Stocks opened strong on Friday following a robust performance the day before where the Nasdaq composite managed to recover more than half of its intraday loss. Some of the key movers driving the market included Microsoft (MSFT) and Google-parent Alphabet (GOOGL), with the Dow Jones Industrial Average seeing only a modest gain in midday trading.
Microsoft saw a surge in its stock after reporting strong earnings, particularly with a 23% jump in cloud revenue to $35.1 billion. On the other hand, Alphabet’s impressive earnings report propelled Google stock up by more than 9%.
Amazon.com (AMZN) also experienced a rally of 2.5% ahead of their upcoming earnings report. Nvidia (NVDA) provided a buy signal after moving decisively above its 50-day moving average. Additionally, chipmaking and chip-equipment industry groups performed well, with gains of at least 2%.
Despite the overall positive trend in the market, Intel (INTC) took a hit with a 10% drop after reporting disappointing earnings, dragging down the Dow Jones index. Chevron (CVX) and Exxon Mobil (XOM) also faced challenges following their earnings reports.
The Nasdaq composite and Nasdaq 100 saw a 2% and 1.6% gain respectively, thanks in part to Alphabet’s strong performance. The S&P 500 climbed 1.1%, with ResMed (RMD) standing out with a more than 15% surge after reporting strong earnings.
While the market showed signs of strength overall, some stocks, such as Dexcom (DXCM), faced challenges despite strong financial results. Looking ahead, several companies are gearing up for their earnings reports next week, including Quanta Services (PWR), Ingersoll Rand (IR), Blue Owl Capital (OWL), and Martin Marietta (MLM).
In the midst of this market activity, it’s essential for investors to stay informed and seek opportunities that align with their investment goals.