U.S. stocks traded higher this morning, with the Dow Jones index gaining over 550 points on Friday.
The Dow traded up 1.40% to 40,494.80 while the NASDAQ rose 0.60% to 17,285.07. The S&P 500 also rose, gaining, 0.80% to 5,442.35.
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Leading and Lagging SectorsIndustrials shares jumped by 1.5% on Wednesday.
In trading on Wednesday, communication services shares rose by just 0.1%.
Top Headline
The headline Personal Consumption Expenditure (PCE) price index fell to 2.5% year-on-year in June, as expected.
The core component remained steady at 2.6%, countering expectations of a drop to 2.5%. The headline index's decline to 2.5% marks the lowest point since February 2021, a level also seen in January and February 2024.
Equities Trading UP
- Windtree Therapeutics, Inc. (NASDAQ:WINT) shares shot up 136% to $7.78 after the company filed a request for the withdrawal of its registration statement on a Form S-1.
- Shares of BurgerFi International, Inc. (NASDAQ:BFI) got a boost, surging 58% to $0.3376 after the company announced it reached a legal settlement agreement with Lion Point Capital. The company agreed to pay $1,350,000 and issue Lion Point 300,000 of preferred stock.
- Coursera, Inc. (NYSE:COUR) shares were also up, gaining 55% to $11.49 after the company beat second-quarter earnings estimates.
Equities Trading DOWN
- NovaBay Pharmaceuticals, Inc. (NYSE:NBY) shares dropped 58% to $0.8128 after the company reported pricing of $3.5 million underwritten public offering.
- Shares of Tantech Holdings Ltd (NASDAQ:TANH) were down 53% to $0.2320.
- Nature’s Miracle Holding Inc (NASDAQ:NMHI) was down, falling 47% to $0.2070 after the company announced pricing of $1.2 million public offering.
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CommoditiesIn commodity news, oil traded down 1.3% to $77.24 while gold traded up 1.1% at $2,379.20.
Silver traded down 0.4% to $27.855 on Friday, while copper fell 0.1% to $4.1210.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.6%, Germany's DAX rose 0.3% and France's CAC 40 rose 0.9%. Spain's IBEX 35 Index fell 0.3%, while London's FTSE 100 rose 1%.
Median expectations for inflation over the next 12 months for the Eurozone came in unchanged at 2.8% for June. Spanish unemployment rate declined to 11.27% during the second quarter. The consumer confidence indicator in France climbed to 90.8 in July compared to a revised reading of 89.7 in the prior month.
Asia Pacific Markets
Asian markets closed mostly higher on Friday, with Japan's Nikkei 225 falling 0.53%, Hong Kong's Hang Seng Index gaining 0.1%, China's Shanghai Composite Index gaining 0.14% and India's S&P BSE Sensex jumping 1.62%.
Foreign exchange reserves held by the Reserve Bank of India rose to $670.9 billion as of July 19. The index of coincident economic indicators in Japan rose to 117.1 in May versus a flash reading of 116.5.
Economics
- The headline Personal Consumption Expenditure (PCE) price index fell to 2.5% year-on-year in June, as expected.
- Personal spending in the U.S. rose 0.3% from the prior month in June, while personal income increased by 0.2% to $23.948 trillion in June
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