US stocks traded higher this morning, with the Dow Jones index gaining more than 50 points on Friday.
Following the market opening Friday, the Dow traded up 0.18% to 37,536.76 while the NASDAQ rose 0.38% to 15,113.04. The S&P 500 also rose, gaining, 0.19% to 4,790.00.
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Market Standings
Information technology shares rose by 0.6% on Friday. In trading on Friday, utilities shares fell by 0.3%.
Schlumberger Limited Outperforms Expectations
Schlumberger Limited posted better-than-expected earnings for its fourth quarter. SLB posted adjusted earnings of 86 cents per share, beating market estimates of 84 cents per share. The company’s quarterly sales came in at $8.99 billion versus expectations of $8.96 billion.
Stocks on the Rise
Kaman Corporation shares shot up 101% to $45.10 after the company announced it will be acquired by Arcline for $1.8 billion. Shares of Processa Pharmaceuticals, Inc. surged 38% to $0.2800 as the company announced plans to expand the development of next generation capecitabine (NGC-Cap) into advanced or metastatic breast cancer. Tricon Residential Inc. shares also soared, gaining 28% to $11.05.
Stocks on the Decline
C3is Inc. shares dropped 65% to $0.1310 as the company announced pricing of $7.0 million upsized underwritten public offering. Shares of Accelerate Diagnostics, Inc. were down 38% to $0.9901 after the company reported the pricing of approximately $15 million public offering and private placement. iRobot Corporation fell 29% to $16.74 following a report suggesting the EU plans to block Amazon’s acquisition of the company.
Commodities Update
In commodity news, oil traded up 0.4% to $74.35 while gold traded up 0.5% at $2,032.30. Silver traded down 0.3% to $22.74 on Friday while copper rose 0.6% to $3.7670.
Global Market Reflections
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index fell 0.1% The German DAX fell 0.2% French CAC 40 fell 0.143% while Italy’s FTSE MIB Index fell 0.1%. Producer prices in Germany declined 8.6% year-over-year in December compared to a 7.9% fall in the previous month. Retail sales in the UK fell by 3.2% in December compared to a revised 1.4% rise in the prior month.
Asia Pacific Market Recap
Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 1.40%, Hong Kong’s Hang Seng Index falling 0.54% and China’s Shanghai Composite Index declining 0.47%. India’s S&P BSE Sensex, meanwhile, rose 0.70%. Foreign direct investment into China declined by 8% year-over-year to CNY 1.13 trillion ($157.1 billion) in 2023. The business confidence indicator in Hong Kong declined to +1 in the first quarter versus a reading of +8 in the prior three-month period. The annual inflation rate in Japan slowed to 2.6% in December from 2.8% in the earlier month, recording the lowest reading since July 2022.
Upcoming Economic Indicators
Data on existing home sales will be released at 10:00 a.m. ET.
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