Nasdaq Surges 300 Points; Amazon Shares Jump Following Upbeat Earnings

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 300 points on Friday.

Following the market opening Friday, the Dow traded up 0.36% to 52,394.11 while the NASDAQ surged 1.31% to 25,450.24. The S&P 500 also rose, gaining, 0.65% to 7,486.05.

Leading and Lagging Sectors

Consumer discretionary shares jumped by 5.6% on Friday.

In trading on Friday, materials stocks fell by 2.5%.

Top Headline

Shares of Amazon.com Inc. (NASDAQ:AMZN) jumped around 14% on Friday after the company posted upbeat financial results for the second quarter.

Amazon reported second-quarter revenue of $200.61 billion, beating the consensus estimate of $196.46 billion, according to Benzinga Pro. The company posted second-quarter earnings of $5.75 per share, beating analyst estimates of $1.82 per share.

Equities Trading UP
           

• Wetour Robotics Ltd (NASDAQ:WETO) shares shot up 234% to $0.10.
• Shares of Mangoceuticals Inc (NASDAQ:MGRX) got a boost, surging 167% to $0.78. Mangoceuticals, on Thursday, announced that it has entered into a definitive business combination agreement with Nuclea Energy.
• Replimune Group Inc (NASDAQ:REPL) shares were also up, gaining 127% to $12.28 after the company announced favorable outcome of FDA’s Cellular, Tissue, and Gene Therapies Advisory Committee Meeting for RP1 in advanced melanoma.

Equities Trading DOWN

• Karyopharm Therapeutics Inc (NASDAQ:KPTI) shares dropped 66% to $2.36 after the company announced topline results from its Phase 3 XPORT-EC-042 trial did not meet its primary endpoint of progression free survival.
• Shares of Nuwellis (NASDAQ:NUWE) were down 61% to $1.73 after the company announced the pricing of its $3.4 million offering of 1,310,890 shares at $2.59 per share.
• BIOAGE Labs Inc (NASDAQ:BIOA) was down, falling 57% to $10.69.

Commodities

In commodity news, oil traded up 2.5% to $85.68 while gold traded down 1.6% at $4,094.00.

Silver traded down 2.2% to $57.70 on Friday, while copper rose 0.4% to $6.5005.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.2%, while Spain’s IBEX 35 Index gained 0.3% London’s FTSE 100 rose 0.1%, Germany’s DAX gained 0.4%, while France’s CAC 40 surged 0.6%.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 surging 4.03%, Hong Kong’s Hang Seng index rising 0.01%, China’s Shanghai Composite gaining 0.72% and India’s BSE Sensex gaining 0.21%.

Economics

U.S. employment costs increased by 0.9% in the second quarter, up from market estimates of a 0.8% rise.

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