Dow Dips Over 200 Points; Fluor Shares Slide After Q3 Results

Benzinga
Yesterday

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

The Dow traded down 0.47% to 46,693.85 while the NASDAQ fell 1.42% to 22,725.49. The S&P 500 also fell, dropping, 0.82% to 6,664.90.

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Leading and Lagging SectorsConsumer staples shares jumped by 1.1% on Friday.

In trading on Friday, communication services stocks fell by 1.8%.

Top Headline

Shares of Fluor Corporation (NYSE:FLR) fell 2% on Friday after the company posted results for the third quarter.

Adjusted earnings per share were 68 cents, topping the 45-cent estimate, while revenue fell 18% to $3.37 billion, below the $4.20 billion consensus.

Equities Trading UP           

  • Motorsport Games Inc (NASDAQ:MSGM) shares shot up 84% to $4.02 after the company reported a year-over-year increase in third-quarter sales results.
  • Shares of BIO-Key International Inc (NASDAQ:BKYI) got a boost, surging 66% to $1.06. BIO-key announced significant biometric and IAM deployment supporting critical infrastructure and sensitive access environments in the Middle East.
  • Gulf Island Fabrication Inc (NASDAQ:GIFI) shares were also up, gaining 50% to $11.76. IES agreed to acquire Gulf Island Fabrication for $12 per share in cash.

Equities Trading DOWN

  • Eledon Pharmaceuticals Inc (NASDAQ:ELDN) shares dropped 54% to $1.88 after the company announced results from its Phase 2 BESTOW trial evaluating tegoprubart for the prevention of organ rejection in patients receiving a de novo kidney transplant.
  • Shares of Energys Group Ltd (NASDAQ:ENGS) were down 46% to $2.14.
  • Functional Brands (NASDAQ:MEHA) was down, falling 47% to $0.68.

CommoditiesIn commodity news, oil traded up 0.2% to $59.58 while gold traded up 0.5% at $4,012.30.

Silver traded up 0.3% to $48.110 on Friday, while copper fell 0.2% to $4.9575.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.55%, while Spain's IBEX 35 Index dipped 1.3%. London's FTSE 100 fell 0.55%, Germany's DAX 40 declined 0.69% and France's CAC 40 dipped 0.18% during the session.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan's Nikkei 225 falling 1.19%, Hong Kong's Hang Seng declining 0.92%, China's Shanghai Composite slipping 0.25% and India's BSE Sensex falling 0.11%.

Economics

  • The University of Michigan's consumer sentiment index declined to 50.3 in November, from 53.6 in the previous month and compared to market expectations of 53.2.
  • Median inflation expectations in the U.S. eased to 3.2% for the one-year horizon in October, compared to 3.4% in September.

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