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News

Dow Surges 100 Points; US Consumer Sentiment Tops Expectations

Author: Lisa Levin | August 11, 2023 12:19pm

U.S. stocks traded mixed midway through trading, with the Dow Jones gaining around 100 points on Friday.

The Dow traded up 0.30% to 35,280.26 while the NASDAQ fell 0.48% to 13,672.51. The S&P 500, also fell, dropping, 0.05% to 4,466.72.

Check This Out: Amazon To Rally Over 66%? Here Are 10 Other Analyst Forecasts For Friday

 

Leading and Lagging Sectors

Energy shares jumped by 1.6% on Friday.

In trading on Friday, information technology shares fell by 0.8%.

 

Top Headline

The University of Michigan consumer sentiment fell to 71.2 in August from 71.6 in the previous month, but topped market estimates of 71.

 

Equities Trading UP

Amyris, Inc. (NASDAQ:AMRS) shares shot up 141% to $0.1585. Amyris shares dipped over 80% on Thursday after the company announced it filed for Chapter 11 bankruptcy.

Shares of Telesat Corporation (NASDAQ:TSAT) got a boost, shooting 39% to $11.76 after the company reported second-quarter results and tapped MDA under a $2.1 billion deal as prime satellite manufacturer of advanced Telesat Lightspeed Low Earth Orbit constellation.

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were also up, gaining 49% to $2.45 following a narrower-than-expected quarterly loss.

 

Equities Trading DOWN

Yield10 Bioscience, Inc. (NASDAQ:YTEN) shares dropped 58% to $0.4239 after the company announced pricing of a $3.7 million public offering.

Shares of Cano Health, Inc. (NYSE:CANO) were down 70% to $0.4510 after the company reported worse-than-expected second-quarter financial results, withdrew its guidance and said it is pursuing a sale process. The company also expressed doubt over its ability to continue as a going concern.

The Joint Corp. (NASDAQ:JYNT) was down, falling 19% to $10.26 after the company reported posted operating highlights for the second quarter.

Also Check This Out: Top 5 Tech And Telecom Stocks That May Explode This Month

 

Commodities

In commodity news, oil traded up 0.9% to $83.52 while gold traded down 0.1% at $1,946.20.

Silver traded down 0.4% to $22.735 on Friday while copper fell 1.2% to $3.7190.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.09%, London’s FTSE 100 fell 1.24% while Spain’s IBEX 35 Index fell 0.71% The German DAX fell 1.03% French CAC 40 fell 1.26% and Italy’s FTSE MIB Index fell 1.05%.

Italy recorded a trade surplus of EUR 7.7 billion in June, compared to a EUR 2.5 billion deficit in June. Annual inflation rate in Spain rose to 2.3% in July from 1.9% in the prior month, while annual inflation rate in France eased to 4.3% in July from 4.5% in the previous month

The British economy grew 0.4% year-over-year in the second quarter, versus a 0.2% expansion in the first three months of the year. The UK trade deficit narrowed to £4.79 billion in June versus a revised £7.66 billion gap in May. Industrial production in the UK rose 1.8% month-over-month in June.

 

Asia Pacific Markets

Asian markets closed lower on Friday, with China’s Shanghai Composite Index falling 2.01% and Hong Kong’s Hang Seng Index falling 0.90%. India’s S&P BSE Sensex, meanwhile, fell 0.56%.

Hong Kong’s economic growth slowed to 1.5% year-over-year in the second quarter, from 2.9% in the previous period. Vehicle sales in China declined 1.4% year-over-year to 2.387 million units in July.

 

Economics

Producer prices in the U.S. increased 0.3% month-over-month in July, recording the biggest rise since January, following a revised flat reading for June. However, analysts were expecting a 0.2% increase in prices.

The University of Michigan consumer sentiment fell to 71.2 in August from 71.6 in the previous month, but topped market estimates of 71.

Now Read This: Domino's Pizza, U.S. Bancorp And 2 Other Stocks Insiders Are Selling

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,708,990 cases with around 1,171,690 deaths. India confirmed a total of at least 44,996,150 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,161,540 cases of COVID-19 worldwide with more than 6,906,720 deaths.

Posted In: AMRS CANO JYNT RGTI TSAT YTEN

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