Stock indexes managed to hold onto most of their gains in afternoon trading on Friday, rebounding from a sharp sell-off the previous day. Key earnings reports from companies like Workday and Intuit caused some losses, while Microsoft showed strength by nearing a buy point.
The Dow Jones Industrial Average saw a modest gain of 0.2%, with the S&P 500 rising by 0.7% and the Nasdaq leading the way with a gain of over 1%. Despite some distribution days earlier in the week, most S&P sectors saw gains in a broad rebound.
Advancers outnumbered decliners on both the NYSE and Nasdaq, with volume lower compared to the previous day. The small-cap Russell 2000 also saw a rebound from its 50-day moving average.
In economic news, durable goods orders beat expectations, while consumer sentiment also came in above forecasts. Tech stocks like Salesforce, Intel, and Apple performed well in the Dow, with Microsoft showing potential for a breakout.
Among individual stocks, eBay, Booz Allen Hamilton, Ross Stores, and Deckers Outdoor all saw positive movements based on earnings reports. Shares of Workday and Intuit, however, faced selling pressure after their respective earnings reports.
In the health care sector, Guardant Health stood out with a strong performance after FDA approval for a new blood-based test.
Overall, the stock market showed resilience despite recent volatility. Stay updated with the latest news by following VRamakrishnan on X/Twitter.
