Nasdaq Jumps Over 100 Points; Dell Posts Upbeat Results

Author: Avi Kapoor | August 30, 2024 09:53am

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining over 100 points on Friday.

Following the market opening Friday, the Dow traded down 0.03% to 41,321.72 while the NASDAQ rose 0.76% to 17,649.93. The S&P 500 also rose, gaining, 0.44% to 5,616.77.

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Leading and Lagging Sectors

Information technology shares climbed by 1% on Friday.

In trading on Friday, energy shares fell by 0.4%.

Top Headline

Dell Technologies Inc. (NYSE:DELL) reported stronger-than-expected results for its second quarter.

The company reported second-quarter revenue of $25.03 billion, beating the consensus estimate of $24.14 billion.

Equities Trading UP
                       

• Brenmiller Energy Ltd (NASDAQ:BNRG) shares shot up 129% to $1.54 after the company reported a year-over-year increase in H1 EPS results. Also, the company announced a projected pipeline valued up to $500 million.
• Shares of Focus Universal Inc. (NASDAQ:FCUV) got a boost, surging 78% to $0.3395 after the company in a Form4 filing disclosed that CEO Desheng Wang bought 302,100 shares of stock at an average price of $0.18 per share.
• Theriva Biologics, Inc. (NYSE:TOVX) shares were also up, gaining 42% to $6.67.

Equities Trading DOWN

• Paltalk, Inc. (NASDAQ:PALT) shares dropped 40% to $3.2766 after the company was awarded $65.7 million in District Court verdict against Cisco, which remains subject to post-trial proceedings.
• Shares of Catheter Precision, Inc. (NYSE:VTAK) were down 47% to $0.7144 after the company announced the pricing of $3.1 million underwritten public offering.
• Elastic N.V. (NYSE:ESTC) was down, falling 27% to $76.00 after the company reported first-quarter financial results and issued second-quarter revenue guidance below estimates.

Commodities

In commodity news, oil traded down 2.2% to $74.24 while gold traded down 0.4% at $2,549.10.

Silver traded down 1.1% to $29.67 on Friday, while copper rose 0.1% to $4.2255.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.2%, Germany's DAX rose 0.3% and France's CAC 40 rose 0.3%. Spain's IBEX 35 Index rose 0.4%, while London's FTSE 100 rose 0.1%.

The unemployment rate in the Eurozone eased to its record low of 6.4% in July from 6.5% in the previous month, while annual inflation rate declined to 2.2% in August from 2.6% in the prior month.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei 225 gaining 0.74%, Hong Kong's Hang Seng Index gaining 1.14%, China's Shanghai Composite Index gaining 0.68% and India's BSE Sensex rising 0.28%.

The Indian economy grew by 6.7% from the prior year in the June quarter compared to a 7.8% increase in the prior period. Retail sales in Hong Kong declined 13.3% year-over-year in July.

Economics

• U.S. personal income increased by 0.3% from the prior month to $24.015 trillion in July, while personal spending rose 0.5% from the prior month.
• The US core PCE price index increased by 0.2% from the earlier month in July, in line with market estimates and following a 0.2% rise in June.

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Posted In: BNRG DELL ESTC FCUV PALT TOVX VTAK