Crude Oil Moves Higher; Sable Offshore Shares Slide

U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite falling around 0.5% on Friday.

The Dow traded up 0.01% to 42,029.86 while the NASDAQ fell 0.53% to 17,917.95. The S&P 500 also fell, dropping, 0.32% to 5,695.11.

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Leading and Lagging Sectors

Utilities shares jumped by 2.3% on Friday.

In trading on Friday, industrials shares fell by 0.6%.

Top Headline

The total number of active U.S. oil rigs came in unchanged at 488 rigs this week, Baker Hughes Inc reported.

Equities Trading UP
                       

• Banzai International, Inc. BNZI shares shot up 87% to $5.36. Banzai International recently announced a 1-for-50 reverse stock split.
• Shares of Battalion Oil Corporation BATL got a boost, surging 122% to $6.54 after the company announced it has amended its merger agreement with Fury Resources for the acquisition of all outstanding shares of Battalion at $7.00 per share in cash.
• Constellation Energy Corporation CEG shares were also up, gaining 19% to $248.26 after the company announced it signed a 20-year power purchase agreement with Microsoft that will help launch the Crance Clean Energy Center and restart Three Mile Island Unit 1.

Equities Trading DOWN

• Corbus Pharmaceuticals Holdings, Inc. CRBP shares dropped 60% to $20.52. RBC Capital analyst Brian Abrahams reiterated Corbus Pharmaceuticals with an Outperform rating and maintained the price target of $82.
• Shares of Sable Offshore Corp. SOC were down 19% to $23.06 after the company announced a $150 million private placement of 7.50 million shares.
• FedEx Corporation FDX was down, falling 13% to $260.55 as the company reported weaker-than-expected results for the first quarter of fiscal 2025 and lowered its full-year guidance.

Commodities

In commodity news, oil traded up 0.6% to $72.38 while gold traded up 1.4% at $2,650.00.

Silver traded up 0.5% to $31.62 on Friday, while copper fell 0.1% to $4.3425.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 1.42%, Germany's DAX declined 1.49% and France's CAC 40 fell 1.51%. Spain's IBEX 35 Index slipped 0.21%, while London's FTSE 100 fell 1.19%.

Spain’s trade deficit narrowed to EUR 3.2 billion in July from EUR 4.9 billion in the year-ago month. The manufacturing climate indicator in France slipped to 98.6 in September from 98.9 in the prior month.

Retail sales in the UK rose 1% month-over-month in August compared to revised 0.7% gain in July. Producer prices in Germany fell by 0.8% year-over-year in August.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei 225 gaining 1.53%, Hong Kong's Hang Seng Index surging 1.36%, China's Shanghai Composite Index gaining 0.03% and India's BSE Sensex gaining 1.63%.

Foreign exchange reserves held by the Reserve Bank of India climbed to $689.5 billion as of Sept. 13. The annual inflation rate in Hong Kong came in flat at 2.5% in August, while Hong Kong’s current account surplus increased to HKD 101.03 billion in the second quarter from HKD 50.71 billion in the year-ago period. The Bank of Japan kept its key short-term interest rate unchanged at around 0.25% during its recent meeting.

Economics

The total number of active U.S. oil rigs came in unchanged at 488 rigs this week, Baker Hughes Inc reported.

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