HomeMarket NewsMicro Cap StocksCrude Oil Soars 2% as PagerDuty Shares Decline

Crude Oil Soars 2% as PagerDuty Shares Decline

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At the end of trading, U.S. stocks showed mixed results, with the Dow Jones up around 50 points on Friday.

The Dow saw a 0.15% increase to 34,774.75, while the NASDAQ experienced a 0.35% decrease to 13,986.43. The S&P 500 also dropped by 0.06% to 4,505.03.

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Leading and Lagging Sectors

Energy shares surged by 1.9% on Friday, while consumer discretionary shares fell by 1.1%.

Top Headline

In August, the U.S. economy added 187,000 jobs, surpassing both the downwardly revised figure of 157,000 jobs in July and the market expectation of 170,000 jobs. However, the unemployment rate rose from 3.5% in July to 3.8% in August.

Equities Trading UP

Taoping Inc. TAOP shares skyrocketed by 45% to $3.3006 due to year-over-year increases in H1 EPS and sales results.

Shares of Dell Technologies Inc. DELL surged 21% to $68.04 following better-than-expected second-quarter earnings and an improved outlook for the year.

Novo Integrated Sciences, Inc. NVOS also experienced a gain, with shares rising 57% to 0.22 due to the announcement of receiving an Underwriting Clearance Notice for a $70 million coupon.

Equities Trading DOWN

Aditxt, Inc. ADTX shares tumbled 31% to $37.81 after announcing a $10 million private placement priced at-the-market under Nasdaq rules.

Shares of PagerDuty, Inc. PD declined by 7% to $23.99 despite posting impressive second-quarter results, as weak earnings forecasts for the current quarter were issued.

Olin Corporation OLN fell by 10% to $51.97 following the announcement of Scott Suttonโ€™s departure as President, Chief Executive Officer, and Chairman of the Board in the first half of 2024.

Commodities

Oil prices increased by 2.2% to $85.49, while gold rose 0.1% to $1,967.40. Meanwhile, silver dropped 0.9% to $24.58, and copper saw a 0.8% rise to $3.8515.

Eurozone

European shares displayed mixed performance today. The eurozoneโ€™s STOXX 600 decreased by 0.01%. However, Londonโ€™s FTSE 100 rose 0.34%, Spainโ€™s IBEX 35 Index fell 0.59%, the German DAX slipped 0.67%, and the French CAC 40 dropped 0.27%. Italyโ€™s FTSE MIB Index experienced a decline of 0.63%.

In August, the Eurozone manufacturing PMI rose to 43.5 from Julyโ€™s reading of 42.7. Franceโ€™s manufacturing PMI also increased to 46 from 45.1 in July. The German manufacturing PMI confirmed the reading of 39.1 in August, while the UK manufacturing PMI, as measured by S&P Global/CIPS, rose to 43.0 in August, surpassing the preliminary reading of 42.5.

Italyโ€™s industrial producer prices experienced a 10.2% year-over-year decline in July, and Italian GDP shrank by 0.4% quarter-over-quarter in the three months to June. However, the HCOB Italy manufacturing PMI climbed to 45.4 in August from 44.5 the previous month.

Asia Pacific Markets

Asian markets saw positive results on Friday, with Japanโ€™s Nikkei 225 rising by 0.28% and Chinaโ€™s Shanghai Composite Index increasing by 0.43%. Indiaโ€™s S&P BSE Sensex also experienced growth, with a rise of 0.86%.

In August, the S&P Global Indian manufacturing PMI reached a three-month high of 58.6, compared to the previous monthโ€™s reading of 57.7. The Caixin China general manufacturing PMI rose to 51.0 in August from 49.2 in July. However, Japanese manufacturing PMI fell to 49.6 in August compared to the flash level of 49.7.

Economics

In August, the U.S. economy added 187,000 jobs, surpassing both the downwardly revised figure of 157,000 jobs in July and the market expectation of 170,000 jobs. However, the unemployment rate rose from 3.5% in July to 3.8% in August.

Average hourly earnings for all U.S. private nonfarm payrolls employees increased by 0.2% to $33.82 in August, following a 0.4% growth in the previous month.

The S&P Global manufacturing PMI was revised higher to 47.9 in August, surpassing the preliminary reading of 47.

In July, construction spending in the U.S. increased by 0.7% month-over-month to an annual rate of $1,972.6 billion.

The ISM Manufacturing PMI rose to 47.6 in August from 46.4 in the previous month, exceeding market estimates of 47.0.

The total number of active U.S. oil rigs remained unchanged at 512 rigs this week, according to Baker Hughes Inc.

COVID-19 Update

The U.S. currently has the highest number of COVID-19 cases and deaths worldwide, reporting a total of 108,087,320 cases and approximately 1,173,650 deaths. India confirmed at least 44,997,160 cases and 531,930 deaths, while France reported over 40,138,560 cases and 167,640 deaths. Overall, there have been a minimum of 694,630,520 COVID-19 cases and more than 6,911,550 deaths globally.

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