Friday Stock Market Recap: Crude Oil Rises, Newell Brands Issues Weak Outlook Friday Stock Market Recap: Crude Oil Rises, Newell Brands Issues Weak Outlook

Written By Michael Gary Scott

U.S. stocks made modest gains as the Nasdaq Composite crept up over 1% on Friday.

The Dow traded down 0.09% to 38,691.21, while the NASDAQ rose 1.26% to 15,992.17. The S&P 500 also rose, gaining, 0.55% to 5,025.21.

The information technology sector led the positive movement, with a 1.4% increase, while energy shares saw a decline of 1.2%.

Outlook on Newell Brands

Newell Brands Inc (NWL) reported quarterly revenue of $2.076 billion, exceeding the analyst consensus of $1.980 billion. However, despite this positive performance, the company issued a weak forecast, anticipating a sales decline of 8% to 5% for FY24 and adjusted EPS of 52 cents to 62 cents, falling short of estimates set at 77 cents.

Stocks on the Rise

Intelligent Bio Solutions Inc. (INBS) witnessed a staggering 254% surge to $10.19 following its second-quarter results. Likewise, Masonite International Corporation (DOOR) experienced a substantial boost, with shares soaring 35% to $130.24, attributed to an acquisition announcement by Owens Corning. Cloudflare, Inc. (NET) also saw positive movement, with a 21% increase to $108.95, after reporting better-than-expected Q4 results and issuing strong first-quarter guidance.

Stocks on the Decline

The Children’s Place, Inc. (PLCE) shares plummeted by 40% to $11.84 following the company’s announcement of lower-than-expected fourth-quarter net sales. Synlogic, Inc. (SYBX) experienced a 49% decrease to $1.75 after announcing operational changes, and EMCORE Corporation (EMKR) fell by 37% to $0.3943 after posting disappointing quarterly results.

Commodity Movements

In commodity news, crude oil ascended by 0.8% to $76.83, while gold saw a 0.4% decline, landing at $2,039.40. Silver and copper also experienced modest declines on Friday.

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Global Market Summary

European shares closed relatively mixed on Friday, with the eurozone’s STOXX 600 declining by 0.3092%. Meanwhile, Asian markets exhibited varied results, as Japan’s Nikkei 225 gained 0.09%, Hong Kong’s Hang Seng Index fell by 0.83%, and India’s S&P BSE Sensex experienced a 0.20% increase.

Latest Economic Indicators

Revised figures from the BLS showed a 0.2% month-over-month increase in the Consumer Price Index (CPI) in December. Additionally, the total number of active U.S. oil rigs remained steady at 499 for the week, as reported by Baker Hughes Inc.