Following the market opening Friday, the Dow traded down 0.81% to 28634.56 while the NASDAQ fell 0.81% to 9,018.52. The S&P also fell, dropping 0.73% to 3,234.03.
Leading and Lagging Sectors
In trading on Friday, financial shares fell 1.5%.
Lamb Weston Holdings Inc (NYSE: LW) reported better-than-expected Q2 results and raised FY20 guidance.
Lamb Weston posted quarterly earnings of $0.95 per share on sales of $1.109 billion. However, analysts were expecting earnings of $0.84 per share on sales of $964.88 million.
Equities Trading UP
Yuma Energy, Inc. (NYSE: YUMA) shares shot up 50% to $4.59 amid crude oil which was up more than 3.5% to over the $63/barrel level. Traders have targeted this name previously given volatility in oil markets; the company has a float of just over 1 million shares, making it susceptible to increased volatility.
Shares of Acorda Therapeutics, Inc. (NASDAQ: ACOR) got a boost, shooting up 18% to $2.31 after Point72 reported a 9.8% passive stake in the company.
Cinedigm Corp. (NASDAQ: CIDM) shares were also up, gaining 13% to $0.81 after the company signed a definitive stock purchase agreement to acquire a 29% stake in Starrise Media.
Equities Trading DOWN
Novan, Inc. (NASDAQ: NOVN) shares tumbled 72% to $0.8612. Novan released top-line efficacy results from the Phase 3 B-SIMPLE program that evaluated SB206 for the treatment of molluscum contagiosum, which showed that statistical significance was not achieved for the primary endpoint in either B-SIMPLE1 or B-SIMPLE2.
Shares of DPW Holdings, Inc. (NYSE: DPW) were down 33% to $1.6010 after rising 101.65% on Thursday.
Synthesis Energy Systems, Inc. (NASDAQ: SES) was down, falling 17% to $9.42 after rising 100.00% on Thursday.
In commodity news, oil traded up 4.2% to $63.75, while gold traded up 1.6% to $1,552.50.
Silver traded up 1% Friday to $18.225, while copper fell 2.2% to $2.7625.
European shares were lower today. The eurozone’s STOXX 600 dropped 0.9%, the Spanish Ibex Index fell 1%, while Italy’s FTSE MIB Index dipped 1.2%. Meanwhile, the German DAX dropped 1.8%, and the French CAC 40 fell 0.6% while UK shares fell 0.5%.
The ISM manufacturing PMI dropped to 47.2 in December, versus a reading of 48.1 in November.
Construction spending rose 0.6% in November, versus a revised 0.1% rise in the prior month.
The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
The Energy Information Administration’s weekly report on petroleum inventories will be released at 11:00 a.m. ET.
Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 11:05 a.m. ET.
The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
Federal Reserve Governor Lael Brainard will speak at 1:15 p.m. ET.
Chicago Fed President Charles Evans is set to speak at 1:15 p.m. ET.
The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
Federal Reserve Bank of Dallas President Robert Kaplan will speak at 3:30 p.m. ET.