S&P 500 Rises Over 1%; Citigroup Reports Upbeat Q2 Results

Author: Avi Kapoor | July 12, 2024 02:31pm

U.S. stocks traded higher toward the end of trading, with the Dow Jones index surging past the 40,000 mark on Friday.

The Dow traded up 1.09% to 40,187.34 while the NASDAQ rose 1.30% to 18,521.69. The S&P 500 also rose, gaining, 1.12% to 5,647.26.

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Leading and Lagging Sectors

Information technology shares jumped by 1.5% on Friday.

In trading on Friday, communication services shares fell by 0.2%.

Top Headline

Citigroup Inc (NYSE:C) reported better-than-expected results for its second quarter.

The bank posted a second-quarter fiscal 2024 revenue growth of 4% year-over-year to $20.14 billion, beating the analyst consensus estimate of $20.07 billion. GAAP EPS of $1.52 beat the analyst consensus estimate of $1.39.

Equities Trading UP

Vicinity Motor Corp. (NASDAQ:VEV) shares shot up 114% to $0.7251 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 46% to $8.80 following FY23 earnings.
Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) shares were also up, gaining 27% to $11.66 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 55% to $0.9426 after the company announced pricing of a $2 million underwritten public offering.
Shares of Kazia Therapeutics Limited (NASDAQ:KZIA) were down 25% to $0.9324. HC Wainwright & Co. analyst Sean Lee reiterated Kazia Therapeutics with a Buy and maintained a $2 price target.
Wells Fargo & Company (NYSE:WFC) was down, falling 6% to $56.75 after the company posted second-quarter results.

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Commodities

In commodity news, oil traded up 0.1% to $82.73 while gold traded down 0.1% at $2,420.00.

Silver traded down 1.7% to $31.15 on Friday, while copper rose 1.9% to $4.5925.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 gained 0.88%, Germany's DAX gained 1.15% and France's CAC 40 rose 1.27%. Spain's IBEX 35 Index rose 0.72%, while London's FTSE 100 rose 0.36%.

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.
The total number of active U.S. oil rigs fell by one to 478 rigs this week, Baker Hughes Inc reported.

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