Crude Oil Surges over 1% as Cooper-Standard Shares Plummet Oil Market and Equities Update

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By Ronald Tech

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling around 0.5% on Friday.

The Dow traded down 0.24% to 38,681.46 while the NASDAQ fell 0.56% to 15,816.84. The S&P 500 also fell, dropping, 0.27% to 5,016.06.

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Sector Performance


Materials shares rose by 0.8% on Friday.

In trading, communication services shares fell by 1.4%.


Top News


Shares of TreeHouse Foods, Inc. THS fell around 16% on Friday after the company reported worse-than-expected fourth-quarter revenue results and issued FY24 outlook below estimates.

The company reported fourth-quarter adjusted EPS of 77 cents, beating the analyst consensus of 73 cents. Quarterly net sales of $910.8 million missed the consensus of $925.44 million.


Biggest Gainers


The Trade Desk, Inc. TTD shares shot up 17% to $88.65 after the company reported mixed fourth-quarter financial results.

Shares of PRA Group, Inc. PRAA got a boost, surging 13% to $27.66 following upbeat results.

Fusion Fuel Green PLC HTOO shares were also up, gaining 108% to $2.4999. The company said it had received notification from the European Commission that its HEVO-Portugal project was among 33 selected for approval under the Important Projects of Common European Interest (“IPCEI”) Hy2Infra program.


Biggest Losers


China Natural Resources, Inc. CHNR shares dropped 49% to $1.77. China Natural Resources announced a registered direct placement of $3.27 million of 1,487,870 common shares and private placement warrants at a price of $2.20 per unit.

Shares of Bloom Energy Corporation BE were down 20% to $9.63 after the company reported worse-than-expected fourth-quarter financial results.

Cooper-Standard Holdings Inc. CPS was down, falling 28% to $13.92 following weak quarterly results.

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Commodity Prices


In commodity news, oil traded up 1.4% to $79.15 while gold traded up 0.4% at $2,023.10.

Silver traded up 2.2% to $23.465 on Friday while copper rose 1.7% to $3.8235.


European Markets


European shares closed higher today. The eurozone’s STOXX 600 gained 0.62%, London’s FTSE 100 rose 1.5% while Spain’s IBEX 35 Index fell 0.41% The German DAX rose 0.42% French CAC 40 rose 0.32% while Italy’s FTSE MIB Index rose 0.12%.

The annual inflation rate in France eased to 3.1% in January from 3.7% in the prior month, while German wholesale prices declined by 2.7% year-over-year in January. Retail sales volumes in the UK rose by 3.4% month-over-month in January.


Asia Pacific Markets


Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 0.86%, Hong Kong’s Hang Seng Index rising 2.48% and India’s S&P BSE Sensex gaining 0.6%.

Singapore’s non-oil domestic exports jumped 16.8% year-over-year in January, topping market estimates of a 5.4% rise.


Economic Indicators


U.S. producer prices for final demand rose 0.3% month-over-month in January, recording the biggest rise in five months, compared to a 0.1% fall in the previous month. However, analysts were expecting a 0.1% increase in producer prices.

U.S. building permits fell by 1.5% to an annual rate of 1.470 million in January.

Housing starts in the U.S. dipped 14.8% month-over-month to an annual rate of 1.331 million in January.

The University of Michigan consumer sentiment rose to a reading of 79.6 in February from 79 in January.

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