Stocks held near the day’s highs on Friday afternoon, with the Nasdaq, Dow Jones Industrial Average and the S&P 500 all posting robust gains. The Nasdaq led as several Big Techs, including Google parent Alphabet (GOOGL) and Microsoft (MSFT), popped following positive earnings reports on the stock market today.
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The Dow Jones index climbed around 0.7% but held below its 21-day exponential moving average.
The S&P 500 gained nearly 1.3%, while the Nasdaq stole the show and rallied 2.3%. Both reclaimed their 21-day lines Friday.
The small-cap Russell 2000 rose 1.2% in the stock market today. Volume rose on the Nasdaq and fell on the New York Stock Exchange vs. the same time in Thursday’s session.
Among exchange traded funds, Invesco QQQ Trust (QQQ) climbed around 1.8%. The Innovator IBD 50 ETF (FFTY) rose 1%.
West Texas intermediate crude oil rose to $83.83 a barrel. The benchmark 10-year Treasury yield inched lower to 4.68%.
Stock Market Today: Google, Microsoft Stocks Rally
IBD 50 stock Alphabet gapped up more than 10% in heavy volume after the internet search leader topped first-quarter profit and revenue expectations. Its cloud computing revenue grew 28% to $9.574 billion, and topped estimates of $9.4 billion. In addition, its YouTube ad revenue rose 21% to $8.1 billion, beating views of $7.7 billion.
Google also announced its first-ever cash dividend and an additional share buyback of up to $70 billion. Shares reached a record high in Friday’s stock market trading. Shares are extended from a 153.78 buy point.
Dow Jones stock Microsoft trimmed gains and jumped 2.6% in afternoon trades, after the company beat its fiscal third-quarter earnings and sales estimates late Thursday. Quarterly earnings grew 20% over the prior year’s quarter on 17% sales growth.
Its Azure cloud infrastructure sales were a highlight, with a 31% increase over last year’s same quarter. Quarterly Productivity and Business Processes revenue rose 12%, while its More Personal Computing sales grew 17% over the prior year’s period. Microsoft stock tested its 50-day moving average.
Amazon.com (AMZN) rebounded more than 3% after Thursday’s drop in sympathy with Meta Platforms (META), after the social media giant reported its first-quarter earnings results.
Meta stock plunged more than 10% on Thursday and dipped 0.2% in the stock market today. Amazon stock reclaimed its 50-day moving average Friday. Amazon was the biggest gainer on the Dow Jones Friday. The company reports its first-quarter earnings on Tuesday after the market close.
Other Big Stock Movers: Dexcom Sinks Despite Beat
Dexcom (DXCM) plummeted more than 7% in heavy trading, after the company late Thursday reported a beat on its first-quarter adjusted earnings and sales estimates but gave full-year revenue guidance that disappointed. The stock — which got booted from Leaderboard — sank below its 50-day line and is back below the 132.03 buy point of a flat base.
Intel (INTC) gapped down more than 9% after the chipmaker beat its first-quarter adjusted earnings estimates but missed on sales projections. Intel stock was the biggest loser on the Dow Jones Friday.
The March Personal Consumption Expenditures (PCE) Price Index rose 0.3% and met the consensus on a month-over-month basis, while the year-over-year reading rose 2.7% vs. the 2.6% forecast.
The core PCE (excluding food and energy) also increased 0.3% as expected and equaled February’s reading. The closely watched annual reading bumped up 2.8% vs. the 2.7% expected.
The March personal income rose 0.5% as expected, which topped February’s 0.3% increase. March PCE increased 0.8% vs. the 0.6% forecast.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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