Market Overview
U.S. stocks climbed higher at the close, with the Nasdaq Composite surging approximately 1.8% on Friday. The Dow advanced 0.49% to 38,705.29, and the NASDAQ rose 1.81% to 15,639.81. The S&P 500 also experienced an upswing, gaining 1.20% to 4,965.03.
Sector Performance
Communication services shares saw a remarkable 4.1% surge on Friday.
Conversely, in trading on Friday, real estate shares took a 1.9% dip.
Amazon’s Earnings Beat
Amazon.com, Inc. AMZN posted stronger-than-anticipated results for its fourth quarter. The company anticipates first-quarter revenue to be between $138 billion and $143.5 billion versus estimates of $142.13 billion. Operating income is expected to range between $8 billion and $12 billion in the first quarter.
Market Movers
Intelligent Bio Solutions Inc. INBS witnessed an extraordinary 101% surge to $4.84. The company announced preliminary second-quarter revenue of $0.76 million.
Additionally, Tyra Biosciences, Inc. TYRA experienced a substantial 24% surge to $16.19, unveiling a $200 million private placement financing.
Meta Platforms, Inc. META rallied, achieving a 21% increase to $476.91, as the company reported favorable fourth-quarter financial outcomes and initiated a quarterly dividend of 50 cents per share.
Cingulate Inc. CING‘s shares plunged 53% to $1.59 after the company announced the pricing of a $7.5 million public offering of 3.750 million shares at $2.00 per share. Similarly, shares of Atlassian Corporation TEAM declined 16% to $215.05 following the company’s second-quarter financial results. Moreover, GRI Bio, Inc. GRI tumbled 23% to $1.50 subsequent to the announcement of a $5.5 million public offering.
Commodities Update
In commodity news, oil prices retreated 2% to $72.37, and gold traded down 0.9% at $2,053.40. Silver also experienced a 2.1% decline to $22.75 on Friday, while copper fell 0.8% to $3.8220.
Global Markets
European shares concluded mostly higher. The Eurozone’s STOXX 600 gained 0.01%, London’s FTSE 100 decreased 0.09%, Spain’s IBEX 35 Index ascended 0.48%, the German DAX rose 0.35%, French CAC 40 climbed 0.05%, and Italy’s FTSE MIB Index increased 0.09%. Industrial production in France grew 1.1% month-over-month in December, following a 0.5% increase in the prior period. Furthermore, the number of foreign tourist arrivals in Spain surged by 26.2% year-over-year to 5.2 million in December.
Asian markets closed mixed on Friday, as Japan’s Nikkei 225 advanced 0.41%, Hong Kong’s Hang Seng Index declined 0.21%, and China’s Shanghai Composite Index fell 1.46%. India’s S&P BSE Sensex rose 0.61%. Additionally, Australia’s final demand producer price index rose by 0.9% quarter-over-quarter in the fourth quarter, compared to a 1.8% increase in the third quarter.
Economic Indicators
Non-farm payrolls surged by 353,000 in January, a substantial jump from the upwardly revised figure of 333,000 for December and well above the anticipated 180,000. The unemployment rate remained steady at 3.7%, below the expected 3.8%. Moreover, average hourly earnings showed 0.6% growth for the month, a notable increase from the previous 0.4% and below the predicted 0.3%. New orders for US manufactured goods expanded by 0.2% month-over-month in December, compared to a 2.6% increase in November. The University of Michigan consumer sentiment rose to 79 in January versus a preliminary level of 78.9.
