U.S. stocks opened on a strong note on Friday, after recording sharp losses in the previous session.
Following the market opening Friday, the Dow traded up 0.37% to 35,370.38 while the NASDAQ rose 0.08% to 14,197.42. The S&P also rose, gaining, 0.28% to 4,516.82.
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Leading and Lagging Sectors
Energy shares climbed 1.5% on Friday. Meanwhile, top gainers in the sector included NGL Energy Partners LP (NYSE:NGL), up 9% and Precision Drilling Corporation (NYSE:PDS) up 9%.
In trading on Friday, consumer discretionary shares tumbled by 0.4%.
Top Headline
Under Armour, Inc. (NYSE:UAA) reported better-than-expected earnings for its fourth quarter.
Under Armour reported quarterly earnings of $0.14 per share, beating analysts’ estimates of $0.07 per share. The company’s quarterly sales came in at $1.50 billion, versus expectations of $1.48 billion.
Equities Trading UP
Modular Medical, Inc. (NASDAQ:MODD) shares shot up 35% to $5.00 following its recent uplisting to the Nasdaq Capital Market on Thursday.
Shares of Y-mAbs Therapeutics, Inc. (NASDAQ:YMAB) got a boost, shooting 19% to $8.20. Y-mAbs reported completion of pre-BLA meeting with the FDA for Omburtamab.
Heartcore Enterprises, Inc. (NASDAQ:HTCR) shares were also up, gaining 24% to $6.16. The company, on Thursday, priced its IPO at $5 per share.
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Equities Trading DOWN
ProQR Therapeutics N.V. (NASDAQ:PRQR) shares tumbled 74% to $1.44 aftafter the company reported the study did not meet the primary endpoint, nor notable secondary endpoints in the Phase 2/3 Illuminate trial for seporfarsen.
Shares of Universal Insurance Holdings, Inc. (NYSE:UVE) were down 27% to $12.45. Universal Insurance Holdings is expected to release Q4 results after the close of trading on the NYSE on Thursday, February 24, 2022.
Betterware de Mexico, S.A.B. de C.V. (NASDAQ:BWMX) was down, falling 26% to $15.63 after the company reported Q4 results.
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Commodities
In commodity news, oil traded up 0.9% to $90.67, while gold traded down 0.6% to $1,827.30.
Silver traded down 2.4% Friday to $22.95 while copper fell 2.1% to $4.5640.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, London’s FTSE 100 fell 0.8%, while Spain’s IBEX 35 Index fell 1%. The German DAX declined 0.6%, French CAC 40 fell 1.1% and Italy’s FTSE MIB Index dipped 1.4%.
The British economy grew 1% during the three months to December, while construction output rose by 7.4% year-over-year in December. Industrial production in the UK climbed 0.3% from a month ago in December. The UK trade deficit shrank to GBP 2.337 billion in December from GBP 2.586 billion in the prior month.
Annual inflation rate in Germany was confirmed at 4.9% for January, while wholesale price inflation in the country increased by 16.2% year-over-year in January.
Economics
The University of Michigan consumer sentiment index dropped for a second straight month to 61.7 in February.
The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 79,052,680 cases with around 939,420 deaths. India confirmed a total of at least 42,536,130 cases and 507,200 deaths, while Brazil reported over 27,125,510 COVID-19 cases with 636,110 deaths. In total, there were at least 407,054,210 cases of COVID-19 worldwide with more than 5,810,910 deaths.
