Headed into the three-day holiday weekend, stocks posted mild gains on Friday. This continued the choppy trading that dominated the week, as investors worried about monetary policy and the fate of the economy.
Energy stocks helped bolster the overall market, boosted by a rise in oil prices. The sector advance included gains in names like ConocoPhillips (COP), Chevron (CVX), Exxon (XOM), Valero Energy (VLO), Marathon Petroleum (MPC), Phillips 66 (PSX) and Occidental Petroleum (OXY).
Cal-Maine Foods (CALM) was another standout gainer, building on recent gains to reach a new 52-week high.
On the downside, Nutanix (NASDAQ:NTNX) dropped after Hewlett Packard Enterprise (HPE) reportedly lost interest in a potential takeover deal. Meanwhile, Fate Therapeutics (FATE) extended a recent losing streak to set a fresh 52-week low.
Sector In Focus
The energy sector represented one of the most concentrated areas of strength, bolstered by a rise in oil prices. Crude climbed almost 3% to top $79.50 a barrel. This followed a recent upswing, as oil rebounds from levels near $70 reached early this month.
Among big players in the industry, ConocoPhillips (COP) rose almost 4%, while Chevron (CVX) and Exxon (XOM) posted gains of around 3%. Elsewhere in the sector, Valero Energy (VLO), Marathon Petroleum (MPC), Phillips 66 (PSX) and Occidental Petroleum (OXY) all showed advances of more than 3%.
Standout Decliner
Nutanix (NTNX) lost ground amid reports that a potential takeover deal involving Hewlett Packard Enterprise (HPE) has fizzled. As a result, shares of the cloud computing company dropped 8%.
According to Dealreporter, HPE is no longer in talks for a potential acquisition of NTNX. This followed a report last month from Bloomberg that indicated that HPE had expressed interest in pursuing a transaction, with the parties holding talks about a potential deal.
On the news, NTNX finished at $25.69, a decline of $2.23 on the day. This continued a slide that began in the middle of the month, with the stock coming off a 52-week high of $33.73 set a couple of weeks ago.
Notable New High
Ahead of an earnings report due out next week, Cal-Maine Foods (CALM) added to a recent upswing. The stock rose another 2.5% to reach a fresh 52-week high.
Shares of the egg producer climbed $1.55 to close at $64.63. During the session, the stock also reached an intraday 52-week high of $64.78.
Friday’s advance represented the stock’s seventh consecutive day of gains. CALM has climbed about 12% in the past month. For the year, shares have soared more than 70% as CALM has benefited from a sharp rise in egg prices.
Notable New Low
A downgrade from Oppenheimer prompted selling in Fate Therapeutics (FATE), sending the stock to a new 52-week low. Shares fell almost 6%, adding to a long string of declines.
FATE finished Friday’s session at $11.01, a drop of 65 cents. Shares also touched an intraday 52-week low of $10.89.
The stock has now fallen in eight consecutive days and has finished lower in 13 of the last 15 sessions. Overall, FATE has dropped about 82% in 2022.
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