The Nasdaq Composite and Nasdaq 100 posted solid gains in the stock market today after the January jobs report came in stronger than expected.
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Both indices were up 1.5% each on Friday afternoon as sentiment in the technology sector was positive. Techs were helped by a 21% gain Meta platforms (Meta) and an increase of 8% Amazon.com (AMZN) however Apple (APL) fell below its 200-day line earlier in the session after the company reported earnings and issued a weak earnings outlook.
Datalog (the dog), MongoDB (MTP), Nvidia (NVDA) and Advanced Micro Devices (AMD) were the top gainers on the Nasdaq 100. MDB is a laggard in the database software group, but it is above a short consolidation with a 443.84 entry.
The stock market's lead was short-lived, as decliners beat advancers on the Nasdaq by about 2-to-1. The ratio was negative 3-to-1 on the New York Stock Exchange.
The economy added 353,000 jobs in January, beating estimates for 170,000, while job growth rose sharply in December. That sparked some serious bond selling, which pushed the 10-year Treasury yield up 17 basis points to under 4.03%.
Earlier in the week, Federal Reserve Chairman Jerome Powell said the first rate cut would not happen at the March meeting. After strong jobs data, traders were less certain that the first rate cut would come at the May meeting.
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MetaPlatforms soared past all-time highs after posting its third quarter of earnings with its first dividend and accelerating revenue growth. One of the shares Investor Business Daily's LeaderboardMeta will pay a dividend of 50 cents per share, payable on March 26 to shareholders of record on February 22. Annualized, this yields less than 1% for Meta stock.
Digital ad sales rose 24% to $38.7 billion, while revenue from the company's metawares-focused Reality Labs topped $1 billion for the first time.
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Amazon rallied strongly in the stock market today after the company reported adjusted earnings of $1 per share, compared with 3 cents in the year-ago quarter. Revenue at Amazon Web Services rose 13% to $24.2 billion, accounting for 14% of total revenue.
The Dow Jones Industrial Average rose 0.2%, although it was earlier in the red due to earnings selling in Apple stock. Healthy iPhone 15 sales and services helped growth, with revenues and earnings exceeding expectations. The latter grew 11% to $23.1 billion in revenue. iPhone revenue increased 6% to $69.7 billion, accounting for 58% of total revenue in the quarter.
Apple briefly fell below its 200-day line, but rallied from the low, 4.3% intraday to less than 1%.
Chevron leads the Dow Jones
Chevron (CVX) was the biggest gainer in the Dow Jones index, rising nearly 3% on a strong fourth-quarter earnings report. On the New York Mercantile Exchange, West Texas Intermediate crude futures were down 1.6% at $72.65 a barrel.
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The S&P 500 added 0.9% Arista Networks (Aneta), which is up about 4%. Meta Platforms is one of ANET's largest clients.
Small caps were the laggards, with the Russell 2000 down 1%.
Growth stocks in motion
Meanwhile, many high-quality growth stocks rose sharply Market Smith Growth 250 Today in the stock market. Shopify (shop), a member Leaderboard The model portfolio rose more than 6% after a volatile session on Thursday. Shop stock is in a reversal buy zone as it bounces off its 10-week line.
The fastest growing footwear giant Deckers Outdoor (site) rose more than 15% after the company reported a 44% increase in quarterly profit. Revenue rose 16% to $1.56 billion. Deckers, known for its Ugg and Hoka shoe brands, also raised its fiscal 2024 revenue and earnings guidance.
But the news is not so good Sketchers (SKX), which fell more than 8%, fell sharply below its 50-day line after the shoemaker showed earnings missed earnings forecasts.
In the enterprise software group, J Frog (the frog) outperformed, up nearly 4%. FROG is on top of a flat platform with 35.35 entrance.
Follow Ken Shreve on X/Twitter @IBD_KShreve For more stock market analysis and insight.
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