U.S. stocks traded mixed this morning, with the Dow Jones dropping more than 50 points on Friday.
Following the market opening Friday, the Dow traded down 0.22% to 29,160.17 while the NASDAQ rose 0.13% to 10,751.20. The S&P 500 also rose, gaining, 0.01% to 3,640.75.
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Leading and Lagging Sectors
Real estate shares rose by 0.6% on Friday.
In trading on Friday, consumer discretionary shares fell by 0.6%.
Top Headline
Personal income in the US climbed by 0.3% from a month ago in August, while personal spending rose 0.4%. The personal consumption expenditure price index rose 0.3% month-over-month in August following a 0.1% decline in July.
Equities Trading UP
- F45 Training Holdings Inc. (NYSE:FXLV) shares shot up 51% to $3.3001 after a 13D filing showed the company received a non-binding proposal offer by one or more funds for a value of $4 per share.
- Shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) got a boost, shooting 54% to $8.85. InMed recently reported a FY22 net loss of $33.17 per share.
- Avenue Therapeutics, Inc. (NASDAQ:ATXI) shares were also up, gaining 30% to $9.39. The stock has been volatile after the company last week announced a 1-for-15 reverse split and received meeting minutes from the FDA regarding a meeting conducted on August 9, 2022, for IV Tramadol.
Equities Trading DOWN
- Intercept Pharmaceuticals, Inc. (NASDAQ:ICPT) shares tumbled 18% to $13.40 after the company announced its REVERSE Phase 3 study of obeticholic acid did not meet its primary endpoint.
- Shares of SHF Holdings Inc (NASDAQ:SHFS) were down 17% to $7.28 after declining 15% on Thursday. Northern Lights Acquisition completed business combination of SHF, Safe Harbor Financial, which offers compliance services to financial institutions that serve the regulated cannabis industry.
- Carnival Corporation (NYSE:CCL) was down, falling 17% to $7.60 after the company reported worse-than-expected Q3 EPS and sales results.
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Commodities
In commodity news, oil traded down 0.9% to $80.50, while gold traded up 0.6% at $1,678.90.
Silver traded up 2.3% to $19.15 on Friday while copper rose 0.6% to $3.44.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.8%. The German DAX gained 0.8%, French CAC 40 climbed 0.9% and Italy’s FTSE MIB Index gained 1.2%.
The unemployment rate in Germany came in unchanged at 5.5% in September, while unemployment rate in Italy fell to 7.8% in August from 7.9% in the previous month. Retail trade in Spain came in flat for August versus an annual drop of 0.5% in the prior month. The annual inflation rate in France fell to 5.6% in September from 5.9% a month ago.
The Nationwide House Price Index in the UK climbed 9.5% year-over-year in September, while British GDP expanded 4.4% year-over-year in the second quarter. The current account deficit in the UK narrowed to GBP 33.8 billion in the second quarter versus a revised record GBP 43.9 billion in the previous period.
Economics
- Personal income in the US climbed by 0.3% from a month ago in August, while personal spending rose 0.4%. The personal consumption expenditure price index rose 0.3% month-over-month in August following a 0.1% decline in July.
- The Chicago PMI dropped to 45.7 in September from 52.2 in the earlier month.
- The University of Michigan consumer sentiment index was revised lower to 58.6 in September from a preliminary estimate of 59.5.
- Federal Reserve Governor Michelle Bowman will speak at 11:00 a.m. ET.
- Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 12:30 p.m. ET.
- The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
- Data on farm prices for August will be released at 3:00 p.m. ET.
- Federal Reserve Bank of New York President John Williams will speak at 4:15 p.m. ET.
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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 98,166,900 cases with around 1,084,280 deaths. India confirmed a total of at least 44,587,300 cases and 528,620 deaths, while France reported over 35,342,950 COVID-19 cases with 155,070 deaths. In total, there were at least 622,557,150 cases of COVID-19 worldwide with more than 6,547,770 deaths.
