U.S. stocks traded mixed as the trading day concluded, with the Nasdaq Composite experiencing a slight dip of around 0.5% on Friday.
The Dow surged by 0.27% to 38,894.21 while the NASDAQ fell by 0.51% to 16,190.52. The S&P 500 also observed a decline, dropping by 0.20% to 5,146.8.
Real Estate Ascends, Tech Falters
Real estate shares saw a surge of 0.9% on Friday.
Conversely, information technology shares witnessed a decline of 1.8% in trading.
Positive Employment Picture Overshadowed by Amylyx and AerSale
Nonfarm payrolls exceeded economist estimates, totaling 275,000 in February compared to the expected 200,000 figure. Despite this positive trend, the unemployment rate unexpectedly rose from 3.7% to 3.9%.
Additionally, average hourly wages showed a 0.1% monthly growth rate in February, lower than the expected 0.3% and a decrease from the previous month’s downwardly revised 0.5% growth.
Noteworthy Market Movements
Willdan Group, Inc. WLDN observed a 25% increase to $24.85 following a strong fourth-quarter financial report and optimistic FY24 guidance. The company also secured a sizable contract ranging from $30 million to $50 million over three years.
Shares of The Joint Corp. JYNT skyrocketed by 31% to $11.94 post their fourth-quarter results announcement.
Safe and Green Development Corporation SGD experienced a significant 134% increase, reaching $1.54 after announcing funding for the Norman Berry Expansion in Atlanta, Georgia.
Amylyx Pharmaceuticals, Inc. AMLX shares plummeted by 82% to $3.3650 following disappointing results from the PHOENIX phase 3 trial of AMX0035.
AerSale Corporation ASLE witnessed a steep 27% decline to $6.82 after reporting underwhelming fourth-quarter financial results.
Commodity Market Overview
In the commodity realm, oil prices experienced a 1.5% decrease, settling at $77.73, while gold prices rose by 1% to $2,186.90.
Silver prices witnessed a marginal 0.2% decline to $24.54, and copper prices fell by 1.1% to $3.8840 on Friday.
Economic Insights Across Continents
European shares displayed a mixed trend with the eurozone’s STOXX 600 gaining 0.02%, London’s FTSE 100 falling by 0.43%, Spain’s IBEX 35 Index rising by 0.13%, the German DAX dropping by 0.16%, French CAC 40 increasing by 0.15%, and Italy’s FTSE MIB Index declining by 0.04%.
The eurozone economy remained stagnant during the fourth quarter after a 0.1% decline in the preceding three-month period. Notable statistics included an increase in French trade deficit, a decline in Spanish industrial output, a decrease in producer prices in Germany, and an increase in industrial output for January.
Asia Pacific Financial Markets Recap
Asian markets concluded on a positive note with Japan’s Nikkei 225, Hong Kong’s Hang Seng Index, and China’s Shanghai Composite Index all recording gains on Friday.
Key indicators included an increase in the gauge for Japan’s service sector, a decline in leading economic indicators in Japan, a decrease in household spending in Japan, among others.
Additional Economic Findings
Nonfarm payrolls exceeded expectations totaling 275,000 in February. The unemployment rate rose to 3.9%, slightly above the anticipated 3.7%.
Average hourly wages grew at a slower pace in February, registering a 0.1% increase compared to the downwardly revised 0.5% growth in January and falling below the projected 0.3% rise.
Furthermore, Baker Hughes Inc reported a reduction of one active U.S. oil rig this week.