U.S. stocks perked up as the closing bell neared, with the Nasdaq Composite making a robust gain exceeding 1% on Friday.
The Dow edged up 0.23% to 39,084.47 while the NASDAQ soared 1.22% to 16,287.91. The S&P 500 also joined the party, rising by 0.78% to 5,135.86.
Energy Rally and Utility Woes
Energy stocks glowed brightly with a rise of 1.4% on Friday.
Meanwhile, utilities shares experienced a power outage, falling by 1.3%.
In the Limelight
The total count of active U.S. oil rigs ascended by 3, reaching 506 rigs this week, as reported by Baker Hughes Inc.
Shifts in Equities Performance
BioVie Inc. BIVI shares surged by 55% to $1.92, propelled by the company’s promising developments in aiding patients with Parkinson’s Disease and Alzheimer’s.
Shares of Cardiff Oncology, Inc. CRDF leaped by 37% to $2.41 after the company delivered strong fourth-quarter financial results and significant updates on their clinical trials.
The RealReal, Inc. REAL saw a 45% increase, reaching $2.5610, following an optimistic quarterly performance.
Stumbling Shares
Sidus Space, Inc. SIDU saw a drop of 32% to $6.09 as the company priced a public offering.
Shares of Fisker Inc. FSR tumbled by 38% to $0.4499, following disappointing preliminary revenue results.
Scilex Holding Company SCLX nosedived by 38% to $1.4150 after announcing a $10 million offering.
Trends in Commodities
In the realm of commodities, oil exhibited a 2.3% rise, reaching $80.09, while gold shimmered up by 1.9% at $2,094.40.
Silver glinted with a 2% rise to $23.345, and copper ticked up by 0.4% to $3.8605 on Friday.
Economic Insights Around the Globe
European shares displayed a merry dance on Friday, as the eurozone’s various indices painted a positive picture. Notable moves included a drop in Eurozone unemployment and encouraging manufacturing PMI figures.
Across Asia Pacific, markets reflected gains in Japan, Hong Kong, China, and India. However, nuanced shifts such as a dip in Hong Kong retail sales and fluctuating manufacturing PMI in China added depth to the economic landscape.
Macroindicators and Market Follies
The S&P Global manufacturing PMI charted an ascent to 52.2 in February, but other indicators saw varied performance with U.S. construction spending dipping and the ISM manufacturing PMI declining.
Consumer sentiment in the US slipped, as the University of Michigan sentiment index fell to 76.9 in February.
In a curious twist, the active U.S. oil rig count also rose by 3 to 506 rigs this week, as per the report by Baker Hughes Inc.
Now Read This: Cramer Says This AI Stock Is Just An Nvidia Play, Prefers This Stock Over Anheuser-Busch