U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 1% on Friday.
The Dow traded up 0.85% to 40,090.44 while the NASDAQ rose 1.01% to 18,467.26. The S&P 500 also rose, gaining, 0.86% to 5,632.79.
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Leading and Lagging SectorsInformation technology shares jumped by 1.5% on Friday.
In trading on Friday, communication services shares fell by 0.2%.
Top Headline
JPMorgan Chase & Co. (NYSE:JPM) reported better-than-expected second-quarter FY24 results.
Reported revenue rose 22% Y/Y to $50.2 billion, beating the consensus of $42.3 billion. Net revenue (managed) stood at $51.0 billion (+20% Y/Y) in the quarter. Adjusted EPS of $4.40, exceeding the consensus of $4.19.
Equities Trading UP
- Vicinity Motor Corp. (NASDAQ:VEV) shares shot up 91% to $0.6471 after the company announced CARB certification for the VMC 1200 class 3 electric truck.
- Shares of Nisun International Enterprise Development Group Co., Ltd (NASDAQ:NISN) got a boost, surging 50% to $9.01 following FY23 earnings.
- Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) shares were also up, gaining 27% to $11.65 after the company announced that it entered into a new standby equity purchase agreement with an affiliate of Yorkville Advisors Global to start production and the commercial rollout of the i300 electric urban motorcycle in India.
Equities Trading DOWN
- Shineco, Inc. (NASDAQ:SISI) shares dropped 54% to $0.9698 after the company announced pricing of a $2 million underwritten public offering.
- Shares of Kazia Therapeutics Limited (NASDAQ:KZIA) were down 26% to $0.9167. HC Wainwright & Co. analyst Sean Lee reiterated Kazia Therapeutics with a Buy and maintained a $2 price target.
- ASP Isotopes Inc. (NASDAQ:ASPI) was down, falling 9% to $3.2350 after the company announced pricing of a $30 million public offering of 12 million shares at $2.50 per share.
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CommoditiesIn commodity news, oil traded up 0.6% to $83.10 while gold traded down 0.3% at $2,414.30.
Silver traded down 1.5% to $31.19 on Friday, while copper rose 1.9% to $4.5925.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.89%, Germany's DAX gained 1.19% and France's CAC 40 rose 1.36%. Spain's IBEX 35 Index rose 0.68%, while London's FTSE 100 rose 0.31%.
Spanish annual consumer price inflation rate eased to 3.4% in June from 3.6% in May, while annual inflation rate in France slowed to 2.2% in June from 2.3% in the prior month. German wholesale prices fell by 0.6% year-over-year in June.
Asia Pacific Markets
Asian markets closed mixed on Friday, with Japan's Nikkei falling 2.45%, Hong Kong's Hang Seng Index jumping 2.59%, China's Shanghai Composite Index gaining 0.03% and India's S&P BSE Sensex surging 0.78%.
Foreign exchange reserves held by the Reserve Bank of India climbed to $657.2 billion as of July 5. Industrial production growth in Japan rose 3.6% month-over-month in May. Chinese trade surplus widened to $99.05 billion in June from $69.80 billion in the year-ago period.
Economics
- In June, the headline PPI for final demand rose by 0.2% month-over-month, rebounding sharply from the upwardly revised flat reading in May and surpassing economists' expectations – as tracked by TradingEconomics – of a 0.1% increase. On an annual basis compared to June 2023, the overall producer basket rose by 2.6%, reaching its highest point since March 2023.
- The University of Michigan consumer sentiment declined for a fourth consecutive month to 66 in July compared to 68.2 in the prior month.
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