Midway through trading Friday, the Dow traded down 0.56% to 24338.21 while the NASDAQ fell 0.19% to 9266.93. The S&P also fell, dropping 0.33% to 2938.92.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,577,750 cases with around 94,720 deaths. Brazil confirmed a total of over 310,080 COVID-19 cases with 20,040 deaths, while Russia reported a total of at least 326,440 confirmed cases and 3,240 deaths. In total, there were at least 5,125,610 cases of COVID-19 worldwide with over 333,380 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Real estate shares climbed 1.3% on Friday. Meanwhile, top gainers in the sector included Altisource Portfolio Solutions S.A. ASPS 14.23%, up 9%, and American Tower Corporation AMT 5.26%, up 5%.
In trading on Friday, energy shares dipped 1.4%.
Top Headline
Alibaba Group Holding Ltd - ADR BABA 5.25% reported better-than-expected results for its fourth quarter.
Alibaba reported quarterly earnings of $1.30 per share on Friday, which beat the analyst consensus estimate of 87 cents. The company reported quarterly sales of $16.144 billion, which beat the analyst consensus estimate of $15.200 billion. Domestic same-store sales slipped 5.7% during the quarter.
Equities Trading UP
LiveRamp Holdings, Inc. RAMP 24.25% shares shot up 21% to $47.03 after reporting upbeat Q4 results.
Shares of Tetraphase Pharmaceuticals, Inc. TTPH 14.35% got a boost, shooting 24% to $2.86. Tetraphase Pharmaceuticals, which has been pursued by multiple companies, said its board has determined that the latest proposal from Melinta Therapeutics, Inc. is a "Superior Offer." Melinta has offered $27 million in cash, plus an additional $12.5 million in cash potentially payable under contingent value rights to be issued in the proposed acquisition.
Navidea Biopharmaceuticals, Inc. NAVB 86.74% shares were also up, gaining 85% to $2.3499 after the company announced positive preliminary results from the second interim analysis of its ongoing NAV3-31 Phase 2B study.
Equities Trading DOWN
Recon Technology, Ltd. RCON 45.14% shares tumbled 45% to $2.05 after the company reported pricing of approximately $2.1 million registered direct offering.
Shares of Geron Corporation GERN 8.42% were down 17% to $1.635 after the company reported pricing of public offering of common stock and warrants.
Syndax Pharmaceuticals, Inc. SNDX 24.15% was down, falling 23% to $15.72 after the company said a late-stage study that evaluated its investigational compound entinostat along with exemestane in patients with HR+, HER2- breast cancer who have progressed on a non-steroidal aromatase inhibitor did not achieve the primary endpoint of demonstrating a statistically significant overall survival benefit over hormone therapy alone.
Commodities
In commodity news, oil traded down 3.7% to $32.67, while gold traded up 0.8% to $1,736.40.
Silver traded up 2% Friday to $17.71, while copper fell 2.1% to $2.38.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 slipped 0.01%, the Spanish Ibex Index rose 0.23%, while Italy’s FTSE MIB Index rose 1.22%. Meanwhile, the German DAX gained 0.11%, and the French CAC 40 rose 0.18% while UK shares fell 0.25%.
Economics
The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.
Benzinga does not provide investment advice. All rights reserved.
Recommended Content
Editors’ Picks
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
With all eyes peeled on the halving, Bitcoin is the center of attention in the market. The pioneer cryptocurrency has had three narratives this year already, starting with the spot BTC exchange-traded funds, the recent all-time high of $73,777, and now the halving.
Billowing clouds of apprehension
Thursday marked the fifth consecutive session of decline for US stocks as optimism regarding multiple interest rate cuts by the Federal Reserve waned. The downturn in sentiment can be attributed to robust economic data releases, prompting traders to adjust their expectations for multiple rate cuts this year.