U.S. stocks trended lower towards the close of trading, as the Nasdaq Composite declined by about 0.5% on Friday.
The Dow diminished by 0.24% to 38,681.46 while the NASDAQ fell 0.56% to 15,816.84. The S&P 500 also took a hit, sliding 0.27% to 5,016.06.
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Market Performance
Materials shares saw an upswing of 0.8% on Friday.
In contrast, communication services shares experienced a 1.4% dip during trading on Friday.
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Shares of TreeHouse Foods, Inc. THS plummeted by around 16% on Friday following the company’s release of fourth-quarter revenue results that fell short of expectations, as well as a 2024 outlook that didn’t meet estimates.
While the company surpassed the analyst consensus for fourth-quarter adjusted EPS of 77 cents, reporting 73 cents, its quarterly net sales of $910.8 million missed the consensus of $925.44 million.
Rising and Falling Stocks
The Trade Desk, Inc. TTD saw its shares shoot up by 17% to $88.65 after the company reported mixed fourth-quarter financial results.
Meanwhile, PRA Group, Inc. PRAA experienced a surge of 13% to $27.66 following upbeat results.
Fusion Fuel Green PLC HTOO also saw an increase, with shares gaining 108% to $2.4999. 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.
Slipping Stocks
China Natural Resources, Inc. CHNR encountered a 49% drop to $1.77. 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.
Simultaneously, shares of Bloom Energy Corporation BE tumbled by 20% to $9.63 following the company’s release of fourth-quarter financial results that did not meet expectations.
Cooper-Standard Holdings Inc. CPS also experienced a decline, falling by 28% to $13.92 following weak quarterly results.
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Commodities Market
In the commodities market, oil surged by 1.4% to $79.15, while gold experienced a 0.4% increase to reach $2,023.10.
Silver saw a 2.2% increase to $23.465 on Friday, and copper rose by 1.7% to $3.8235.
European and Asian Markets
European shares concluded the day on a positive note, with the eurozone’s STOXX 600 gaining 0.62%, London’s FTSE 100 rising by 1.5%, and Spain’s IBEX 35 Index falling by 0.41%. The German DAX rose by 0.42%, French CAC 40 rose by 0.32%, while Italy’s FTSE MIB Index rose by 0.12%.
The annual inflation rate in France eased to 3.1% in January from 3.7% in the prior month, while German wholesale prices declined by 2.7% year-over-year in January. Retail sales volumes in the UK rose by 3.4% month-over-month in January.
Asian markets closed higher on Friday, 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 gaining 0.6%.
Singapore’s non-oil domestic exports jumped 16.8% year-over-year in January, surpassing market estimates of a 5.4% rise.
Economic Indicators
U.S. producer prices for final demand increased by 0.3% month-over-month in January, marking the most significant rise in five months, compared to a 0.1% fall in the previous month. Analysts had anticipated a 0.1% increase in producer prices.
U.S. building permits fell by 1.5% 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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