Crude Oil Gains 2%; Intuit Reports Upbeat Results

Author: Avi Kapoor | August 23, 2024 12:14pm

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 150 points on Friday.

The Dow traded up 0.63% to 40,969.43 while the NASDAQ rose 0.84% to 17,767.15. The S&P 500 also rose, gaining, 0.60% to 5,603.85.

Check This Out: Jim Cramer Praises L3Harris Technologies, Says Intel Is ‘Getting Whacked’ By AMD: ‘I Much Prefer…’

Leading and Lagging Sectors

Information technology shares climbed by 2.1% on Friday.

In trading on Friday, consumer staples shares rose by just 0.1%.

Top Headline

On Thursday, Intuit Inc. (NASDAQ:INTU) reported better-than-expected results for its fourth quarter and issued strong FY25 EPS guidance.

Also, the company approved a new $3 billion repurchase authorization.

Equities Trading UP
                       

• Sequans Communications S.A. (NYSE:SQNS) shares shot up 130% to $1.2602 after the company reported a year-over-year increase in preliminary second-quarter revenue results.
• Shares of CAVA Group, Inc. (NYSE:CAVA) got a boost, surging 17% to $119.25 as the company reported better-than-expected second-quarter financial results on Thursday.
• Workday, Inc. (NASDAQ:WDAY) shares were also up, gaining 11% to $256.99 as the company upbeat earnings for the second quarter.

Equities Trading DOWN

• ZKH Group Limited (NASDAQ:ZKH) shares dropped 11% to $3.40. ZKH Group recently reported worse-than-expected second-quarter sales results.
• Shares of Farmmi, Inc. (NASDAQ:FAMI) were down 59% to $0.2381 after the company announced the pricing of $1 million registered direct offering.
• Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) was down, falling 9% to $4.3150 as the company reported downbeat earnings for its second quarter and lowered its FY24 revenue guidance.

Commodities

In commodity news, oil traded up 2.1% to $74.55 while gold traded up 1.4% at $2,553.00.

Silver traded up 2.6% to $29.805 on Friday, while copper rose 1.2% to $4.1985.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.39%, Germany's DAX rose 0.75% and France's CAC 40 gained 0.58%. Spain's IBEX 35 Index rose 0.81%, while London's FTSE 100 rose 0.29%.

Median expectations for inflation over the next 12 months for the Eurozone came in unchanged at 2.8% for the third month in a row. The manufacturing climate indicator in France climbed to 98.8 in August from 95.4 in July.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan's Nikkei 225 gaining 0.40%, Hong Kong's Hang Seng Index falling 0.16%, China's Shanghai Composite Index rising 0.20% and India's BSE Sensex rising 0.04%.

The annual inflation rate in Japan came in at 2.8% in July, holding steady for the third month in a row.

Economics

• U.S. building permits declined by 3.3% to an annual rate of 1.406 million in July.
• Sales of new single-family houses in the U.S. jumped by 10.6% from the prior month to a rate of 739 thousand homes in July.

Now Read This:

• Top 2 Risk Off Stocks That May Crash In Q3

Posted In: CAVA FAMI INTU RRGB SQNS WDAY ZKH