Nasdaq Rises Over 200 Points; Apple Posts Upbeat Earnings

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining over 200 points on Friday.

The Dow traded up 0.19% to 38,593.49 while the NASDAQ rose 1.55% to 15,600.39. The S&P 500 also rose, gaining, 0.97% to 4,953.70.

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Leading and Lagging Sectors

Communication services shares rose by 4.1% on Friday.

In trading on Friday, real estate shares fell by 2.3%.

Top Headline

Apple Inc. AAPL reported better-than-expected earnings and revenue for its first quarter.

The iPhone maker reported first-quarter earnings per share of $2.18 and revenue of $119.6 billion, thanks to record Services revenue and iPhone revenue. However, the company reported a revenue decline in China.

Equities Trading UP

Intelligent Bio Solutions Inc. INBS shares shot up 80% to $4.34.
Intelligent Bio Solutions said it sees preliminary second-quarter revenue of $0.76 million.

Shares of Tyra Biosciences, Inc. TYRA got a boost, surging 23% to $15.99. Tyra Biosciences announced a $200 million private placement financing.

Meta Platforms, Inc. META shares were also up, gaining 21% to $478.68 as the company reported upbeat fourth-quarter financial results and initiated a quarterly dividend of 50 cents per share.

Equities Trading DOWN

Cingulate Inc. CING shares dropped 49% to $1.72. Cingulate announced pricing of $7.5 million public offering of 3.750 million shares at $2.00 per share.

Shares of Gen Digital Inc. GEN were down 19% to $19.35 after the company reported worse-than-expected third-quarter financial results and issued FY24 adjusted EPS and FY24 revenue guidance below estimates.

GRI Bio, Inc. GRI was down, falling 25% to $1.4501 after the company announced pricing of $5.5 million public offering.

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Commodities

In commodity news, oil traded down 1.8% to $72.48 while gold traded down 1% at $2,050.70.

Silver traded down 2.2% to $22.73 on Friday while copper fell 0.5% to $3.8345.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.17%, London’s FTSE 100 rose 0.08% while Spain’s IBEX 35 Index rose 0.57% The German DAX rose 0.34% French CAC 40 rose 0.18% while Italy’s FTSE MIB Index rose 0.21%.

Industrial production in France rose 1.1% month-over-month in December following a 0.5% increase in the prior period. The number of foreign tourist arrivals in Spain surged by 26.2% year-over-year to 5.2 million in December.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.41%, Hong Kong’s Hang Seng Index falling 0.21% and China’s Shanghai Composite Index falling 1.46%. India’s S&P BSE Sensex, meanwhile, rose 0.61%.

Australian final demand producer price index rose by 0.9% quarter-over-quarter in the fourth quarter, versus a 1.8% rise in the third quarter.

Economics

Non-farm payrolls increased by 353,000 in January, a jump from the upwardly revised figure of 333,000 for December and well above the expected 180,000.

The unemployment rate remained steady at 3.7%, below the expected 3.8%.

Average hourly earnings showed 0.6% growth for the month, a sharp increase from the previous 0.4% and below the predicted 0.3%.

New orders for US manufactured goods rose 0.2% month-over-month in December versus a 2.6% increase in November.

The University of Michigan consumer sentiment rose to 79 in January versus a preliminary level of 78.9.

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