U.S. stocks experienced a surge in late Friday trading, with the Nasdaq Composite jumping approximately 1.8%.
The Dow rose by 0.49% to 38,705.29, while the NASDAQ soared by 1.81% to 15,639.81. The S&P 500 also witnessed a significant upward trend, gaining 1.20% to 4,965.03.
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Market Performance
Communication services shares experienced a 4.1% increase on Friday, contributing to the market’s positive movement.
However, real estate shares witnessed a 1.9% decline in trading on the same day.
Major News
Amazon.com, Inc. AMZN exceeded market expectations by reporting robust results for its fourth quarter.
The company projected first-quarter revenue to be in the range of $138 billion to $143.5 billion, compared to the anticipated $142.13 billion. Furthermore, the estimated first-quarter operating income ranges from $8 billion to $12 billion.
Rising Equities
Intelligent Bio Solutions Inc. INBS witnessed an impressive 101% increase, reaching $4.84, buoyed by the announcement of preliminary second-quarter revenue of $0.76 million.
Additionally, Tyra Biosciences, Inc. TYRA surged by 24% to $16.19 after announcing a $200 million private placement financing. Meta Platforms, Inc. META also recorded an upward trajectory, gaining 21% to $476.91 following the release of its optimistic fourth-quarter financial results and the initiation of a quarterly dividend of 50 cents per share.
Declining Equities
Cingulate Inc. CING witnessed a significant decline of 53% to $1.59 due to the announcement of the pricing of a $7.5 million public offering of 3.750 million shares at $2.00 per share. Atlassian Corporation TEAM also saw a decrease of 16% to $215.05 after reporting second-quarter financial results. Furthermore, GRI Bio, Inc. GRI experienced a downward trend, falling 23% to $1.50 after announcing the pricing of a $5.5 million public offering.
Commodities
In the commodity market, the price of oil decreased by 2% to $72.37, while gold witnessed a 0.9% decline, falling to $2,053.40. Additionally, silver fell by 2.1% to $22.75, and copper experienced an 0.8% decrease, reaching $3.8220 on Friday.
European and Asian Markets
European shares concluded the day with mixed results. The eurozone’s STOXX 600 gained 0.01%, while London’s FTSE 100 fell 0.09%, and Spain’s IBEX 35 Index rose 0.48%. The German DAX, French CAC 40, and Italy’s FTSE MIB Index posted gains of 0.35%, 0.05%, and 0.09%, respectively.
In Asia, Japan’s Nikkei 225 reported a 0.41% increase, Hong Kong’s Hang Seng Index witnessed a 0.21% decline, and China’s Shanghai Composite Index fell by 1.46%. Meanwhile, India’s S&P BSE Sensex rose by 0.61%.
Economic Indicators
Non-farm payrolls indicated an increase of 353,000 in January, surpassing the prior month’s upwardly revised figure of 333,000 and exceeding the expected 180,000. The unemployment rate remained steady at 3.7%, below the expected 3.8%. Moreover, average hourly earnings showed a significant 0.6% growth for the month, surpassing the previous 0.4% and the predicted 0.3%. Furthermore, new orders for US manufactured goods demonstrated a 0.2% increase in December, while the University of Michigan consumer sentiment rose to 79 in January, higher than the preliminary level of 78.9.
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