U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling over 50 points on Friday
The Dow traded up 0.05% to 38,069.66 while the NASDAQ fell 0.4% to 15,447.78. The S&P 500 also fell, dropping, 0.15% to 4,886.79.
Check This Out: Snap To Rally Around 17%? Here Are 10 Top Analyst Forecasts For Friday
Leading and Lagging Sectors
Health care shares rose by 0.5% on Friday.
In trading on Friday, information technology shares fell by 1.2%.
Colgate-Palmolive Posts Upbeat Results
Colgate-Palmolive Company CL reported upbeat fourth-quarter financial results.
Colgate-Palmolive reported fourth-quarter FY23 sales growth of 7% year-on-year to $4.95 billion, beating the analyst consensus estimate of $4.89 billion. Base Business (non-GAAP) EPS of 87 cents beat the analyst consensus of 80 cents.
Equities Trading UP
AppFolio, Inc. APPF shares shot up 26% to $219.29 after the company reported better-than-expected fourth-quarter financial results and issued guidance.
Shares of Corbus Pharmaceuticals Holdings, Inc. CRBP got a boost, surging 317% to $35.27 after the company announced data from the first-in-human clinical study of CRB-701 is being presented as a poster by its development partner CSPC Pharmaceutical at ASCO GU 2024.
eHealth, Inc. EHTH shares were also up, gaining 23% to $6.89 after the company announced preliminary results for the fourth quarter.
Equities Trading DOWN
Yoshitsu Co., Ltd TKLF shares dropped 61% to $0.3031 after the company announced pricing of $4.0 million registered direct offering and private placement.
Shares of Nuvve Holding Corp. NVVE were down 29% to $3.5510 after the company filed for a public offering of 2.3 million shares of common stock, Series A warrants, Series B warrants and Series C warrants.
Processa Pharmaceuticals, Inc. PCSA was down, falling 29% to $3.6350 after the company announced pricing of its $7 million public offering.
Commodities
In commodity news, oil traded up 0.5% to $77.71 while gold traded down 0.1% at $2,017.20.
Silver traded down 0.3% to $22.87 on Friday while copper fell 0.4% to $3.8525.
Global Markets Overview
European shares were higher today. The eurozone’s STOXX 600 climbed 1.11%, London’s FTSE 100 rose 1.40% while Spain’s IBEX 35 Index rose 0.20% The German DAX rose 0.32% French CAC 40 climbed 2.28% while Italy’s FTSE MIB Index rose 0.73%.
Bank lending to households in the Eurozone rose by 0.3% year-over-year to EUR 6.86 trillion in December. Spain’s unemployment rate fell to 11.76% in the fourth quarter from 11.84% in the prior quarter.
The consumer confidence indicator in France rose to 91 in January from 89 in the prior month, while the GfK Consumer Climate Indicator for Germany declined to -29.7 heading into February versus a revised reading of -25.4 in January.
Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 1.34%, Hong Kong’s Hang Seng Index declining 1.60% and China’s Shanghai Composite Index gaining 0.14%.
The headline PCE annual inflation rate held at 2.6% in December, matching both the previous and expected rate of 2.6%. On a monthly basis, the PCE price index rebounded with a 0.2% increase, recovering from a 0.1% decline in November and matching the predicted 0.2% rise.
U.S. personal spending rose by 0.7% from a month ago in December, while personal income rose by 0.3%.
U.S. pending home sales surged 8.3% month-over-month in December, beating market estimates of a 1.5% increase, and compared to a revised 0.3% decline in November.
The total number of active U.S. oil rigs climbed by 2 rigs this week, Baker Hughes Inc reported.