Nasdaq Surges Over 1%; Lamb Weston Shares Decline Following Q2 Results

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 1% on Friday.

The Dow traded up 0.55% to 48,216.43 while the NASDAQ jumped 1.10% to 23,260.50. The S&P 500 also rose, gaining, 0.83% to 6,830.85.

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Leading and Lagging Sectors

Information technology shares rose by 1.6% on Friday.

In trading on Friday, consumer staples stocks fell by 0.4%.

Top Headline

Shares of Nike Inc. (NYSE:NKE) fell around 10% on Friday after the company reported better-than-expected earnings and sales results for the second quarter, but posted a decline in gross margins for the second straight quarter.

Nike posted second-quarter revenue of $12.43 billion, beating analyst estimates of $12.22 billion, according to Benzinga Pro. The company reported second-quarter earnings of 53 cents per share, beating analyst estimates of 38 cents per share.

Equities Trading UP
           

• Autozi Internet Technology (Global) Ltd (NASDAQ:AZI) shares shot up 54% to $2.34 after the company announced its strategic investor confirmed a $90 million initial equity investment.
• Shares of Amicus Therapeutics, Inc. (NASDAQ:FOLD) got a boost, surging 31% to $14.20 after the company announced it will be acquired by BioMarin.
• Biomarin Pharmaceutical Inc (NASDAQ:BMRN) shares were also up, gaining 19% to $61.88. BioMarin agreed to acquire Amicus Therapeutics for a total equity value of about $4.8 billion.

Equities Trading DOWN

• Lamb Weston Holdings Inc (NYSE:LW) shares dropped 25% to $44.70 following second-quarter results.
• Shares of BlackBerry Ltd (NYSE:BB) were down 10% to $3.90 after the company reported third-quarter results.
• Mangoceuticals Inc (NASDAQ:MGRX) was down, falling 45% to $0.72. The company announced up to a $100 million Solana-focused digital asset treasury strategy.

Commodities

In commodity news, oil traded up 0.9% to $56.66 while gold traded up 0.4% at $4,381.60.

Silver traded up 3.4% to $67.415 on Friday, while copper rose 1.1% to $5.4955.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.37%, while Spain's IBEX 35 Index rose 0.22%. London's FTSE 100 gained 0.61%, Germany's DAX 40 rose 0.37% and France's CAC 40 gained 0.01% during the session.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei 225 gaining 1.03%, Hong Kong's Hang Seng gaining 0.75%, China's Shanghai Composite rising 0.36% and India's BSE Sensex rising 0.53%.

Economics

U.S. existing home sales increased by 0.5% from the prior month to an annualized rate of 4.13 million for November.

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