Crude Oil Surges 3%; Delta Air Lines Posts Better-Than-Expected Earnings

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling over 400 points on Friday.

The Dow traded down 1.19% to 42,129.32 while the NASDAQ dipped 1.16% to 19,252.53. The S&P 500 also fell, dropping, 1.10% to 5,853.26.

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Leading and Lagging Sectors

Energy shares rose by 0.6% on Friday.

In trading on Friday, information technology shares tumbled by 2.1%.

Top Headline

Delta Air Lines, Inc. DAL reported better-than-expected fourth-quarter results and issued 2025 guidance.

Delta reported fourth-quarter adj. operating revenue growth of 5.7% year-over-year to $14.437 billion. GAAP operating revenue was $15.56 billion (+9.4% YoY), beating the consensus of $14.212 billion.

Adjusted average fuel price was $2.34 per gallon, down from $3.00 from last year’s quarter. Adjusted EPS was $1.85 (+44.5% YoY), beating the consensus of $1.76.

Equities Trading UP
                       

• Walgreens Boots Alliance, Inc. WBA shares shot up 28% to $11.82 after the company reported better-than-expected first-quarter financial results.
• Shares of Vision Marine Technologies Inc VMARgot a boost, surging 53% to $2.33 as it regained compliance with Nasdaq’s minimum stockholders’ equity requirement, which it previously failed to meet. Vision Marine partnered with Calip Group to produce advanced cooling plates for electric boat batteries.
• Savers Value Village, Inc. SVV shares were also up, gaining 12% to $10.50 after the company reported preliminary fourth quarter and full year net sales.

Equities Trading DOWN

• IGM Biosciences Inc IGMS shares dropped 66% to $2.1250 after the company announced it is halting further development of Imvotamab and IGM-2644.
• Shares of Maravai LifeSciences Holdings, Inc. MRVI were down 22% to $4.81 after announcing preliminary unaudited 2024 revenue.
• Mercury General Corporation MCY was down, falling 21% to $48.05 after the company announced it anticipates wildfire losses in Southern California to surpass $150 million in reinsurance retention levels.

Commodities

In commodity news, oil traded up 3.1% to $76.21 while gold traded up 0.9% at $2,715.20.

Silver traded up 0.9% to $31.290 on Friday, while copper fell 0.2% to $4.3025.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.84%, Germany’s DAX 40 fell 0.50% and France’s CAC 40 dipped 0.79%. Spain’s IBEX 35 Index fell 1.5%, while London’s FTSE 100 slipped 0.86%.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan’s Nikkei 225 falling 1.05%, China’s Shanghai Composite Index dipping 1.33%, Hong Kong’s Hang Seng Index declining 0.92% and India’s BSE Sensex falling 0.31%.

Economics

• Nonfarm payrolls rose by 256,000 last month, up from the downwardly revised 212,000 in November and sharply surpassing economist expectations of 160,000 payrolls as tracked by TradingEconomics.
• The unemployment rate fell from 4.2% to 4.1%, beating forecasts of an unchanged reading.
• Average hourly earnings rose 0.3% month-over-month in December, matching expectations but slowing from November’s 0.4%. On a year-over-year basis, wages increased 3.9%, slightly below of the 4% forecast.
• The University of Michigan consumer sentiment declined to 73.2 in January versus 74 in the previous month.

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