Dow Surges 300 Points; American Axle & Manufacturing Posts Upbeat Earnings

U.S. stocks traded higher this morning, with the Dow Jones index gaining around 300 points on Friday.

The Dow traded up 0.69% to 44,270.42 while the NASDAQ gained 0.72% to 21,395.15. The S&P 500 also rose, gaining, 0.70% to 6,384.55.

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Leading and Lagging Sectors

Communication services shares jumped by 1% on Friday.

In trading on Friday, utilities stocks rose by just 0.1%.

Top Headline

American Axle & Manufacturing Hldngs Inc AXL reported better-than-expected earnings for the second quarter.

The company posted quarterly earnings of 21 cents per share which beat the analyst consensus estimate of 15 cents per share. The company reported quarterly sales of $1.536 billion which missed the analyst consensus estimate of $1.537 billion.

Equities Trading UP
           

• Pineapple Financial Inc. PAPL shares shot up 79% to $5.04.
• Shares of MEDIROM Healthcare Technologies Inc. MRM got a boost, surging 54% to $1.8501 following the company’s announcement of a strategic collaboration with Hakuhodo Inc. to participate in “World,” a “proof of human” protocol co-founded by OpenAI‘s Sam Altman.
• Oriental Rise Holdings Limited ORIS shares were also up, gaining 54% to $0.1384.

Equities Trading DOWN

• BioVie Inc. BIVI shares dropped 43% to $1.66 after the company reported the pricing of $12 million public offering.
• Shares of Fundamental Global Inc. FGF were down 39% to $22.08 after the company filed for $5 billion shelf registration.
• The Trade Desk, Inc. TTD was down, falling 38% to $54.88 after the company reported second-quarter financial results. B of A downgraded the stock following the report.

Commodities

In commodity news, oil traded down 1.2% to $63.14 while gold traded up 0.9% at $3,485.70.

Silver traded up 0.9% to $38.625 on Friday, while copper rose 1.3% to $4.4565.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, while Spain’s IBEX 35 Index gained 0.6%. London’s FTSE 100 fell 0.1%, Germany’s DAX 40 declined 0.3% and France’s CAC 40 rose 0.2% during the session.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 1.85%, Hong Kong’s Hang Seng declining 0.89%, China’s Shanghai Composite declining 0.12% and India’s BSE Sensex falling 0.95%.

Economics

Data on Baker Hughes crude oil rigs will be released today.

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