U.S. stocks traded lower midway through trading, with the S&amp;P 500 falling more than 1% on Friday.



The Dow traded down 1.08% to 49,529.29 while the NASDAQ dipped 1.42% to 26,258.29. The S&amp;P 500 also fell, dropping, 1.16% to 7,414.40.



Leading and Lagging Sectors



Energy shares jumped by 1.5% on Friday.



In trading on Friday, materials stocks fell by 2.1%.



Top Headline



RBC Bearings Inc (NYSE:RBC) reported upbeat earnings for the first quarter on Friday.



The company posted quarterly earnings of $3.62 per share which beat the analyst consensus estimate of $3.32 per share. The company reported quarterly sales of $518.000 million which beat the analyst consensus estimate of $506.590 million.



Equities Trading UP            



<ul>
<li>Hcw Biologics Inc (NASDAQ:HCWB) shares shot up 283% to $1.29 after the clinical-stage biopharmaceutical company posted first-quarter results.</li>



<li>Shares of Gemini Space Station Inc (NASDAQ:GEMI) got a boost, surging 12% to $5.89 after the company reported better-than-expected first-quarter financial results. Also, the company announced a $100 million direct investment by Winklevoss Capital Fund.</li>



<li>Globant SA (NYSE:GLOB) shares were also up, gaining 14% to $38.68 following upbeat quarterly sales.</li>
</ul>



Equities Trading DOWN



<ul>
<li>eLong Power Holding Ltd (NASDAQ:ELPW) shares dropped 60% to $0.78 after the company announced pricing of $6.0 million public offering.</li>



<li>Shares of Tango Therapeutics Inc (NASDAQ:TNGX) were down 17% to $20.57. Piper Sandler analyst Kelsey Goodwin downgraded Tango Therapeutics from Overweight to Neutral and raised the price target from $16 to $24.</li>



<li>Gambling.com Group Ltd (NASDAQ:GAMB) was down, falling 40% to $2.48 after the company reported mixed first-quarter financial results and cut its FY26 sales guidance below estimates.</li>
</ul>



Commodities In commodity news, oil traded up 3% to $104.17 while gold traded down 2.7% at $4,559.80.



Silver traded down 9.5% to $77.230 on Friday, while copper fell 4.6% to $6.3050.



Euro zone



European shares were lower today. The eurozone's STOXX 600 dipped 1.4%, while Spain's IBEX 35 Index fell 0.97%. London's FTSE 100 fell 1.7%, Germany's DAX dipped 1.8%, while France's CAC 40 slipped 1.4%.



Asia Pacific Markets



Asian markets closed lower on Friday, with Japan's Nikkei 225 falling 1.99%, Hong Kong's Hang Seng Index dipping 1.62%, China's Shanghai Composite dipping 1.02% and India's BSE Sensex declining 0.21%



Economics



<ul>
<li>The NY Empire State Manufacturing Index rose to 19.6 in May from 11 in the previous month, also topping market estimates of 7.5.</li>



<li>U.S. industrial production rose 0.7% in April, after falling 0.3% in March.</li>
</ul>



Photo via Shutterstock

U.S. stocks fell, with the S&P 500 down 1.16%. Energy shares rose 1.5%, while materials stocks dropped 2.1%. RBC Bearings reported Q1 earnings of $3.62 per share, exceeding estimates. Crude oil prices surged 3% to $104.17. Asian and European markets also closed lower, reflecting a broader market downturn.

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Crude Oil Surges 3%; RBC Bearings Earnings Top Views