Benzinga
Published Feb 23, 2024 20:06
Updated Feb 23, 2024 21:10
Nasdaq Edges Lower; AXT Shares Surge After Q4 Results
Benzinga - by Avi Kapoor, Benzinga Staff Writer.
U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling around 0.2% on Friday.
The Dow traded up 0.23% to 39,158.52 while the NASDAQ fell 0.19% to 16,011.27. The S&P 500 also rose, gaining, 0.11% to 5,092.83.
Leading and Lagging Sectors
Utilities shares rose by 0.8% on Friday.
In trading on Friday, energy shares fell by 0.5%.
Top Headline
The total number of active U.S. oil rigs climbed by 6 rigs this week, Baker Hughes Inc reported.
Equities Trading UP
AXT, Inc. (NASDAQ: AXTI) shares shot up 79% to $4.0811 after the company reported better-than-expected fourth-quarter financial results.
Shares of Maravai LifeSciences Holdings, Inc. (NASDAQ: MRVI) got a boost, surging 60% to $8.16 after the company reported better-than-expected fourth-quarter financial results.
Carvana Co. (NYSE: CVNA) shares were also up, gaining 31% to $68.60 after the company reported fourth-quarter financial results.
Equities Trading DOWN
Sequans Communications S.A. (NYSE: SQNS) shares dropped 67% to $0.85 after Renesas announced that it has terminated the previously announced MOU for a proposed acquisition of Sequans.
Shares of Smith Micro Software, Inc. (NASDAQ: SMSI) were down 42% to $0.4750 following weak quarterly sales.
ModivCare Inc. (NASDAQ: MODV) was down, falling 40% to $26.43 after the company issued weak sales forecast for the first quarter.
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Commodities
In commodity news, oil traded down 2.5% to $76.66 while gold traded up 1% at $2,050.40.
Silver traded up 1% to $23.01 on Friday while copper fell 0.6% to $3.8735.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 climbed 0.43%, London’s FTSE 100 rose 0.28% while Spain’s IBEX 35 Index fell 0.08% The German DAX gained 0.28% French CAC 40 rose 0.70% while Italy’s FTSE MIB Index rose 1.07%.
German economy contracted by 0.3% during the final quarter of 2023, while the Ifo Business Climate indicator for Germany edged higher to 85.5 in February from 85.2 in January. Median consumer expectations for the eurozone inflation over the next 12 months accelerated to 3.3% in January versus 3.2% in the prior month. The GfK Consumer Confidence indicator for the UK fell to -21 in February versus -19 in January.
Asia Pacific Markets
Asian markets closed mixed on Friday, with Hong Kong’s Hang Seng Index falling 0.10%, China’s Shanghai Composite Index gaining 0.55% and India’s S&P BSE Sensex gaining 0.1%.
Chinese new home prices fell by 0.7% year-over-year for January versus a 0.4% fall a month ago.
Economics
The total number of active U.S. oil rigs climbed by 6 rigs this week, Baker Hughes Inc reported.
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