Gold Falls Over 2%; Elastic Beats Estimates, Shares Surge

U.S. stocks were mixed in midday trading Friday, with the Dow Jones Industrial Average up about 100 points.

The Dow rose 0.19% to 53,671.64, while the Nasdaq fell 0.25% to 26,474.56. The S&P 500 also slipped, down 0.06% to 7,726.07.

Leading and Lagging Sectors

Consumer discretionary shares rose 1.6% on Friday.

Industrials sector fell 1% on Friday.

Headlines

The University of Michigan's consumer sentiment index for August rose to 51.7, up from a preliminary reading of 51.0.

Stocks on the Move

Elastic NV shares surged 17% to $98.31 after the company reported better-than-expected first-quarter financial results and raised its fiscal 2027 guidance.

Solstice Advanced Materials Inc shares rose 16% to $65.57 after the company announced the termination of its merger agreement with Element, and also approved a $500 million share repurchase program.

Gap Inc shares also gained 15% to $23.95 after the company reported better-than-expected second-quarter earnings and raised its fiscal 2026 EPS guidance above market expectations.

Stocks Falling

FinVolution Group shares fell 15% to $3.44 after the company reported second-quarter results.

PayPal Holdings Inc shares dropped 12% to $54.33 following reports that a consortium led by Advent and Stripe abandoned its acquisition bid for PayPal.

Rubrik Inc shares declined 11% to $95.64 after the company reported second-quarter results.

Commodities

In commodities, crude oil fell 0.5% to $83.14 per barrel, while gold dropped 2.2% to $4,561.40 per ounce.

Silver fell 2.1% to $68.00 per ounce on Friday, and copper declined 0.8% to $6.5653 per pound.

Eurozone

European stocks traded higher today. The Eurozone STOXX 600 rose 0.4%, Spain's IBEX 35 gained 0.7%, London's FTSE 100 rose 0.2%, Germany's DAX added 0.5%, and France's CAC 40 climbed 1%.

Asia-Pacific

Asia-Pacific markets closed mostly higher on Friday, with Japan's Nikkei 225 up 0.41%, Hong Kong's Hang Seng Index gaining 0.08%, China's Shanghai Composite down 0.11%, and India's BSE Sensex rising 0.43%.

Economic Data

The Chicago Business Barometer fell to 47.1 in August, down from 57.6 previously and below the expected 58.3.

The University of Michigan's consumer sentiment index for August rose to 51.7, up from a preliminary reading of 51.0.