MicroAlgo Inc. MLGO experienced a significant increase of 80% to $7.29. This surge followed the company’s announcement of a knowledge-enhanced backtracking search algorithm intended to enhance the performance and efficiency of research institutions.

Shares of 5E Advanced Materials, Inc. FEAM also saw a boost, rising 16% to $2.6003 after receiving authorization from the Environmental Protection Agency for Step-Rate Testing under its existing permit.

Mondee Holdings, Inc. MOND experienced a rise of 25% to $4.35 following the announcement of a $30 million share repurchase program approved by its board of directors.

 

Equities Trading DOWN

 

Neptune Wellness Solutions Inc. NEPT experienced a decline of 48% to $2.0999 after the announcement of a $4.5 million public offering of 1.8 million shares priced at $2.50 per share.

Shares of Scholastic Corporation SCHL fell 16% to $32.79 due to the company reporting lower-than-expected results for the first quarter.

Flux Power Holdings, Inc. FLUX also experienced a decline of 16% to $4.16 as a result of weaker-than-expected quarterly sales.

 

Commodities

 

In commodity news, oil prices increased by 1% to $90.50, while gold witnessed a 0.5% rise to $1,948.60.

Silver saw a 1.2% increase to $23.98, and copper rose by 0.7% to $3.72 on Friday.

 

Euro Zone

 

European shares experienced mixed results. The eurozone’s STOXX 600 fell by 0.13%, while London’s FTSE 100 rose by 0.20%. Spain’s IBEX 35 Index declined by 0.32%, and the German DAX saw a minimal increase of 0.01%. The French CAC 40, however, witnessed a decline of 0.30%, and Italy’s FTSE MIB Index dipped by 0.23%.

The HCOB Eurozone services PMI rose to 48.4 in September from 47.9 in the previous month, while the manufacturing PMI decreased slightly from 43.5 to 43.4. The HCOB France composite PMI declined to 43.5 in September from an August reading of 46, while the German composite PMI increased to 46.2 in September from 44.6 in August.

The S&P Global/CIPS UK services PMI declined to 47.2 in September from 49.5 in the previous month, while the manufacturing PMI rose to 44.2 in September from 43. Spain’s quarterly economic growth in the second quarter was revised higher to 0.5% on quarter versus the preliminary reading of 0.4%.

 

Asia Pacific Markets

 

Asian markets closed with mixed results on Friday. Japan’s Nikkei 225 fell by 0.52%, Hong Kong’s Hang Seng Index increased by 2.28%, and China’s Shanghai Composite Index saw a rise of 1.55%. India’s S&P BSE Sensex, on the other hand, experienced a 0.2% decline.

The Bank of Japan maintained its key short-term interest rate at -0.1%. The Japanese composite PMI declined to 51.8 in September from a final reading of 52.6 in August. The annual inflation rate in Japan fell to 3.2% in August compared to the previous month’s reading of 3.3%.

 

Economics

 

The S&P Global manufacturing PMI rose to 48.9 in September from 47.9 in the previous month, surpassing market estimates of 48.

The S&P Global services PMI declined to 50.2 in September from 50.5 in August, falling below the estimated 50.6.

The S&P Global composite PMI slipped to 50.1 in September from 50.2 in August.

 

COVID-19 Update

 

The U.S. continues to have the highest number of coronavirus cases and deaths globally, with a total of 108,541,850 confirmed cases and approximately 1,175,560 deaths. India has confirmed a total of at least 44,998,330 cases and 531,930 deaths. France has reported over 40,138,560 COVID-19 cases, resulting in 167,640 deaths. Worldwide, there have been at least 695,603,900 cases of COVID-19, with more than 6,918,430 deaths.