Crude Oil Dips Over 2%; Bloom Energy Shares Spike Higher

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling by more than 300 points on Friday.

The Dow traded down 0.78% to 43,410.32 while the NASDAQ fell 2.50% to 18,630.37. The S&P 500 also fell, dropping, 1.51% to 5,859.61.

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Leading and Lagging Sectors

Utilities shares rose by 1% on Friday.

In trading on Friday, information technology shares fell by 2.7%.

Top Headline

The total number of active U.S. oil rigs fell by one to 478 rigs this week, Baker Hughes Inc reported.

Equities Trading UP
                       

• The Arena Group Holdings, Inc. AREN shares shot up 181% to $1.63 after it announced its first ever profitable quarter.
• Shares of Bloom Energy Corporation BE got a boost, surging 55% to $20.59 after the energy company became the latest to announce a major deal to power AI data centers. Bloom Energy announced Thursday evening that it has signed a supply agreement with American Electric Power Company, Inc. AEP for up to 1 gigawatt (GW) of its products, the largest commercial procurement of fuel cells in the world to date. 
• Simpple Ltd. SPPL shares were also up, gaining 46% to $1.29 after the company announced a $400,000 contract to supply autonomous cleaning robots at Singapore’s International Airport Terminal.

Equities Trading DOWN

• TFF Pharmaceuticals, Inc. TFFP shares dropped 77% to $0.37 after the company announced it will wind down its operations.
• Shares of Eyenovia, Inc. EYEN were down 70% to $0.10 after the company announced that its CHAPERONE trial is not meeting its primary endpoint, prompting the discontinuation of the study and a review of the full data set to evaluate next steps for the program.
• Ryvyl Inc. RVYL was down, falling 26% to $1.26 after the company reported worse-than-expected third-quarter financial results and cut its FY24 sales guidance.

Commodities

In commodity news, oil traded down 2.2% to $67.20 while gold traded down 0.1% at $2,572.20.

Silver traded down 0.5% to $30.425 on Friday, while copper fell 0.5% to $4.0690.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.77%, Germany's DAX fell 0.27% and France's CAC 40 fell 0.58%. Spain's IBEX 35 Index gained 0.97%, while London's FTSE 100 fell 0.09%.

The annual inflation rate in Italy increased to 0.9% in October versus 0.7% in the prior month, while France’s annual inflation rate rose to 1.2% in October. The GDP in the UK grew by 1% year-over-year during the third quarter.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan's Nikkei 225 gaining 0.28%, Hong Kong's Hang Seng Index falling 0.05% and China's Shanghai Composite Index dipping 1.45%.

Hong Kong's economy expanded by 1.8% year-over-year in the third quarter compared to a 3.2% increase in the previous period. China’s retail sales rose by 4.8% year-over-year in October, while industrial production rose by 5.3% year-over-year in October.

Economics

• The NY Empire State Manufacturing Index surged to 31.2 in November versus -11.9 in the previous month and topping market estimates of -0.7.
• U.S. export prices increased by 0.8% in October, while import prices rose by 0.3% month-over-month in October.
• U.S. retail sales rose 0.4% month-over-month in October compared to a revised 0.8% increase in September, and toping market estimates of 0.3%.
• U.S. industrial production declined by 0.3% in October compared to a revised 0.5% declined in September.
• The total number of active U.S. oil rigs fell by one to 478 rigs this week, Baker Hughes Inc reported.
• U.S. business inventories rose 0.1% month-over-month in September compared to a 0.3% gain in August and versus market estimates of 0.2%.

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