🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Nasdaq Down 300 Points; BlackRock Posts Upbeat Earnings

Published 12/04/2024, 20:00
Updated 12/04/2024, 21:11
© Reuters.  Nasdaq Down 300 Points; BlackRock Posts Upbeat Earnings

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 500 points on Friday.

The Dow traded down 1.37% to 37,934.02 while the NASDAQ fell 1.82% to 16,142.15. The S&P 500 also fell, dropping, 1.61% to 5,115.54.

Check This Out: Best Buy, Box And 2 Other Stocks Insiders Are Selling

Leading and Lagging Sectors

Utilities shares fell by just 0.7% on Friday.

In trading on Friday, materials shares dipped by 2%.

Top Headline

BlackRock, Inc. (NYSE: BLK) posted stronger-than-expected earnings for its first quarter.

Revenue growth of 11% Y/Y to $4.728 billion, beating the consensus of $4.676 billion. Adjusted EPS increased 24% Y/Y to $9.81, beating the consensus of $9.32.

Equities Trading UP

PaxMedica, Inc. (NASDAQ: PXMD) shares shot up 106% to $0.8542 after the company announced the completed execution of three pivotal registration/validation batches of PAX-101.

Shares of EZGO Technologies Ltd. (NASDAQ: EZGO) got a boost, surging 31% to $2.04. EZGO entered into a $1.84 million procurement agreement for sale of security patrol robots and platform.

NextPlat Corp (NASDAQ: NXPL) shares were also up, gaining 28% to $1.93 after the company reported a year-over-year increase in FY23 consolidated revenue results. NextPlat announced a proposed business combination with Progressive Care Inc.

Equities Trading DOWN

Motus GI Holdings, Inc. (NASDAQ: MOTS) shares dropped 36% to $0.2640 after the company announced that it does not believe that it will be able to maintain the listing of its common stock on the Nasdaq and that it does not intend to appeal the staff's determination. The company said it is exploring a range of strategic and financing alternatives.

Shares of JPMorgan Chase & Co. (NYSE: JPM) were down 6% to $184.13 following first-quarter earnings.

Applied Digital Corporation (NASDAQ: APLD) was down, falling 12% to $2.7150 after the company reported worse-than-expected third-quarter financial results.

Also Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q1 Earnings Report


In commodity news, oil traded up 0.5% to $85.43 while gold traded down 0.8% at $2,353.50.

Silver traded down 0.6% to $28.075 on Friday, while copper rose 0.1% to $4.2580.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 rose 0.14%, London’s FTSE 100 gained 0.91% while Spain’s IBEX 35 Index rose 0.34% The German DAX fell 0.13% French CAC 40 fell 0.16% while Italy’s FTSE MIB Index jumped 0.15%.

Industrial sales in Italy declined by 3.1% from the prior month in January following a 1% gain in the previous month. The annual inflation rate in France eased to 2.3% in March from 3% in February, while Spain's annual consumer price inflation rose to 3.2% in March from February's 2.8%. German consumer prices inflation slowed to 2.2% in March from 2.5% in the prior month.

Industrial production in the UK rose 1.1% month-over-month in February, while UK's trade deficit widened to £2.291 billion in February versus a revised £2.205 billion in January. The British economy grew by 0.1% month-over-month in February versus a revised 0.3% gain in January.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 gaining 0.21%, Hong Kong’s Hang Seng Index dropping 2.18%, China’s Shanghai Composite falling 0.49% and India’s S&P BSE Sensex dipping 1.06%.

China's trade surplus shrank to $58.55 billion in March from $78.43 billion in the year-ago period. Industrial production in Japan fell by 0.6% month-over-month in February versu flash reading of a 0.1% decline.


U.S. export prices increased 0.3% from the prior month in March following a revised 0.7% gain in the prior month.

Import prices in the U.S. gained 0.4% month-over-month in March compared to a 0.3% increase in February.

The University of Michigan consumer sentiment declined to 77.9 in April compared to March’s reading of 79.4.

The total number of active U.S. oil rigs fell by 2 to 506 rigs this week, Baker Hughes Inc reported.

Now Read This: Top 3 Health Care Stocks That May Collapse In Q2

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.