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News

Nasdaq Gains Over 1%; Nike Posts Upbeat Earnings

Author: Lisa Levin | September 29, 2023 10:16am

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining over 1% on Friday.

The Dow traded up 0.24% to 33,746.70 while the NASDAQ rose 1.22% to 13,362.51. The S&P 500 also rose, gaining, 0.65% to 4,327.54.

Check This Out: Pinterest, Cloudflare And 2 Other Stocks Insiders Are Selling

 

Leading and Lagging Sectors

Consumer discretionary shares rose by 1.5% on Friday.

In trading on Friday, energy shares fell by 1.4%.

 

Top Headline

NIKE, Inc. (NYSE:NKE) posted upbeat earnings for its first quarter, while sales missed expectations.

Nike said fiscal first-quarter revenue increased 2% year-over-year to $12.939 billion, which missed the consensus estimate of $12.98 billion. The company reported quarterly earnings of 94 cents per share, which beat analyst estimates of 74 cents per share.

 

Equities Trading UP

Structure Therapeutics Inc. (NASDAQ:GPCR) shares shot up 40% to $52.62 after the company announced results from its Phase 1b clinical study of oral GLP-1 receptor agonist GSBR-1290 and provided a program update.

Shares of Blue Apron Holdings, Inc. (NASDAQ:APRN) got a boost, shooting 134% to $12.82 after the company announced an agreement to be acquired by Wonder Group for $13 per share.

OpGen, Inc. (NASDAQ:OPGN) shares were also up, gaining 132% to $0.4660 after the company requested to withdraw its registration statement on Form S-1.

 

Equities Trading DOWN

The Glimpse Group, Inc. (NASDAQ:VRAR) shares dropped 44% to $1.8197 after the company reported FY23 financial results.

Shares of Capricor Therapeutics, Inc. (NASDAQ:CAPR) were down 41% to $3.4150 after the company announced a $23 million registered direct offering.

Vaccinex, Inc. (NASDAQ:VCNX) was down, falling 27% to $1.1091 after the company reported pricing of $9.6 million public offering.

Also Check This Out: Nike To Rally Around 53%? Here Are 10 Other Analyst Forecasts For Friday

 

Commodities

In commodity news, oil traded up 1.4% to $93.00 while gold traded up 0.6% at $1,889.30.

Silver traded up 3.2% to $23.465 on Friday while copper rose 1.4% to $3.7610.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.2% London’s FTSE 100 gained 0.7% while Spain’s IBEX 35 Index rose 0.8% The German DAX rose 1.2% French CAC 40 rose 1.2%, while Italy’s FTSE MIB Index rose 1.1%.

The inflation rate in the Eurozone eased to 4.3% year-over-year in September, versus the market estimates of 4.5%. French consumer price inflation was steady at 4.9% year-over-year in September, while producer prices in its domestic markets rose 0.6% month-over-month in August. German jobless rate came in steady for the third straight month at 5.7% for September, while retail sales in the country fell by 1.2% month-over-month in August.

Spain recorded a current account surplus of EUR 4,270 million in July versus a year-ago surplus of EUR 2,027 million. The gross domestic product in the UK increased by 0.6% year-over-year in the second quarter, while consumer credit in the UK increased by £1.644 billion in August versus a revised £1.271 billion rise in July. The current account gap in the UK increased to £25.3 billion in the second quarter of versus a revised £15.2 billion gap in the prior period.

 

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan’s Nikkei 225 falling 0.05% and Hong Kong’s Hang Seng Index gaining 2.51%. India’s S&P BSE Sensex, meanwhile, rose 0.4%.

Retail sales in Hong Kong eased to 11% year-over-year in August versus a revised 14.2% rise in the prior month. Japan's housing starts fell by 9.4% year-over-year in August, while consumer confidence index fell to a six-month low level of 35.2 in September. Retail sales in Japan climbed 7% year-over-year in August, while industrial production came in flat from the previous month in August.

 

Economics

Core PCE prices in the U.S. rose by 0.1% month-over-month in August, the least since Nov. 2020, while the annual rate, regarded as the Fed’s preferred inflation measure, eased to 3.9%.

Wholesale inventories in the U.S. fell by 0.1% month-over-month in August versus a 0.2% decline in the previous month.

Personal spending in the U.S. rose 0.4% month-over-month in August, while personal income increased by 0.4% in August.

The Chicago PMI declined to 44.1 in September from 48.7 in August.

The University of Michigan consumer sentiment was revised higher to 68.1 in September from a preliminary reading of 67.7.

Now Read This: Top 4 Consumer Stocks That May Fall Off A Cliff

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,706,440 cases with around 1,176,770 deaths. India confirmed a total of at least 44,998,700 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,936,210 cases of COVID-19 worldwide with more than 6,920,990 deaths.

Posted In: APRN CAPR GPCR NKE OPGN VCNX VRAR

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