2/2/2024

Wall Street closed higher before nonfarm

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ХОЧЕШЬ УЗНАТЬ КАК ЗАРАБАТЫВАТЬ НА НОВОСТЯХ?

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Key points:

  • All three major US indices rose: the S&P 500 by 1.25%, the Nasdaq by 1.30%, the Dow Jones by 0.97%.
  • The market growth is driven by anticipation of Friday’s US employment report.
  • 208 companies from the S&P 500 index have already reported for the last quarter of 2023.

US stocks staged a comeback on Thursday, erasing earlier losses and surging ahead as investors eagerly await Friday’s crucial jobs report. This upbeat mood effectively drowned out Wednesday’s news of the Federal Reserve dashing hopes of potential interest rate cuts starting as soon as March.

The rally painted the market green, with all three major indices enjoying solid gains. The tech-focused Nasdaq led the charge, reflecting its typical sensitivity to interest rate expectations.

We remind you that on Wednesday the Federal Open Market Committee (FOMC), as expected, left the rate unchanged. At the subsequent press conference, Fed Chair Jerome Powell further tempered market enthusiasm by labeling a March rate cut “improbable.”

Facebook parent company receives dividends

Meta Platforms experienced a surge in its shares during after-hours trading due to its earnings surpassing expectations and the announcement of its inaugural dividend. Amazon.com also saw an increase in post-market trading following a positive earnings report. Apple Inc witnessed a rise in after-hours trading as its earnings exceeded analysts’ predictions, but sales in China fell short of expectations.

Merck witnessed a 4.6% opening surge in its shares after the drugmaker reported optimistic fourth-quarter results.

Honeywell observed a 2.4% decline in its shares after the diversified industrial conglomerate provided a less-than-encouraging first-quarter guidance.

The final quarter of the 2023 earnings season is currently in progress, with 208 S&P 500 companies disclosing their results. Remarkably, 80% of these companies reported earnings that surpassed consensus expectations, as per information from LSEG.

Trading results

The S&P 500 concluded the session with a 1.25% increase, reaching 4,906.19 points. The Nasdaq registered a gain of 1.30%, closing at 15,361.64, while the Dow Jones Industrial Average saw a rise of 0.97% to settle at 38,519.84 points. Among the 11 S&P 500 industry indices, 10 exhibited positive movements.

Trading activity on US exchanges displayed relative strength, with a total of 12.0 billion shares traded. This surpassed the 20-session average of 11.6 billion shares.

ХОЧЕШЬ УЗНАТЬ КАК ЗАРАБАТЫВАТЬ НА НОВОСТЯХ?

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