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U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 250 points on Friday.
The Dow traded up 0.42% to 35,432.07 while the NASDAQ rose 1.79% to 14,301.74. The S&P 500, also rose, gaining, 0.87% to 4,576.83.
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Colgate-Palmolive Company (NYSE:CL) reported better-than-expected second-quarter earnings.
Colgate-Palmolive reported second-quarter FY23 sales growth of 7.5% year-on-year to $4.82 billion, beating the consensus of $4.67 billion. Non-GAAP EPS of $0.77 beat the analyst consensus of $0.75.
Colgate sees FY23 net sales growth of 5%-8% (prior view 3%-6%), including the benefit from acquisitions of pet food businesses and a low-single-digit negative impact from foreign exchange. CL now expects EPS growth to be at the high end of mid-single-digits (prior view: mid-single-digit EPS growth).
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In commodity news, oil traded up 0.5% to $80.50 while gold traded up 0.8% at $1,960.30.
Silver traded up 0.6% to $24.515 on Friday while copper rose 1.3% to $3.9265.
European shares were mixed today. The eurozone’s STOXX 600 fell 0.20%, London’s FTSE 100 rose 0.02% while Spain’s IBEX 35 Index slipped 0.10% The German DAX gained 0.39% French CAC 40 rose 0.15% and Italy’s FTSE MIB Index fell 0.33%.
The services confidence indicator in the Eurozone fell for a third straight month to a reading of 5.7 in July, while industry confidence indicator fell for a sixth consecutive month to -9.4 in July. The consumer confidence indicator in the Eurozone increased by 1 point to -15.1 in July, while economic sentiment indicator fell for a third month in a row to 94.5.
The Germany’s economy stalled in the second quarter, compared to market expectations for a 0.1% growth, while Spanish economy expanded by 0.4% on the quarter in the second quarter. The consumer price inflation in France slowed to 4.3% year-over-year in July from 4.5% in the prior month, while producer prices fell 1.1% month-over-month in June.
Industrial sales in Italy increased by 1.5% from the prior month in May, the most since Aug. 2022, while industrial producer prices declined by 5.5% year-over-year in June.
Asian markets closed mixed on Friday, with Japan’s Nikkei 225 falling 0.40%, China’s Shanghai Composite Index gaining 1.84% and Hong Kong’s Hang Seng Index rising 1.41%. India’s S&P BSE Sensex, meanwhile, fell 0.2%.
The Bank of Japan maintained its key short-term interest rate at -0.1%. Australia's final demand producer price index rose by 0.5% quarter-over-quarter in the second quarter, while retail sales fell by 0.8% month-over-month in June.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,505,310 cases with around 1,169,770 deaths. India confirmed a total of at least 44,995,430 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 692,178,100 cases of COVID-19 worldwide with more than 6,903,050 deaths.