U.S. stocks showed a mixed performance as trading concluded, with the Nasdaq Composite experiencing a slight 0.5% decline on Friday.
The Dow climbed 0.27% to 38,894.21, while the NASDAQ fell 0.51% to 16,190.52. The S&P 500 also declined by 0.20% landing at 5,146.8.
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Sector Performance
Real estate shares surged by 0.9% on Friday, while information technology shares took a hit, falling by 1.8%.
Key Headline
Nonfarm payrolls exceeded economist expectations, reaching 275,000 in February compared to the anticipated 200,000. Surprisingly, the unemployment rate rose from 3.7% to 3.9% instead of the anticipated 3.7%.
Average hourly wages grew by a modest 0.1% monthly pace in February, down from the revised 0.5% growth in January and below the expected 0.3%.
Stocks on the Rise
Willdan Group, Inc.
WLDN shares soared by 25% to $24.85 after reporting impressive fourth-quarter financial results, issuing FY24 guidance surpassing estimates, and securing a contract valued between $30 million to $50 million over three years.
Shares of The Joint Corp. JYNT saw a surge, rising by 31% to $11.94 following their fourth-quarter results.
Safe and Green Development Corporation
SGD shares also climbed significantly, gaining 134% to $1.54 after announcing financing for the Norman Berry Expansion in Atlanta, Georgia.
Stocks on the Decline
Amylyx Pharmaceuticals, Inc.
AMLX shares tumbled by 82% to $3.3650 after the disappointing outcome of its PHOENIX phase 3 trial of AMX0035 for amyotrophic lateral sclerosis.
Shares of AerSale Corporation
ASLE dipped by 27% to $6.82 following their below-expectation fourth-quarter financial results.
BigBear.ai Holdings, Inc.
BBAI also faced a setback, falling by 32% to $2.5750 after their disappointing fourth-quarter financial results.
Commodity Market Highlights
In the commodity sector, oil experienced a 1.5% decline, closing at $77.73, while gold rose by 1% reaching $2,186.90.
Silver saw a slight dip of 0.2% to $24.54 on Friday, and copper fell by 1.1% to $3.8840.
Eurozone Updates
European shares displayed a mixed trend, highlighting the economic landscape. The eurozone’s STOXX 600 inched up by 0.02%, London’s FTSE 100 declined by 0.43%, while Spain’s IBEX 35 Index rose by 0.13%. The German DAX and French CAC 40 showcased differing movements, as the former fell by 0.16% and the latter increased by 0.15%, while Italy’s FTSE MIB Index declined by 0.04%.
During the fourth quarter, the eurozone’s economy stagnated, contrasting a 0.1% decline in the previous three-month period. Notable economic indicators included an increase in French trade deficit and declines in Spanish industrial output and German producer prices.
Asia Pacific Market Recap
Asian markets closed positively on Friday, with Japan’s Nikkei 225 rising by 0.23%, Hong Kong’s Hang Seng Index gaining 0.76%, and China’s Shanghai Composite Index increasing by 0.61%.
Key indicators in Japan included a climb in the service sector gauge, a decline in leading economic indicators, and a decrease in household spending.
Economic Insights
Nonfarm payrolls exceeded expectations by reaching 275,000 in February, and the unemployment rate rose surprisingly to 3.9% from 3.7%. Average hourly wages grew at a pace of 0.1% in February, lower than January’s growth rate.
This week saw a decrease in the total number of active U.S. oil rigs reported by Baker Hughes Inc.
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