Wall Street Soars as S&P 500 Climbs Over 1% Post Amazon Earnings Beat

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By Ronald Tech

U.S. stocks ticked higher towards the end of trading, showcasing a bullish sentiment with the Nasdaq Composite bagging a solid 1.8% surge on Friday.

The Dow traded up 0.49% to 38,705.29 while the NASDAQ soared 1.81% to 15,639.81. The benchmark S&P 500 also posted significant gains, climbing 1.20% to 4,965.03.

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Winners and Losers in Sectors

Communication services shares surged by 4.1% on Friday, underlining the sector’s strong performance for the day.

Meanwhile, real estate shares experienced a dip, falling by 1.9% in Friday’s trading.

Amazon’s Earnings Surprise

The e-commerce giant, Amazon.com, Inc. (NASDAQ:AMZN) astonished market expectations by delivering robust results for its fourth quarter.

The company’s forecast for first-quarter revenue, ranging between $138 billion and $143.5 billion, surpassed estimates of $142.13 billion. It also projected an operating income of $8 billion to $12 billion for the same period.

Stocks on the Rise

Shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) experienced a meteoric rise, shooting up by an impressive 101% to $4.84. The company reported preliminary second-quarter revenue of $0.76 million.

Additionally, Tyra Biosciences, Inc. (NASDAQ:TYRA) saw a surge of 24%, with its shares climbing to $16.19 after announcing a $200 million private placement financing.

Meta Platforms, Inc. (NASDAQ:META) wasn’t far behind, registering a gain of 21% as its shares reached $476.91. The company’s fourth-quarter financial results were upbeat, and it announced the initiation of a quarterly dividend of 50 cents per share.

Stocks on the Decline

On the flip side, Cingulate Inc. (NASDAQ:CING) experienced a sharp drop of 53% to $1.59. The company revealed a pricing of $7.5 million for a public offering of 3.750 million shares at $2.00 per share.

Another notable decline was seen in the shares of Atlassian Corporation (NASDAQ:TEAM), which fell 16% to $215.05 following the company’s second-quarter financial results.

GRI Bio, Inc. (NASDAQ:GRI) also faced a decline, with its shares falling 23% to $1.50 after the announcement of a pricing of $5.5 million public offering.

Commodities Market

Oil witnessed a downturn, declining by 2% to $72.37. Meanwhile, gold also experienced a dip, falling 0.9% to $2,053.40.

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The downward trend extended to silver, which traded down 2.1% to $22.75, and copper, which fell 0.8% to $3.8220 on Friday.

Euro Zone Update

European shares capped off the day with a mixed performance. The eurozone’s STOXX 600 eked out a gain of 0.01%, while London’s FTSE 100 fell 0.09%. Spain’s IBEX 35 Index, on the other hand, rose by 0.48%. The German DAX and French CAC 40 also charted positive growth, rising by 0.35% and 0.05% respectively, while Italy’s FTSE MIB Index saw a modest gain of 0.09%.

France reported a 1.1% rise in industrial production month-over-month in December, following a 0.5% increase in the prior period. Spain saw a notable surge in foreign tourist arrivals, which shot up by 26.2% year-over-year to 5.2 million in December.

Asia Pacific Markets Wrap-Up

Across the Asia Pacific region, markets exhibited a mixed performance on Friday. Japan’s Nikkei 225 gained 0.41%, while Hong Kong’s Hang Seng Index dipped by 0.21% and China’s Shanghai Composite Index recorded a decline of 1.46%. India’s S&P BSE Sensex, on the other hand, closed with a gain of 0.61%.

Australian final demand producer price index recorded a 0.9% rise quarter-over-quarter in the fourth quarter, compared to a 1.8% rise in the third quarter.

Latest Economic Indicators

The latest economic indicators showed a 353,000 increase in non-farm payrolls for January, a notable jump from the upwardly revised figure of 333,000 for December and well above the expected 180,000.

The unemployment rate held steady at 3.7%, lower than the anticipated 3.8%.

Average hourly earnings recorded a 0.6% growth for the month, a robust surge from the previous 0.4% and below the predicted 0.3%.

New orders for US manufactured goods rose by 0.2% month-over-month in December, in contrast to a 2.6% increase in November. Additionally, the University of Michigan consumer sentiment rose to 79 in January from a preliminary level of 78.9.

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