Gold Gains 1%; US Consumer Sentiment Falls In June

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 200 points on Friday.

The Dow traded down 0.63% to 38,403.11 while the NASDAQ fell 0.07% to 17,655.10. The S&P 500 also fell, dropping, 0.37% to 5,413.41  .

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Leading and Lagging Sectors

Communication services shares jumped by 0.4% on Friday.

In trading on Friday, industrials shares fell by 2.1%.

Top Headline

The University of Michigan consumer sentiment declined for a third consecutive month to a reading of 65.6 in June, notching the lowest level since November, compared to 69.1 in May and down from market estimates of 72.

Equities Trading UP
                       

• Disc Medicine, Inc. IRON shares shot up 20% to $46.85. Disc Medicine announced a $178 million underwritten offering of 4.944 million shares at $36 per share.
• Shares of SRIVARU Holding Limited SVMH got a boost, surging 120% to $0.3364 after the company announced it will begin accepting paid reservations and bookings for its flagship product, the PRANA 2.0, on June 16th.
• FOXO Technologies Inc. FOXO shares were also up, gaining 16% to $0.2763 after the company announced it entered into share exchange agreements with Rennova Health.

Equities Trading DOWN

• QXO, Inc. QXO shares dropped 32% to $140.00 after announcing a $3.5 billion private placement.
• Shares of IN8bio, Inc. INAB were down 30% to $1.1701 after the company presented data from its Phase 1 trial of INB-100 showing 100% of treated leukemia patients achieved durable complete remission at 1 year.
• Gain Therapeutics, Inc. GANX was down, falling 33% to $1.27 after the company announced the pricing of a $11 million public offering of 7,116,547 shares at $1.35 per share and pre-funded warrants.

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Commodities

In commodity news, oil traded up 0.1% to $78.66 while gold traded up 1.1% at $2,344.50.

Silver traded up 0.4% to $29.17 on Friday, while copper fell 0.3% to $4.4685.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 1.23%, Germany's DAX dipped 1.68% and France's CAC 40 tumbled 3.11%. Spain's IBEX 35 Index fell 1.38%, while London's FTSE 100 slipped 0.40%.

The Eurozone recorded a trade surplus of EUR 15 billion in April versus a year-ago gap of EUR 11.1 billion. The annual inflation rate in France accelerated to 2.3% in May from 2.2% in April.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan's Nikkei gaining 0.24%, Hong Kong's Hang Seng Index declining 0.94%, China's Shanghai Composite Index gaining 0.12% and India's S&P BSE Sensex gaining 0.24%.

Indian merchandise trade deficit widened to a seven-month of $23.8 billion in May, while wholesale prices increased by 2.61% year-over-year in May. Manufacturing production in Hong Kong increased 1.8% year-over-year in the first quarter versus a 4.1% rise in the prior period. Chinese vehicle sales gained by 1.5% year-over-year to 2.42 million in May.

Industrial production in Japan fell 0.9% month-over-month in April. The Bank of Japan held its key short-term interest rate at about 0% to 0.1% at its recent meeting.

Economics

• Import prices in the U.S. declined by 0.4% month-over-month in May.
• U.S. export prices declined by 0.6% month-over-month in May compared to a revised 0.6% gain in the prior month.
• The University of Michigan consumer sentiment declined for a third consecutive month to a reading of 65.6 in June, notching the lowest level since November, compared to 69.1 in May and down from market estimates of 72.

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