Stock market indexes increased gains Friday afternoon as the Nasdaq still led amid the excitement of Big Tech earnings. The Dow Jones Industrial Average underperformed but picked up afternoon steam. The Nasdaq got a boost from Amazon.com (AMZN) and Meta Platforms (META) after robust earnings reports.
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In the stock market today, the Dow improved to a 1.7% gain after erasing morning losses. The 30-stock blue-chip index was trying to build on an all-time high reached on Thursday.
The S&P 500 gained 1.3%, while the Nasdaq led with a 1.9% increase sparked by tech stocks. And the small-cap Russell 2000 fell 0.4%, falling further below the 2,000 level.
Elsewhere, the Invesco QQQ Trust (QQQ) advanced 1.9%, while the Innovator IBD 50 ETF (FFTY) rallied 2.1%.
Volume fell on the New York Stock Exchange and the Nasdaq vs. the same time Thursday. But declining stocks topped advancers by nearly 2-1 on the NYSE and Nasdaq.
Meanwhile, the 10-year Treasury yield added 17 basis points to 4.03%.
The Labor Department reported a surprise increase of 353,000 new jobs in January vs. the 170,000 rise expected. The December numbers were revised up to 333,000 from the previously reported 216,000. The unemployment rate came in at 3.7%, below the 3.8% consensus forecast but unchanged from December.
2 Magnificent Sevens Rally; Meta Reaches New High
Magnificent Seven stock and IBD 50 name Meta Platforms gapped up more than 20% in huge volume after the social media giant reported better-than-expected fourth-quarter earnings and sales and announced plans for its first-ever dividend. Meta stock was the biggest gainer on the S&P 500 as it jumped to an all-time high. Meta stock is on pace to top its peak market cap of $1.078 trillion set on Sept. 7, 2021, according to Dow Jones Market Data.
Amazon.com gapped up nearly 8% in heavy trading, after the e-commerce and cloud-computing giant exceeded fourth-quarter profit and sales estimates. Amazon stock is on track for its largest one-day increase since Aug. 4, when it rose 8.3%, according to Dow Jones Market Data.
Meanwhile, Apple (AAPL) trimmed losses and was almost flat in late trading, following its higher-than-expected fiscal first-quarter earnings and sales but declining sales in China. The Dow stock sank below its 200-day moving average in morning trade but has since reclaimed it. Apple stock is still below its 50-day line.
IBD 50 name Nvidia (NVDA) popped more than 4% to reach a fresh all-time high. Shares have topped the 25% profit target from a 505.48 flat-base entry.
Other Stock Market Action: Broker Hits New High
Database software stock MongoDB (MDB) soared more than 5% in a consolidation with a 442.84 buy point, although an early entry could be seen around 426.50. Using a trend line, an entry around 422 also makes sense. The new formation began after a failed breakout in early December.
Clorox (CLX) gapped up more than 5% after the household products company reported a huge beat on its fiscal second-quarter earnings estimates and higher sales. Clorox stock forcefully retook its 200-day line. Profit grew 120% over last year’s quarter on 16% sales growth.
Interactive Brokers (IBKR) soared 6% and broke out of a secondary 92.62 buy point. The 5% buy zone from the new entry goes to 97.25. The online broker reached an all-time high on Friday. The explosive move came after Interactive reported its average daily revenue trades increased 11% in January vs. last year.
Exxon Mobil (XOM) bumped up 0.5% after the oil company reported a beat on fourth-quarter earnings but a miss on sales estimates.
Dow oil stock Chevron (CVX) popped more than 3% after its mixed fourth-quarter earnings report. Profit beat views while sales fell short of estimates. Investors got rewarded as the oil producer announced it will increase its dividend 8% in the March quarter. Chevron was the biggest gainer on the Dow on Friday.
Atlassian (TEAM) gapped down 14% even after the collaboration software developer topped fiscal second-quarter profit and revenue projections. The stock gave back gains from a breakout from a 215.77 buy point of a cup base, triggering a sell signal. Shares fell below the 50-day moving average, triggering another sell signal.
IBD 50 footwear stock Deckers Outdoor (DECK) also gapped up more than 14% in heavy action, after it crushed its fiscal third-quarter profit and revenue expectations.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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