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Stocks rose in Friday trading after a better-than-expected January jobs report. The S&P 500 (^GSPC) index outperformed, with strong economic data and solid earnings from big tech companies driving gains.
Meta Platforms (META) alone soared more than 20% after the earnings beat, lifting tech stocks more broadly. Other tech giants such as Nvidia (NVDA) and Amazon (AMZN) also rallied, fueling the market’s bullish mood.
Yahoo Finance’s Jared Blikre explains the details.
For more expert insights and the latest market trends, click here to watch the full episode of Yahoo Finance Live.
Editor’s note: This article was written by angel smith
video transcript
Jared Breichle: After a week filled with financial results and economic indicators, let’s take a look at the market summary. And today let’s take a look at the index. The Russell 2000 is considered to be in negative territory.
But what about the week? Still down about 8/10%. But we’re seeing a reversal of sorts in the tech industry, as the Nasdaq Composite Index is up about 1%.
By the way, you’ll notice that I looked into some details on Wednesday. That was the FOMC announcement. It’s now in the rearview mirror that all employment numbers today are beating expectations.
The S&P 500 rose about 1.38%. And the Dow, which is lagging today, is actually one of the highest, if not 1.43%. And let’s see how this breaks down into sector behavior.
And this is really impressive when we see it. And this is just for today. Communication services rose 4%.
This week, it’s actually up 2.7% to take second place. Therefore, we had to recoup our losses today. Amazon is in pole position when it comes to consumer discretion. Tesla is also included. But recently, that has become a problem.
Next, we have healthcare and industrial staples at number three. They are all better. This week has been a real roller coaster, so before we move on, I’d like to take a look at the bond market.
This is a 2 month chart. And last week it closed just above 4.0%. I have gone deep into negative territory.
And today it exceeded 4% again. All of this speaks to the volatility of the bond market. And this is the ISP bit of the MOVE index. This is like his VIX in bonds.
This is a growing trend. And this can also affect stocks. So it doesn’t seem to have much of an impact on the situation today. But we keep moving. I would like to keep an eye on it next week.
Now, let’s take a look at this week’s NASDAQ 100. I think this is a pretty good representation of this week’s earnings. Apple fell 3% and Alphabet fell 6%. But meta, that’s pretty much all there is to it today. Meta is up 20%, NVIDIA is up 8%, and so is Amazon.
Then take a look at the leaderboard where different sectors of the market come together. guess what? Marijuana topped the list today with a 7.8% rise.
And the New York Fang is also donating Bitcoin, as well as gambling and home builders. There’s a very interesting band here. What went wrong was that in China, local banks fell by 7%. Chinese internet stocks fell 5.6%.
-Thank you, Jared.
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