U.S. stocks experienced a surge midway through trading, with the Nasdaq Composite gaining over 200 points on Friday.
The Dow traded up 0.19% to 38,593.49 while the NASDAQ rose 1.55% to 15,600.39. The S&P 500 also rose, gaining 0.97% to 4,953.70.
Positive Trends and Dips
Communication services shares rose by 4.1% on Friday.
In trading on Friday, real estate shares fell by 2.3%.
Apple’s Triumph
Apple Inc. reported better-than-expected earnings and revenue for its first quarter.
The iPhone maker reported first-quarter earnings per share of $2.18 and revenue of $119.6 billion, boosted by record Services revenue and iPhone revenue. However, the company reported a revenue decline in China.
Market Shifts
Intelligent Bio Solutions Inc. shares soared 80% to $4.34, with expectations of preliminary second-quarter revenue of $0.76 million.
Tyra Biosciences, Inc. stocks surged 23% to $15.99 after announcing a $200 million private placement financing.
Meta Platforms, Inc. shares also rose, gaining 21% to $478.68 as the company reported strong fourth-quarter financial results and initiated a quarterly dividend of 50 cents per share.
Market Downturns
Cingulate Inc. shares dropped 49% to $1.72 after announcing a public offering of 3.750 million shares at $2.00 per share.
Gen Digital Inc. stocks were down 19% to $19.35 following worse-than-expected third-quarter financial results and lower-than-estimated FY24 adjusted EPS and FY24 revenue guidance.
GRI Bio, Inc. was down, falling 25% to $1.4501 after announcing pricing of $5.5 million public offering.
Commodity Fluctuations
In commodity news, oil traded down 1.8% to $72.48 while gold traded down 1% at $2,050.70.
Silver traded down 2.2% to $22.73 on Friday while copper fell 0.5% to $3.8345.
Global Markets
European shares were higher today with the eurozone’s STOXX 600 gaining 0.17%, London’s FTSE 100 rising 0.08%, Spain’s IBEX 35 Index rising 0.57%, and the German DAX rising 0.34%. The French CAC 40 and Italy’s FTSE MIB Index also experienced positive gains.
In Asia, markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.41%, Hong Kong’s Hang Seng Index falling 0.21%, China’s Shanghai Composite Index falling 1.46%, and India’s S&P BSE Sensex rising 0.61%.
Economic Indicators
Non-farm payrolls increased by 353,000 in January, surpassing expectations and indicating positive employment trends. The unemployment rate remained steady at 3.7%, and average hourly earnings showed 0.6% growth for the month. New orders for US manufactured goods rose 0.2% month-over-month in December, and the University of Michigan consumer sentiment also rose to 79 in January.
