Following the market opening Friday, the Dow traded up 0.87 percent to 26370.49 while the NASDAQ climbed 0.39 percent to
7978.01. The S&P also rose, gaining 0.59 percent to 2905.40.
Leading and Lagging Sectors
Friday morning, the financial shares rose 2.1 percent. Meanwhile, top gainers in the sector included Qudian
Inc. (NYSE: QD) up 15 percent, and Banco
Santander Mexico Sa Instcn De (NYSE: BSMX) up 13
percent.
In trading on Friday, real estate shares fell 0.5 percent.
Top Headline
JPMorgan Chase & Co. (NYSE: JPM) reported
better-than-expected earnings for its first quarter on Friday.
PMorgan said it earned $2.65 per share in the first quarter on revenue of $29.1 billion versus expectations of $2.35 per share
and $28.47 billion. Net income for the quarter rose from $8.712 billion in the same quarter a year ago to $9.179 billion.
By segment, Consumer & Community banking revenue rose 9 percent to $13.751 billion, Corporate & Investment Bank revenue fell 6
percent to $9.848 billion, Commercial Banking revenue rose 8 percent to $2.338 billion, Asset & Wealth Management revenue was flat
at $3.489 billion, and Corporate revenue more than tripled from $127 million to $425 million.
Equities Trading UP
Anadarko Petroleum Corporation (NYSE: APC)
shares got a boost, shooting up 32 percent to $61.91 after Chevron Corporation (NYSE: CVX) announced plans to acquire Anadarko Petroleum for $33 billion.
Shares of Reebonz Holding Limited (NASDAQ: RBZ) shot up 87 percent to $16.17 on no new news following an offering announced on
Thursday. Reebonz has been an extremely momentous stock over the last month.
The Walt Disney Company (NYSE: DIS) shares
were also up, gaining 10 percent to $128.22 after the company detailed the launch of its Disney+ streaming service. Analysts at JP
Morgan reinstated coverage on the stock with an Overweight rating and $137 price target.
Equities Trading DOWN
X4 Pharmaceuticals, Inc. (NASDAQ: XFOR)
shares dropped 17 percent to $12.51 after the company filed for a 5.67 million share common stock and warrants offering.
Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE: PBR) were down 5 percent to $15.64 following media reports the company will postpone
an increase of diesel prices following pressure from the Brazilian president.
Allegheny Technologies Incorporated (NYSE: ATI) was down, falling around 8 percent to $25.01 after Macquarie downgraded the
stock from Outperform to Neutral and lowered the price target from $34 to $28.
Commodities
In commodity news, oil traded up 1.1 percent to $64.28 while gold traded up 0.2 percent to $1,295.40.
Silver traded up 1 percent Friday to $15.005, while copper fell 1.9 percent to $2.9425.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 0.1 percent, the Spanish Ibex Index rose 0.4 percent, while
Italy’s FTSE MIB Index climbed 1 percent. Meanwhile the German DAX climbed 0.6 percent, and the French CAC 40 rose 0.3 percent
while U.K. shares rose 0.1 percent.
Economics
Federal Reserve Chairman Jerome Powell is set to speak in Leesburg, Virginia.
The import price index rose 0.6 percent in March, versus a revised 1 percent increase in February. Export prices rose 0.7
percent last month.
The University of Michigan's consumer sentiment index declined to 96.9 in April, versus a reading of 98.4 in the prior month.
.
The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.
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