European markets closed mixed Friday, with investors digesting the European Central Bank's updated inflation forecast and new U.S. jobs data.
European markets
The Stoxx 600 index provisionally closed 0.03% higher, with sectors and major bourses trading in mixed territory. Financial services were up 1% while technology dropped 1.5%.
German industrial output rose 1% in January, more than the 0.5% expected, new data showed Friday. Construction and manufacturing output also rose 2.7% and 1.1%, respectively.
Revised euro zone statistics showed gross domestic product remained steady in the fourth quarter on 2024. Meanwhile, Europai, Cepsa, Royal London Group and Informa all reported earnings.
The pan-European benchmark closed 1.05% higher at 503.45 points Thursday after surpassing the key 500 level for the first time during the session.
Investors were buoyed after the ECB revised its forecast for inflation in 2024 to 2.3% from 2.7%, even as it held interest rates steady. Markets have already been pricing in rate cuts beginning in June, and took the updated macro forecasts as a further support for that timeline.
U.S. stocks saw muted gains following February's jobs report, which presented a mixed picture as more jobs were added than forecast but unemployment unexpectedly rose to 3.9%.
Europe stocks close mixed
Europe's Stoxx 600 index closed flat on Friday, as positive momentum from the prior session faltered.
France's CAC 40 eked out a 0.15% gain while Germany's DAX and the U.K.'s FTSE 100 fell 0.16% and 0.43%, respectively.
Stoxx 600 index.
— Jenni Reid
S&P 500 and Nasdaq open higher
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, July 20, 2023.
Brendan McDermid | Reuters
The and Nasdaq Composite opened Friday's session in the green.
The broad S&P 500 added around 0.1% shortly after 9:30 a.m. ET, while the technology-heavy Nasdaq climbed 0.2%. The Dow, meanwhile, flickered around its flatline.
Following Friday's open, both the S&P 500 and Nasdaq are on track to finish the week with gains of 0.6% and 0.3%, respectively. The Dow has lagged, down around 0.7% on the week.
— Alex Harring
U.S. jobs grow by 275,000 in February, but unemployment rate ticks higher
A cyclist rides by a now hiring sign posted in front of a U-Haul rental center on November 03, 2023 in San Rafael, California.
Justin Sullivan | Getty Images
The U.S. economy added 275,000 jobs last month, easily beating a Dow Jones consensus estimate of 198,000. Such a figure would raise concern over the possibility of a delay in Federal Reserve interest rate cuts.
However, the U.S. unemployment rate ticked higher to 3.9% from 3.7%. On top of that, wages grew at a slower-than-expected pace. Jobs growth for January was also revised sharply lower to 229,000 from 353,00.
— Fred Imbert
Novo Nordisk market cap surpasses Tesla on obesity pill trial data
Jonathan Raa | Nurphoto | Getty Images
Wegovy obesity drug makerNovo NordisksurpassedTeslain market value, after fresh early trial data showed positive results for its new experimental weight loss pill.
Shares of the Danish company hit a record high on Thursday,rallyingby as much as 8%, after telling investors that a Phase I trial of the company's amycretin pill showed 13.1% weight loss in participants after 12 weeks.
Novo Nordisk is now the 12th most valuable company in the world, with a market cap of $604 billion — ahead of Tesla's $569 billion, according to FactSet data.
Shares were trading slightly lower on Friday, down 0.7%, by 11:00 a.m. London time.
— Karen Gilchrist
Stocks on the move: Grifols up 17%, HelloFresh down 44%
Source: HelloFresh
Spanish drugmaker Grifols jumped 17% after it published its 2023 results, which it said were approved with an unqualified opinion from auditor KPMG, according to Reuters.
The beleaguered business has been battling dramatic stock swings following a January report from Gotham City Research questioning its financial accounts. A second report released Thursday by the short-seller, which questioned the company's transparency, saw the stock drop 15%.
On the other end, food delivery company HelloFresh plummeted 44% after forecasting a fall in 2024 earnings in its latest financial report.
— Karen Gilchrist
German industrial output rises in January
German industrial output rose 1% in January, more than the 0.5% expected, new data showed Friday.
Construction and manufacturing output also rose 2.7% and 1.1%, respectively, marking a slight boost for the lackluster German economy.
— Karen Gilchrist
CNBC Pro: These stocks already rallied in 2023 — but Goldman Sachs says they still have over 30% upside
2023 marked a strong run in stocks — and markets are still running hot so far this year.
The spiked around 24% in 2023, recovering from a bear market in 2022. Stocks around the world also made gains, with the the FTSE All World Ex U.S. index jumping 16.2% in 2023.
CNBC Pro trawled through Goldman's analyst research as well as latest global conviction lists, to find stocks that made significant gains in 2023, but still have more than 30% potential upside in 2024, based on the bank's latest price targets.
CNBC Pro subscribers can read more here.
— Weizhen Tan
CNBC Pro: Missed the Nvidia rally? These 10 companies are buying its chips — and their stocks are rallying
Dado Ruvic | Reuters
Shares of Nvidia have risen 280% over the past year thanks to surging sales of its chips that power artificial intelligence applications.
However, the Silicon Valley company isn't alone in the AI-fueled rally. Investors are also ploughing their money into companies buying these chips, amid expectations that AI will help improve productivity and profits.
CNBC Pro subscribers can read about the Nvidia customers whose stock is rallying.
— Ganesh Rao
Here are the opening calls
European markets are poised to open higher Friday.
The U.K.'sFTSE 100index is expected to open 5 points higher at 7,702, Germany'sDAXup 31 points at 17,891, France'sCAC13 points higher at 8,036 and Italy'sFTSE MIBup 62 points at 33,485, according to data from IG.
On the earnings front, Europai, Cepsa, Royal London Group and Informa are set to announce results.
— Karen Gilchrist
