Free Trial

Equities Roundup: Meta, Amazon Buoy Wider Market

US STOCKS
  • Stocks are trading mostly firmer again after losing support following this morning's higher than expected job gains in January (+353k vs 185k est, prior up-revised to 333k from 216k).
  • While higher than expected employment figures is positive for the economy, stocks (as well as Tsys) reacted negatively as projected rate cut chances by midyear declined (May 2024 at -74.9% vs. -90.8% pre-data). Currently, the DJIA is down 31.56 points (-0.08%) at 38484.88, S&P E-Minis up 32 points (0.65%) at 4960.75, Nasdaq up 185.3 points (1.2%) at 15546.29.
  • Communication Services sector lead gainers Friday - but it was primarily due to one stock: Meta +21% after announcing positive earnings, forward guidance and a $50B share buyback late Thursday. Others in the sector not so lucky: Charter Communications -12.38% after missing earning ests, Alphabet, formerly Google declined 1.42%, Warner Brothers -2.01%.
  • Similarly, on broadline retailer supported the Consumer Discretionary sector, Amazon +6.72% after beating earnings late Thursday.
  • Laggers: Real Estate and Utility sector shares underperformed in the first half, office and health care investment trusts weighing on the former: Boston Properties -3.89%, Alexandria Real Estate -3.14%, Healthpeak Properties -3.88%. Independent power and multi-utility shares weighed on the later sector: NiSource -3.38%, AES -3.15%, WEC Energy -2.43%.
  • Looking ahead: corporate earnings expected next Monday: Estee Lauder, McDonalds, Tyso Foods, ON Semiconductor, Caterpillar, Rambus and Vertex Pharmaceuticals.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.