Market Madness: Nasdaq Falters as AXT Shares Skyrocket Post-Q4 Results

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By Ronald Tech

The conclusion of Friday saw U.S. stocks engaged in a tumultuous dance, with the Nasdaq Composite slipping by approximately 0.2%.

Witness the Dow, climbing 0.23% to reach 39,158.52, while the NASDAQ descended 0.19% to 16,011.27. As for the S&P 500, it ascended, with a 0.11% rise to 5,092.83.

 

Leading and Lagging Sectors

 

On Friday, the realm of Utilities experienced a lift of 0.8%.

Conversely, energy shares grappled with a decline of 0.5% in the trading session.

 

Top Headline

 

Recently, Baker Hughes Inc. reported the escalation of active U.S. oil rigs by 6 this week.

 

Equities Trading UP

 

AXT, Inc. AXTI burgeoned by a staggering 79% to $4.0811 after unveiling fourth-quarter financial results that surpassed expectations.

In a similar vein, shares of Maravai LifeSciences Holdings, Inc. MRVI surged by 60% to $8.16 following their robust fourth-quarter financial performance.

Carvana Co. CVNA also joined the triumphant echelon, climbing 31% to $68.60 in the wake of its fourth-quarter financial revelation.

 

Equities Trading DOWN

 

Sequans Communications S.A. SQNS plummeted by 67% to $0.85 after the termination of the proposed acquisition by Renesas.

Similarly, shares of Smith Micro Software, Inc. SMSI faltered by 42% to $0.4750, attributed to lackluster quarterly sales.

ModivCare Inc. MODV found itself in a decline, dropping 40% to $26.43 subsequent to issuing a weak sales forecast for the first quarter.

Commodities

 

In the domain of commodities, oil underwent a 2.5% dip to $76.66, while gold ascended by 1% to $2,050.40.

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Silver experienced a 1% rise to $23.01 on Friday, whereas copper saw a 0.6% reduction to $3.8735.

 

Euro zone

 

As the day ebbed in European markets, the STOXX 600 of the eurozone swelled by 0.43%, London’s FTSE 100 ascended by 0.28%, and Spain’s IBEX 35 Index clocked a 0.08% descent. The German DAX advanced 0.28% while the French CAC 40 rose by 0.70%, and Italy’s FTSE MIB Index soared by 1.07%.

The German economy grappled with a contraction of 0.3% in the final quarter of 2023, juxtaposed with the Ifo Business Climate indicator for Germany inching upward to 85.5 in February from 85.2 in January. Median consumer anticipations for eurozone inflation over the ensuing 12 months accelerated to 3.3% in January from 3.2% in the previous month. In contrast, the GfK Consumer Confidence indicator for the UK stumbled to -21 in February, compared to -19 in January.

 

Asia Pacific Markets

 

Friday witnessed a mixed closure for Asian markets, with Hong Kong’s Hang Seng Index declining by 0.10%, China’s Shanghai Composite Index elevating by 0.55%, and India’s S&P BSE Sensex scaling a 0.1% climb.

New home prices in China saw a 0.7% year-over-year drop for January, versus a 0.4% decrease the month prior.

 

Economics

 

The report from Baker Hughes Inc. revealed a net addition of 6 rigs to the active U.S. oil rig count this week.

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