Stocks showed strength on Friday afternoon, with the Nasdaq, Dow Jones Industrial Average, and the S&P 500 all making considerable gains. Companies like Google parent Alphabet (GOOGL) and Microsoft (MSFT) contributed to the market’s positive performance following strong earnings reports.
The Dow Jones index managed to climb 0.6%, although it stayed below its 21-day exponential moving average. The S&P 500 saw a gain of 1.2%, while the Nasdaq performed the best with a gain of 2.1%, both of which surpassed their 21-day lines on Friday. The small-cap Russell 2000 also rose by 1.1%. In terms of ETFs, the Invesco QQQ Trust (QQQ) rose by 1.6% and the Innovator ETF (FFTY) rose by 0.7%.
Snap (SNAP) soared by 26% on high volume after reporting a surprise profit and revenue increase in the first quarter. Similarly, Skechers (SKX) saw a jump of nearly 12% after surpassing first-quarter profit and revenue expectations.
Alphabet surged by nearly 10% on strong earnings, with positive cloud computing and ad revenue results. While Microsoft experienced a gain of 2.3% after exceeding its fiscal third-quarter earnings and sales estimates. Amazon (AMZN) also rebounded after a drop the previous day in tandem with Meta Platforms (META).
On the flip side, Intel (INTC) dropped nearly 10% after failing to meet sales projections despite beating its first-quarter adjusted earnings estimates. Dexcom (DXCM) also plummeted more than 8% due to disappointing full-year revenue guidance.
Overall, the market showed signs of strength and resilience in the face of various earnings reports and economic indicators. It will be interesting to see how these factors continue to impact the market and individual stocks moving forward.
