U.S. stocks took a downturn midway through trading, with the Nasadq Composite plummeting more than 50 points on a gloomy Friday.
The Dow took a hit, trading down 0.10% to 38,736.15, while the NASDAQ fell 0.34% to 15,852.87. The S&P 500 also joined the downward spiral, dropping 0.09% to 5,025.26.
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Leading and Lagging Sectors
Materials shares saw a glimmer of hope, rising by 0.8% on Friday.
In a reversal of fortune, communication services shares tumbled by 1.6% during trading on Friday.
Top Headline
Shares of TreeHouse Foods, Inc. THS tanked around 14% on Friday after the company reported worse-than-expected fourth-quarter revenue results and issued a bleak FY24 outlook below estimates.
The company managed to eke out a fourth-quarter adjusted EPS of 77 cents, just beating the analyst consensus of 73 cents. However, quarterly net sales of $910.8 million fell short of the consensus of $925.44 million.
Equities Trading UP
The Trade Desk, Inc. TTD reported a mixed bag of fourth-quarter financial results, propelling its shares up by 16% to $87.56.
Shares of PRA Group, Inc. PRAA skyrocketed 19% to $29.15 following upbeat results.
Fusion Fuel Green PLC HTOO saw its shares surge, climbing 131% to $2.76. The company announced that its HEVO-Portugal project had been selected for approval under the Important Projects of Common European Interest (“IPCEI”) Hy2Infra program by the European Commission.
Equities Trading DOWN
China Natural Resources, Inc. CHNR saw its shares plummet by 49% to $1.78. The company announced a registered direct placement of $3.27 million of 1,487,870 common shares and private placement warrants at a price of $2.20 per unit.
Meanwhile, shares of Bloom Energy Corporation BE tumbled by 21% to $9.09 after the company reported disappointing fourth-quarter financial results.
Cooper-Standard Holdings Inc. CPS nosedived, falling 25% to $14.33 following lackluster quarterly results.
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Commodities
In commodity news, oil trended upward by 0.3% to $78.25, while gold inched up 0.1% to $2,016.90.
Silver gained 0.9% to $23.165 on Friday, and copper rose 2.1% to $3.8365.
Euro zone
European shares put on a positive show. The eurozone’s STOXX 600 jumped 0.52%. London’s FTSE 100 surged 1.49%, while Spain’s IBEX 35 Index stumbled by 0.50%. The German DAX saw a meager boost of 0.24%, and the French CAC 40 rose 0.37%. Italy’s FTSE MIB Index also experienced an uptick, rising by 0.28%.
In France, the annual inflation rate eased to 3.1% in January from 3.7% in the prior month. Conversely, German wholesale prices took a 2.7% year-over-year hit in January. Across the English Channel, retail sales volumes in the UK saw a 3.4% month-over-month rise in January.
Asia Pacific Markets
Asian markets reported a good day, with Japan’s Nikkei 225 gaining 0.86%, Hong Kong’s Hang Seng Index rising by 2.48%, and India’s S&P BSE Sensex climbing 0.6%.
Over in Singapore, non-oil domestic exports flourished, jumping 16.8% year-over-year in January, outstripping market estimates of a 5.4% rise.
Economics
U.S. producer prices for final demand surged 0.3% month-over-month in January, marking the biggest rise in five months, compared to a 0.1% fall in the previous month. However, analysts were expecting a mere 0.1% increase in producer prices.
U.S. building permits took a 1.5% hit, dropping to an annual rate of 1.470 million in January.
Housing starts in the U.S. dipped by 14.8% month-over-month to an annual rate of 1.331 million in January.
The University of Michigan consumer sentiment rose to a reading of 79.6 in February from 79 in January.
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