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News

Dow Falls 50 Points; American Express Earnings Top Views

Author: Lisa Levin | October 20, 2023 09:43am

U.S. stocks traded lower this morning, with the Dow Jones index falling around 50 points on Friday.

Following the market opening Friday, the Dow traded down 0.17% to 33,357.23 while the NASDAQ fell 0.18% to 13,161.86. The S&P 500 also fell, dropping, 0.18% to 4,270.49.

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Leading and Lagging Sectors

 

Consumer staples shares climbed by 0.5% on Friday.

In trading on Friday, consumer discretionary shares fell by 0.8%.

 

Top Headline

 

American Express Co (NYSE:AXP) reported better-than-expected earnings for the third quarter.

Revenue (net of interest expense) grew 12% year-on-year to $15.38 billion, beating the consensus of $15.36 billion. EPS of $3.30 beat the consensus of $2.94.

The company is on track to achieve revenue growth and EPS for the entire year, consistent with the annual guidance provided at the start of the year.

 

Equities Trading UP

 

XORTX Therapeutics Inc. (NASDAQ:XRTX) shares shot up 81% to $0.5779 after jumping 34% on Thursday.

Shares of Lipella Pharmaceuticals Inc. (NASDAQ:LIPO) got a boost, shooting 57% to $2.44. Lipella Pharmaceuticals announced FDA clearance of IND for LP-310 for oral lichen planus.

Urgent.ly Inc. (NASDAQ:ULY) shares were also up, gaining 32% to $7.28 after falling around 52% on Thursday. Urgent.ly announced the closing of its acquisition of Otonomo Technologies Ltd.

 

Equities Trading DOWN

 

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares dropped 35% to $74.58 after the company issued preliminary third-quarter revenue results below estimates and lowered its non-GAAP gross margin guidance.

Shares of Adial Pharmaceuticals, Inc. (NASDAQ:ADIL) were down 29% to $2.00 after the company announced a $4 million private placement priced at-the-market under Nasdaq rules.

Webuy Global Ltd (NASDAQ:WBUY) was down, falling 29% to $3.79 after surging 33% on Thursday. Webuy Global priced $15.2 million initial public offering of 3.8 million ordinary shares at $4 per share.

Also Check This Out: Union Pacific To Rally Around 12%? Here Are 10 Top Analyst Forecasts For Friday

 

Commodities

 

In commodity news, oil traded up 1.3% to $90.50 while gold traded up 0.5% at $1,990.90.

Silver traded up 1.2% to $23.30 on Friday while copper fell 1% to $3.5665.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 1%, London’s FTSE 100 fell 0.9% while Spain’s IBEX 35 Index fell 0.9% The German DAX fell 1.2% French CAC 40 declined 1.1%, while Italy’s FTSE MIB Index declined 1%.

Passenger car registrations in the European Union climbed 9.2% year-over-year to 861.1 thousand units in September. Construction output in Italy fell 0.3% year-over-year in August, while producer prices in Germany fell by 14.7% year-over-year in September. Retail sales in the UK fell 0.9% month-over-month during September.

 

Asia Pacific Markets

 

Asian markets closed lower on Friday, with Japan’s Nikkei 225 falling 0.54%, China’s Shanghai Composite Index falling 0.74% and Hong Kong’s Hang Seng Index falling 0.72%. India’s S&P BSE Sensex, meanwhile, fell 0.3%.

The annual inflation rate in Japan eased to 3.0% in September versus 3.2% a month ago. The annual inflation rate in Hong Kong rose to 2% in September from 1.8% in the prior two months, while the business confidence indicator in Hong Kong rose to 8 in the fourth quarter from 6 in the prior three-month period.

Foreign direct investment into China fell by 8.4% year-over-year to CNY 919.97 billion during the first nine months of year. The People's Bank of China maintained lending rates at the October fixing.

 

Economics

 

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

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Posted In: ADIL AXP LIPO SEDG ULY WBUY XRTX

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