The Dow Jones Industrial Average reversed higher Friday while the Nasdaq traded sharply higher and led the market. Investors digested a strong January jobs report and positive earnings from Amazon.com (AMZN), which jumped over 15% in afternoon trading.
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Stock Market Today
At around 1:30 p.m. ET, the Dow Jones industrials were up 0.1% while the Nasdaq composite gained 1.8% to lead the upside. The S&P 500 advanced 0.8%.
The consumer discretionary sector led the upside on Friday, up around 3%. Financial and energy sectors also outperformed, with gains of nearly 2% each. Materials and consumer staples were among the sectors leading the downside.
The Russell 2000 rose 0.4% as small caps fared decently well on Friday after underperforming the market recently. Volume was running lower on the Nasdaq and higher on the NYSE vs. the same time Thursday. The Innovator IBD 50 ETF (FFTY) traded down 0.1% as growth stocks struggled.
After pausing on Thursday, the indexes appear to be continuing their move to the upside. IBD’s market outlook earlier this week moved up to “confirmed uptrend,” and so far the uptrend remains intact.
U.S. Stock Market Today Overview | ||||
---|---|---|---|---|
Index | Symbol | Price | Gain/Loss | % Change |
Dow Jones | (0DJIA) | 35156.23 | +45.07 | +0.13 |
S&P 500 | (0S&P5) | 4513.59 | +36.15 | +0.81 |
Nasdaq | (0NDQC ) | 14128.63 | +249.81 | +1.80 |
Russell 2000 | (IWM) | 198.34 | +0.81 | +0.41 |
IBD 50 | (FFTY) | 37.87 | -0.04 | -0.11 |
Last Update: 1:50 PM ET 2/4/2022 |
In economic news, the Labor Department reported that U.S. employers added 467,000 jobs in January. Job gains were far above the 150,000 economists had expected. Additionally, December job gains were revised sharply higher, from 199,000 in the initial report to 510,000. This indicates the economy is managing labor shortages and the effects of the omicron variant.
The January unemployment rate moved up to 4%, vs. estimates of 3.9%. Average hourly wage growth of 0.7% in January topped expectations for a 0.5% increase.
Amazon, Snap Stock Pop On Earnings
Amazon.com jumped over 15% after announcing mixed fourth-quarter results. The company’s bottom line beat expectations but top line missed estimates. Adjusted earnings of $27.75 a share increased 97% from a year ago, as revenue of $137.4 billion marked a 9% increase. The stock saw heavy volume, a bullish sign.
Elsewhere, Snap (SNAP), parent company of Snapchat, rocketed 48% after beating fourth-quarter expectations and forecasts for guidance. The company recorded its first-ever profitable quarter with EPS of 22 cents a share. Revenue jumped 42% to $1.3 billion.
The stock fell over 4% on Thursday after a disappointing earnings report from Facebook parent Meta Platforms (FB) hindered social media stocks. However, Snap easily recovered its prior day losses and reclaimed its 21-day line as well. The stock climbed to the highest since Jan. 14.
Ford Motor (F) traded sharply…
Read More: Dow Jones Reverses Higher As Nasdaq Leads Upside; Amazon, Snap Stock Soar