Stocks rallied in Friday’s trading session following a hotter-than-expected January jobs report. The positive economic data coupled with strong big tech earnings propelled gains, with the S&P 500 (^GSPC) index outperforming.
Meta Platforms (META) surged over 20% alone after its earnings beat, helping lift tech stocks more broadly. Other tech giants like Nvidia (NVDA) and Amazon (AMZN) also rallied, fueling bullish sentiment in markets.
Yahoo Finance’s Jared Blikre breaks down the details.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor’s note: This article was written by Angel Smith
Video Transcript
JARED BLIKRE: Let’s take a look at a recap of the markets after a jam packed week of earnings and economic data. And let’s look at the indices today. We see the Russell 2000 in negative territory.
But for the week, guess what? It’s still down about 8/10 of a percent. But kind of the flip here for tech as we see the NASDAQ composite up about 1%.
And by the way, you’re going to notice we took some deep dives on Wednesday. That was the FOMC announcement. So that is in the rear view mirror with all those jobs numbers today that beat expectations.
Here’s the S&P 500 up about 1.38%. And the Dow which is a laggard today is actually one of the highest, if not, at 1.43%. And let’s take a look at how this breaks down in sector action.
And this is really impressive the way we see. And this is only today. Communication services up 4%.
For the week, we actually have it in second place up 2.7%. So it had to claw back some losses today. In the pole position as consumer discretionary, that’s an Amazon story. Tesla also in there. But it’s been detracting recently.
Then we have staples in third place health care and industrials. All of those outperforming. Before I move on, I want to take a look at the bond market because it has been a really roller coaster week.
This is a two-month chart. And last week, we closed right here just above 4.0%. We had some deep dives into negative territory.
And then we climbed back above 4% today. All of this is speaking to bond market volatility. And here’s ISP bit of MOVE index. This is like the VIX for bonds.
This is on the rise. And sometimes this spills over into equities as well. So not really affecting things today apparently. But we will be on the move. We’ll be on the lookout for that next week.
Now, let’s take a look at the NASDAQ 100 for the week. And I think this really paints a pretty good picture of the week in earnings. Apple down 3%, Alphabet down 6%. But Meta, this is pretty much all today, Meta up 20%, NVIDIA up 8%, and so is Amazon as well.
And taking a look at our leaders board where we have a bunch of different parts of the market. Guess what? Cannabis took the lead today flying high up 7.8%.
And then we have New York Fang also contributing Bitcoin in there, gambling, homebuilders. So pretty interesting swath here. What took it on the chin, regional banks down 7% in China. China internet stocks down 5.6%.
-Thanks, Jared.
