Benzinga - by Lisa Levin, Benzinga Editor.
U.S. stocks traded mostly higher midway through trading, with the Dow Jones gaining over 100 points on Friday.
The Dow traded up 0.34% to 34,214.27 while the NASDAQ fell 0.05% to 13,456.65. The S&P 500, also rose, gaining, 0.10% to 4,380.83.
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Leading and Lagging Sectors
Consumer discretionary shares rose by 0.3% on Friday.
In trading on Friday, communication services shares fell by 0.5%.
Top Headline
The University of Michigan consumer sentiment was revised lower to 69.5 in August versus a preliminary reading of 71.2.
Equities Trading UP
Affirm Holdings, Inc. (NASDAQ: AFRM) shares shot up 28% to $17.69 after the company reported better-than-expected fourth-quarter financial results and issued guidance.
Shares of YS Biopharma Co., Ltd. (NASDAQ: YS) got a boost, shooting 59% to $1.20 after the company announced the purchase of shares by company officers.
Hibbett, Inc. (NASDAQ: HIBB) shares were also up, gaining 23% to $45.37 following upbeat quarterly earnings.
Equities Trading DOWN
Domo, Inc. (NASDAQ: DOMO) shares dropped 43% to $9.78 after it issued a below-consensus third-quarter outlook and lowered FY24 guidance.
Shares of Allego N.V. (NYSE: ALLG) were down 21% to $1.7050 after the company announced the commencement of an exchange offer and a consent solicitation of €0.12 per share.
Hawaiian Electric Industries, Inc. (NYSE: HE) was down, falling 14% to $10.25 after Maui County filed a lawsuit against the company alleging a role in the Lahaina wildfires. The company also suspended its divided.
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Commodities
In commodity news, oil traded up 1.2% to $79.96 while gold traded down 0.4% at $1,939.40.
Silver traded down 0.4% to $24.14 on Friday while copper fell 0.6% to $3.75.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.11% London’s FTSE 100 rose 0.12% while Spain’s IBEX 35 Index rose 0.24% The German DAX rose 0.27% French CAC 40 gained 0.37%, while Italy’s FTSE MIB Index surged 0.58%.
The Ifo Business Climate indicator for Germany fell for the fourth straight month to a reading of 85.7 in August. Germany’s economy stagnated during the second quarter versus the prior three months.
Producer prices in Spain fell by 8.4% year-over-year in July following a revised 8% decline in the previous month. The GfK Consumer Confidence indicator in the UK climbed to -25 in August from -30 in the previous month.
Asia Pacific Markets
Asian markets closed lower on Friday, with Japan’s Nikkei 225 falling 2.05%, China’s Shanghai Composite Index falling 0.59% and Hong Kong’s Hang Seng Index declining 1.40%. India’s S&P BSE Sensex, meanwhile, fell 0.56%.
Imports to Hong Kong fell 7.9% year-over-year to $375.1 billion in July, while exports declined 9.1% year-over-year to $345.2 billion.
Economics
The University of Michigan consumer sentiment was revised lower to 69.5 in August versus a preliminary reading of 71.2.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,943,700 cases with around 1,173,130 deaths. India confirmed a total of at least 44,996,780 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 694,168,830 cases of COVID-19 worldwide with more than 6,910,360 deaths.
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