U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 100 points on Friday.
Following the market opening Friday, the Dow traded down 0.28% to 38,797.24 while the NASDAQ fell 0.67% to 16,020.07. The S&P 500 also fell, dropping, 0.58% to 5,120.59.
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Leading and Lagging Sectors
Energy shares jumped by 0.6% on Friday.
In trading on Friday, information technology shares fell by 1.2%.
Top Headline
Hibbett Inc (NASDAQ:HIBB) reported downbeat fourth-quarter sales and issued weak guidance.
Hibbett reported fourth-quarter FY24 sales growth of 1.8% year-on-year to $466.59 million, missing the analyst consensus estimate of $477.49 million. EPS of $2.55 missed the consensus estimate of $2.56.
Hibbett expects FY25 sales to be flat to up 2%, with EPS of $8.00 – $8.75 versus the consensus of $8.82.
Equities Trading UP
Verb Technology Company, Inc. (NASDAQ:VERB) shares shot up 156% to $0.3580. VERB's MARKET.live launched Facebook and Instagram social shopping technology integration.
Shares of Better Therapeutics, Inc. (NASDAQ:BTTX) got a boost, surging 118% to $0.0762. Better Therapeutics recently said it will seek strategic alternatives and will be delisted from the Nasdaq.
Jet.AI Inc. (NASDAQ:JTAI) shares were also up, gaining 82% to $1.2300.
Equities Trading DOWN
C3is Inc. (NASDAQ:CISS) shares dropped 66% to $0.0270 after the company announced pricing of a $6 million underwritten public offering.
Shares of SELLAS Life Sciences Group, Inc. (NASDAQ:SLS) were down 32% to $1.05. SELLAS Life Sciences Group announced a $20 million registered direct offering and concurrent private placement of 13,029316 shares each for combined purchase price of $1.535/share.
Lucy Scientific Discovery Inc. (NASDAQ:LSDI) was down, falling 32% to $1.14.
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Commodities
In commodity news, oil traded down 0.7% to $80.67 while gold traded down 0.3% at $2,161.80.
Silver traded up 1.2% to $25.35 on Friday, while copper rose 1.3% to $4.0975.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 1.2% The German DAX gained 0.3% French CAC 40 rose 0.5% while Italy’s FTSE MIB Index gained 0.6%.
The annual inflation rate in Italy was confirmed at 0.8% in February, while annual inflation rate in France fell to 3% in February from 3.1% a month ago.
Asia Pacific Markets
Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index falling 1.42%, China’s Shanghai Composite Index gaining 0.54% and India’s S&P BSE Sensex dipping 0.7%.
China's new home prices fell by 1.4% year-over-year in February, while the People's Bank of China held the interest rate at 2.50%. The unemployment rate for Singapore was confirmed at 2.0% for the fourth quarter.
Economics
U.S. manufacturing production increased by 0.8% month-over-month in February.
U.S. industrial production rose by 0.1% from the prior month in February.
The NY Empire State Manufacturing Index fell to -20.9 in March versus -2.4 in February.
Export prices in the U.S. increased 0.8% month-over-month in February, while import prices rose by 0.3%.
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