US Stocks Open Higher; Deere Posts Upbeat Q2 Results

Author: Lisa Levin | May 19, 2023 09:58am

U.S. stocks traded higher this morning, with the Dow Jones gaining over 50 points on Friday.

Following the market opening Friday, the Dow traded up 0.17% to 33,594.20 while the NASDAQ rose 0.28% to 12,724.56. The S&P 500, also rose, gaining, 0.34% to 4,212.26.

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Leading and Lagging Sectors

• Energy shares rose by 1.2% on Friday. Meanwhile, top gainers in the sector included Nine Energy Service, Inc. (NYSE:NINE), up 5%, and New Fortress Energy Inc. (NASDAQ:NFE), up 2%.
• In trading on Friday, consumer discretionary shares fell 0.4%.

 

 

Top Headline

 

Deere & Company (NYSE:DE) reported better-than-expected second-quarter financial results.

Deere reported second-quarter net sales and revenue growth of 30% year-on-year to $17.39 billion, beating the consensus of $14.83 billion. The EPS of $9.65 surpassed the consensus of $8.59.

 

Equities Trading UP

• Monogram Orthopaedics Inc. (NASDAQ:MGRM) shares shot up 223% to $37.91 after jumping 62% on Thursday. Monogram Orthopaedics raised $17,216,147 through the sale of 2,374,641 shares of its Class A Common Stock priced at $7.25 per share.
• Shares of SunCar Technology Group Inc (NASDAQ:SDA) got a boost, shooting 85% to $7.60 amid volatility following the recent completion of the company's combination with Goldenbridge Acquisition to become a publicly-traded company.
• Farfetch Limited (NYSE:FTCH) shares were also up, gaining 26% to $5.49 after the company reported better-than-expected first-quarter results.

 

 

Equities Trading DOWN

• Foot Locker, Inc. (NYSE:FL) shares dropped 25% to $31.01 after the company reported worse-than-expected first-quarter results and lowered its FY23 guidance.
• Shares of CaliberCos Inc. (NASDAQ:CWD) were down 17% to $6.40 amid post-IPO volatility.
• Exela Technologies, Inc. (NASDAQ:XELA) was down, falling 11% to $5.64.

 

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Commodities

 

In commodity news, oil traded up 0.6% to $72.30 while gold traded up 0.1% at $1,961.60.

Silver traded up 0.7% to $23.795 on Friday while copper rose 1.3% to $3.7380.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 rose 0.8%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.9% The German DAX climbed 0.8%, French CAC 40 gained 0.9% and Italy’s FTSE MIB Index gained 1.5%.

Construction output in Italy dropped by 3.4% year-over-year in March versus a revised 0.1% decline in the prior month. The annual producer inflation in Germany fell for the seventh consecutive month to 4.1% in April. The GfK Consumer Confidence indicator in the UK climbed to -27 in May from -30 in the prior month.

 

Asia Pacific Markets

 

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.77%, Hong Kong’s Hang Seng Index dropping 1.40% and China’s Shanghai Composite Index dropping 0.42%. India’s S&P BSE Sensex rose 0.3%.

The annual inflation rate in Japan increased to 3.5% in April from 3.2% in March. Food prices in Japan increased by 8.4% year-over-year in April, recording the steepest rise since August 1976.

 

Economics

 

The Baker Hughes rig-count report for the latest week will be released at 1:00 p.m. ET.

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COVID-19 Update

 

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,877,360 cases with around 1,163,870 deaths. India confirmed a total of at least 44,984,050 cases and 531,810 deaths, while France reported over 40,054,860 COVID-19 cases with 167,050 deaths. In total, there were at least 688,668,270 cases of COVID-19 worldwide with more than 6,877,080 deaths.

Posted In: CWD DE FL FTCH MGRM NFE NINE SDA XELA