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News

Crude Oil Falls 2%; Apple Posts Upbeat Earnings

Author: Lisa Levin | November 03, 2023 02:55pm

U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining more than 1% on Friday

The Dow traded up 0.90% to 34,144.58 while the NASDAQ rose 1.61% to 13,508.42. The S&P 500 also rose, gaining, 1.24% to 4,371.45.

Check This Out: Top 5 Health Care Stocks That Are Preparing To Pump In November

 

Leading and Lagging Sectors

 

Real estate shares jumped by 3% on Friday.

In trading on Friday, energy shares fell by 1.2%.

 

Top Headline

 

Apple, Inc. (NASDAQ:AAPL) reported stronger-than-expected earnings and sales results for its fourth quarter on Thursday.

Apple reported fourth-quarter earnings of $1.46 per share, ahead of the consensus estimate of $1.39 per share. Revenue came in at $89.5 billion compared to the $90.15 billion the tech giant reported a year ago, beating the revenue expectation from analysts of $89.28 billion.

Revenue of $43.805 billion for the iPhone came in below expectations. The Street was anticipating a figure of $44 billion, according to CNBC.

 

Equities Trading UP

 

Udemy, Inc. (NASDAQ:UDMY) shares shot up 37% to $12.31 following strong quarterly earnings.

Shares of Qurate Retail, Inc. (NASDAQ:QRTEA) got a boost, shooting 57% to $0.6765 following third-quarter results.

Cooper-Standard Holdings Inc. (NYSE:CPS) shares were also up, gaining 41% to $17.96 following better-than-expected third-quarter results.

 

Equities Trading DOWN

 

Fox Factory Holding Corp. (NASDAQ:FOXF) shares dropped 33% to $56.00 after the company reported downbeat third-quarter results and issued weak fourth-quarter forecast.

Shares of BILL Holdings, Inc. (NYSE:BILL) were down 25% to $66.83 after the company reported first-quarter results and lowered its FY24 revenue outlook.

Inseego Corp. (NASDAQ:INSG) was down, falling 31% to $0.36 after the company reported worse-than-expected third-quarter financial results.

Also Check This Out: Ethereum Falls Below $1,800 Following Jobs Report; Solana, Conflux Among Top Losers

 

Commodities

 

In commodity news, oil traded down 2% to $80.79 while gold traded up 0.3% at $1,998.60.

Silver traded up 1.9% to $23.285 on Friday while copper rose 0.1% to $3.6775.

 

Euro zone

 

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.17%, London’s FTSE 100 fell 0.39% while Spain’s IBEX 35 Index rose 0.36% The German DAX gained 0.30% French CAC 40 fell 0.19%, while Italy’s FTSE MIB Index gained 0.69%.

The eurozone unemployment rate rose to 6.5% in September from 6.4% in the previous month, while Italy’s jobless rate rose to 7.4% in September from 7.3% in August. The S&P Global/CIPS UK composite PMI was revised higher to 48.7 in October from a preliminary reading of 48.6.

Industrial production in France declined for the second straight month to 0.5% month-over-month in September. The trade surplus in Germany narrowed to EUR 16.5 billion in September versus a revised EUR 17.7 billion in the prior month.

 

Asia Pacific Markets

 

Asian markets closed higher on Friday, with Hong Kong’s Hang Seng Index gaining 2.52% and China’s Shanghai Composite Index gaining 0.71%. India’s S&P BSE Sensex, meanwhile, rose around 0.44%.

China's current account surplus shrank to $62.6 billion in the third quarter from $139.6 billion in the year-ago period, while Caixin China General service PMI increased to 50.4 in October from 50.2 a month ago.

The S&P Global Hong Kong SAR PMI fell to 48.9 in October from 49.6 in September. The S&P Global India services PMI fell to 58.4 in October from 61.0 a month ago.

 

Economics

 

The U.S. economy added 150,000 jobs in October compared to a revised 297,000 gain in September, and versus market estimates of 180,000. The unemployment rate rose to 3.9% in October from 3.8% a month ago.

Average hourly earnings for all employees on private nonfarm payrolls rose by 0.2% to $34.00 in October.

The S&P Global composite PMI was revised lower to 50.7 in October from a preliminary reading of 51.0.

The ISM services PMI declined to 51.8 in October, down from estimates of 53.

The total number of active U.S. oil rigs slipped by 8 to 496 rigs this week, Baker Hughes Inc reported.

Now Read This: Jim Cramer: 'It's Just Not That Bad A Company,' As Stock Plummets Over 40% Post Earnings

Posted In: AAPL BILL CPS FOXF INSG QRTEA UDMY

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