As the trading day neared its conclusion, U.S. stocks embraced volatility, culminating in the Nasdaq Composite slipping by 0.2% on Friday.
The Dow trended upward by 0.23% to reach 39,158.52, while the NASDAQ saw a decline of 0.19% to land at 16,011.27. Simultaneously, the S&P 500 experienced a modest rise of 0.11% to 5,092.83.
Leading and Lagging Sectors
On Friday, utility shares exhibited resilience with a 0.8% increase.
Conversely, the energy sector witnessed a 0.5% dip in trading.
Top Headline
This week, the tally of active U.S. oil rigs climbed by six rigs according to Baker Hughes Inc’s report.
Equities Trading UP
AXT, Inc. AXTI experienced a booming 79% increase, trading at $4.0811 after exceeding expectations with its fourth-quarter financial outcomes.
Shares of Maravai LifeSciences Holdings, Inc. MRVI also surged by 60% to $8.16 post their robust fourth-quarter financial report.
Carvana Co. CVNA joined the rally, climbing 31% to $68.60 after revealing its fourth-quarter financial performance.
Equities Trading DOWN
Sequans Communications S.A. SQNS witnessed a substantial 67% drop to $0.85 after Renesas nullified the previously announced acquisition agreement with Sequans.
Meanwhile, shares of Smith Micro Software, Inc. SMSI plummeted by 42% to $0.4750 following underwhelming quarterly sales.
ModivCare Inc. MODV also took a hit, falling 40% to $26.43 post issuing a lackluster sales projection for the first quarter.
Commodities
Within the commodity market, oil prices dipped by 2.5% to $76.66, while gold’s value surged by 1% to $2,050.40.
On Friday, silver experienced a 1% upturn to reach $23.01, whereas copper took a step back by 0.6% to settle at $3.8735.
Euro zone
European markets concluded the day on a positive note. The STOXX 600 of the eurozone saw a 0.43% rise, FTSE 100 in London increased by 0.28%, and Spain’s IBEX 35 Index edged down by 0.08%. Meanwhile, the German DAX propelled 0.28%, French CAC 40 surged by 0.70%, and Italy’s FTSE MIB Index rose by 1.07%.
Germany’s economy contracted by 0.3% in the final quarter of 2023. Concurrently, the Ifo Business Climate indicator for Germany ticked up to 85.5 in February from 85.2 in January. Additionally, the median consumer expectations for eurozone inflation over the next 12 months accelerated to 3.3% in January, up from 3.2% the prior month. The GfK Consumer Confidence indicator for the UK dipped to -21 in February compared to -19 in January.
Asia Pacific Markets
In the Asian markets, the day closed with mixed results. Hong Kong’s Hang Seng Index dipped by 0.10%, China’s Shanghai Composite Index rose by 0.55%, and India’s S&P BSE Sensex inched up by 0.1%.
New home prices in China experienced a year-over-year decrease of 0.7% in January, compared to a 0.4% decline the previous month.
Economics
For the week, the count of active U.S. oil rigs escalated by six rigs, as per Baker Hughes Inc’s latest report.
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