U.S. stocks traded mixed this morning, with the S&P 500 topping the 5,000 mark on Friday.
As the opening bell rang on Friday, the Dow faltered 0.05% to 38,706.33, while the NASDAQ climbed 0.32% to 15,844.63. The S&P 500 added 0.11% to 5,003.51.
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Market Movement and Division
Energy shares ascended by 0.5% on Friday.
Meanwhile, consumer staples shares faced a 0.6% downfall in trading on Friday.
Breaking Developments
PepsiCo, Inc. PEP pleasantly surprised investors with earnings ahead of forecasts for its fourth quarter.
The corporation announced fourth-quarter FY23 sales of $27.85 billion, falling just short of the analyst consensus estimate of $28.40 billion. Sales saw a modest 0.5% dip on a year-over-year basis. The company delivered an adjusted EPS of $1.78 in the fourth quarter, surpassing the street view of $1.72.
For 2024, PepsiCo anticipates a minimum 4% surge in organic revenue, accompanied by at least an 8% uptick in core constant currency EPS.
Stocks on the Rise
Sunworks, Inc. SUNW shares soared by 203% to $0.1680. Sunworks, alongside three subsidiaries, recently took the decision to stop operations and filed for Chapter 7 bankruptcy in the United States Bankruptcy Court for the District of Delaware.
Shares of TOP Financial Group Limited TOP surged by 135% to $7.69.
NanoString Technologies, Inc. NSTG shares were also on the rise, with a 75% gain, reaching $0.2039 after the company announced the completion of financing to support the restructuring process.
Stocks on the Decline
The Children’s Place, Inc. PLCE shares plummeted by 53% to $9.19 after the company projected fourth-quarter net sales to be approximately $454 million to $456 million, below its prior guidance of $460 million to $465 million, and falling short of the estimate of $462.88 million.
Shares of Synlogic, Inc. SYBX sank by 52% to $1.6701 after the company announced the discontinuation of Synpheny-3, the ceasing of operations, and a reduction in its workforce by over 90%.
BioXcel Therapeutics, Inc. BTAI experienced a 35% decline to $2.45 after the company disclosed a proposed public offering.
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Commodities Update
In commodity news, oil surged by 6.3% to $76.86 while gold marginally declined by 0.4% to $2,039.40.
Silver took a 0.5% dip to $22.525 on Friday, while copper experienced an 0.8% fall to $3.6715.
Euro Zone Insights
European shares depicted a mix, with the eurozone’s STOXX 600 ascending 0.1%, London’s FTSE 100 declining 0.1%, Spain’s IBEX 35 Index falling 0.1%, the German DAX slipping 0.1%, the French CAC 40 dipping 0.2%, and Italy’s FTSE MIB Index gaining 0.4%.
In December, industrial production in Italy surged by 1.1% month-over-month, while German consumer price inflation stood at 2.9% year-over-year in January.
Asian Markets
Asian markets wrapped with a mixed tone on Friday. Japan’s Nikkei 225 advanced by 0.09%, Hong Kong’s Hang Seng Index fell by 0.83%, and India’s S&P BSE Sensex gained 0.20%.
Economic Indicators
The CPI in the U.S. recorded a 0.2% month-over-month rise in December, revised BLS data revealed.
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