Crude Oil Gains 2%; ABM Industries Shares Plunge After Q2 Results

U.S. stocks traded higher midway through trading, with the Nasdaq Composite jumping more than 1% on Friday.

The Dow traded up 1.05% to 42,765.32 while the NASDAQ gained 1.31% to 19,551.81. The S&P 500 also rose, gaining, 1.10% to 6,004.74.

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Leading and Lagging Sectors

Energy shares jumped by 2% on Friday.

In trading on Friday, utilities stocks fell by 0.2%.

Top Headline

Shares of ABM Industries Inc. (NYSE:ABM) fell more than 13% on Friday after the company reported results for the second quarter.

Revenue grew 4.6% year over year (Y/Y) to $2.11 billion, beating the consensus of $2.06 billion. This was led by organic growth of 3.8% and a 0.8% contribution from acquisitions. Adjusted EPS of 86 cents was in line with the consensus.

For FY25, ABM reiterated the adjusted EPS outlook at $3.65 to $3.80 versus the consensus of $3.77. The company continues to see an adjusted EBITDA margin of 6.3%- 6.5%.

Equities Trading UP
           

• Quanex Building Products Corporation (NYSE:NX) shares shot up 20% to $20.52 after the company reported better-than-expected second-quarter financial results.
• Shares of Davis Commodities Limited (NASDAQ:DTCK) got a boost, surging 50% to $0.9018 after the company announced approval of $30 million fundraising plan to establish Bitcoin reserves to strengthen asset allocation.
• Venus Concept Inc. (NASDAQ:VERO) shares were also up, gaining 17% to $2.80 after the company announced it entered into a definitive agreement to sell its Venus Hair business to Meta Healthcare Group.

Equities Trading DOWN

• Vera Therapeutics, Inc. (NASDAQ:VERA) shares dropped 29% to $21.73.
• Shares of lululemon athletica inc. (NASDAQ:LULU) were down 20% to $263.96 after the company reported first-quarter financial results and issued its second-quarter GAAP EPS results below estimates. Also, the company cut its FY25 GAAP EPS guidance below estimates.
• DocuSign, Inc. (NASDAQ:DOCU) was down, falling 18% to $75.79 following first-quarter results.

Commodities

In commodity news, oil traded up 2% to $64.65 while gold traded down 0.6% at $3,355.20.

Silver traded up 1.2% to $36.22 on Friday, while copper fell 0.9% to $4.8885.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.32%, while Spain's IBEX 35 Index rose 0.31%. London's FTSE 100 rose 0.30%, Germany's DAX 40 fell 0.08% and France's CAC 40 rose 0.19% during the session.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan's Nikkei gaining 0.50%, Hong Kong's Hang Seng Index falling 0.48%, China's Shanghai Composite gaining 0.04% and India's BSE Sensex gaining 0.92%.

Economics

• Nonfarm payrolls rose by 139,000 in May, beating consensus expectations of 130,000, according to data released Friday by the Bureau of Labor Statistics.
• Average hourly earnings rose 0.4% in May, the strongest monthly increase since January and ahead of the expected 0.3%.
• The US unemployment rate came in steady at 4.2% for May.

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