U.S. stocks showed a mixed day’s end, witnessing the Nasdaq Composite inching down by about 0.2% on Friday.
The Dow managed to climb by 0.23% to 39,158.52, while the NASDAQ dipped by 0.19% to 16,011.27. On the other hand, the S&P 500 saw an uptick of 0.11% to 5,092.83.
Market Sector Movements
Utilities shares showed a rise of 0.8% during Friday’s trading session.
Conversely, energy shares experienced a decline of 0.5%.
Top Market Headline
The total count of active U.S. oil rigs surged by 6 rigs this week, as reported by Baker Hughes Inc.
Noteworthy Stock Performance
AXT, Inc. AXTI saw a remarkable leap of 79% to $4.0811 post the release of its robust fourth-quarter financial results.
Shares of Maravai LifeSciences Holdings, Inc. MRVI surged by 60% to $8.16 following the company’s exceeding fourth-quarter financial performance.
Carvana Co. CVNA observed a rise in shares by 31% to $68.60 after sharing its fourth-quarter financial results.
Sequans Communications S.A. SQNS faced a decline of 67% to $0.85 subsequent to the termination of the acquisition deal by Renesas.
Shares of Smith Micro Software, Inc. SMSI plummeted by 42% to $0.4750 post weak quarterly sales.
ModivCare Inc. MODV dipped by 40% to $26.43 after issuing a subdued sales forecast for the first quarter.
Commodities Update
Oil prices witnessed a 2.5% downturn to $76.66, while gold prices marked a 1% rise at $2,050.40.
Silver prices increased by 1% to $23.01 on Friday, whereas copper prices fell by 0.6% to $3.8735.
Eurozone Market Insights
European markets closed on a positive note today, with notable movements in various indices including the FTSE 100 and DAX.
In Germany, the economy contracted by 0.3% in the final quarter of 2023, while the Ifo Business Climate indicator inched up to 85.5 in February. Consumer inflation expectations within the eurozone accelerated to 3.3% in January, with GfK Consumer Confidence in the UK showing a decline to -21 in February.
Asia Pacific Market Highlights
Asian markets displayed mixed performance on Friday, with notable movements in indices such as Hang Seng, Shanghai Composite, and S&P BSE Sensex.
Chinese new home prices recorded a 0.7% year-over-year decline in January.
Economic Notes
Baker Hughes Inc reported a rise of 6 active U.S. oil rigs this week.
