Market Highlights
U.S. stocks traded higher midway through trading, with the Dow Jones index gaining over 100 points on Friday.
The Dow reached 38,170.95 while the NASDAQ rose to 15,525.24. The S&P 500 also saw gains, reaching 4,903.28.
Sector Movement
Healthcare shares rose by 0.5% while information technology shares fell by 0.8%.
American Express Surges
Shares of American Express Company (NYSE: AXP) gained more than 7% after reporting Q4 results and plans to increase dividend.
American Express’ Q4 revenue saw an 11% growth to $15.8 billion, but missed the consensus. EPS of $2.62 also missed expectations.
AppFolio, Inc. (NASDAQ: APPF) shares surged 28% to $222.67 after reporting strong Q4 results and providing positive guidance.
Equity Moves
Yoshitsu Co., Ltd (NASDAQ: TKLF) shares dropped 60% to $0.3133 after an announcement on pricing of a registered direct offering. Meanwhile, Intel Corporation (NASDAQ: INTC) saw a 10% decline despite upbeat Q4 results due to weak forecast for Q1.
Commodity and International Market Update
Oil traded down 1% to $76.60 while gold traded up 0.1% at $2,018.20. In international markets, European shares were higher. The eurozone’s STOXX 600 climbed 1.08% and Asian markets closed mostly lower with Japan’s Nikkei 225 falling 1.34%, Hong Kong’s Hang Seng Index declining 1.60% and China’s Shanghai Composite Index gaining 0.14%.
U.S. Economic Indicators
The PCE annual inflation rate held at 2.6% in December. U.S. personal spending rose by 0.7% from a month ago in December, while personal income rose by 0.3%. Pending home sales surged 8.3% month-over-month in December.
