SUPERNEWS

Macro

Dow Up 0.33%, DNOW Misses by 2 Cents, Novavax Soars 128%

Dow rises 0.33% in optimistic trading; Novavax surges 128% on vaccine deal, while DNOW and others face declines.

By Bill Bullington

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5/10, 10:29 EDT
S&P 500
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Key Takeaway

  • Dow Jones index rose by 0.33% to 39,516.53, with NASDAQ and S&P 500 also seeing gains amid mixed sector performances.
  • DNOW missed earnings expectations with adjusted EPS of 21 cents against estimates of 23 cents, and sales of $563 million versus expected $569.150 million.
  • Novavax surged by 128% following a licensing agreement announcement, highlighting significant stock movements in the trading session.

Market Momentum Continues

U.S. stocks experienced a positive trajectory in the morning trading session on Friday, with the Dow Jones Industrial Average climbing over 100 points. The Dow was up by 0.33% to 39,516.53, while the NASDAQ Composite increased by 0.43% to 16,416.55, and the S&P 500 gained 0.38% to 5,233.70. This upward movement is part of a broader trend, with the Dow aiming for its eighth consecutive winning session, reflecting a growing optimism among investors.

Sector Performances Vary

The information technology sector led the gains with a 1% increase, indicating strong investor confidence in tech stocks. However, not all sectors shared in the upward momentum; communication services shares saw a slight decline of 0.2%. This mixed sector performance underscores the selective nature of the current market rally, with investors favoring specific industries over others.

Individual Stock Highlights

Several stocks stood out in Friday's trading session due to significant price movements. Novavax Inc. saw its shares skyrocket by 128% following a licensing agreement announcement with Sanofi for a COVID-19 vaccine. iTeos Therapeutics and AEye Inc. also posted substantial gains, up 41% and 45%, respectively, on positive company news. On the downside, MacroGenics Inc. and Evolv Technologies Holdings experienced sharp declines after reporting disappointing financial results.