Nasdaq Down Over 1%; Alibaba Shares Jump Following Q1 Results

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 100 points on Friday.

The Dow traded down 0.32% to 45,491.07 while the NASDAQ fell 1.34% to 21,415.35. The S&P 500 also fell, dropping, 0.77% to 6,451.74.

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Leading and Lagging Sectors

Energy shares jumped by 0.7% on Friday.

In trading on Friday, information technology stocks fell by 1.5%.

Top Headline

Alibaba Group Holding (NYSE:BABA) shares jumped around 10% on Friday following the release of its fiscal first-quarter results, as the e-commerce giant co-founded by Jack Ma reported revenue that exceeded analyst expectations.

The company posted quarterly revenue of $34.57 billion, up 2% year-over-year, surpassing the consensus estimate of $34.26 billion. On a like-for-like basis, excluding revenue from the divested Sun Art and Intime businesses, Alibaba's revenue would have grown 10% year-over-year.

Despite the top-line beat, adjusted earnings per American Depositary Share (ADS) came in at $2.06, falling short of the analyst consensus of $2.13.

Equities Trading UP
           

• Movano Inc. (NASDAQ:MOVE) shares shot up 81% to $1.12 after the company was granted a Nasdaq extension to regain compliance with filing by September 30 and $1 bid price rules by October 30, 2025.
• Shares of Professional Diversity Network, Inc. (NASDAQ:IPDN) got a boost, surging 92% to $3.71 after the company announced it signed a non-binding Memorandum of Understanding with OOKC Group to develop a Web3.0 digital investment banking platform.
• Ambarella, Inc. (NASDAQ:AMBA) shares were also up, gaining 19% to $84.38 after the company reported better-than-expected second-quarter results and guided third-quarter sales above estimates.

Equities Trading DOWN

• Marvell Technology Inc (NASDAQ:MRVL) shares dropped 16% to $64.88 after the company issued third-quarter sales guidance with a midpoint below estimates.
• Shares of Connexa Sports Technologies Inc. (NASDAQ:YYAI) were down 57% to $1.63 after the company announced an agreement to establish the aiRWA digital asset platform.
• Mesoblast Ltd (NASDAQ:MESO) was down, falling 13% to $13.85 after the company reported worse-than-expected FY EPS results.

Commodities

In commodity news, oil traded down 0.5% to $64.31 while gold traded up 0.3% at $3,485.30.

Silver traded down 0.1% to $39.66 on Friday, while copper rose 0.7% to $4.5710.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.22%, while Spain's IBEX 35 Index fell 0.78%. London's FTSE 100 rose 0.03%, Germany's DAX 40 declined 0.07% and France's CAC 40 fell 0.24% during the session.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan's Nikkei 225 falling 0.26%, Hong Kong's Hang Seng gaining 0.32%, China's Shanghai Composite gaining 0.37% and India's BSE Sensex falling 0.34%.

Economics

• In July, the Personal Consumption Expenditures price index—the Fed’s broad measure of inflation—increased 2.6% from a year earlier, right in line with Wall Street expectations.
• The U.S. trade deficit in goods increased by $18.7 billion from the previous month to $103.6 billion in July compared to market estimates of $89.5 billion.
• U.S. wholesale inventories increased by 0.2% month-over-month to $908.4 billion in July compared to a 0.1% gain in June.
• U.S. personal income increased by 0.4% month-over-month to $25.905 trillion in July, while personal spending rose by 0.5% to $20.802 trillion.

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