The major indexes showed strength on Friday, with the Nasdaq, Dow Jones Industrial Average and S&P 500 rebounding from Thursday's sell-off. The Nasdaq outperformed Friday, with Amazon.com, Google parent Alphabet and Microsoft lifting the tech-heavy index in the stock market today.
The Dow Jones index climbed 0.4% but remained below its 21-day exponential moving average.
The S&P 500 gained 1%, while the Nasdaq was the clear winner and rallied just over 2%. Both reclaimed their 21-day lines Friday.
Friday's action helped ensure the major indexes closed with gains for the week. The Nasdaq's weekly 4.2% increase far outpaced the Dow's nearly 0.7% rise and the S&P 500's nearly 2.7% pop.
The small-cap Russell 2000 rose nearly 1.1%. Volume rose on the Nasdaq and fell on the New York Stock Exchange vs. the same time in Thursday's session, according to preliminary numbers.
Among exchange traded funds, Invesco QQQ Trust climbed 1.5%. The Innovator IBD 50 ETF rose 0.8%.
West Texas intermediate crude oil rose to $83.66 a barrel. The benchmark 10-year Treasury yield inched lower to 4.67%.
Stock Market Today: Amazon Rebounds, Big Techs Pop
IBD 50 stock Alphabet gapped up 10.2% in heavy volume after the internet search leader topped first-quarter profit and revenue expectations. Its cloud computing revenue grew 28% to $9.574 billion, topping estimates of $9.4 billion. In addition, its YouTube ad revenue rose 21% to $8.1 billion, beating views of $7.7 billion.
Google also announced its first-ever cash dividend and an additional share buyback of up to $70 billion. Shares reached a record high in Friday's stock market trading. The stock is extended from a 153.78 buy point.
Dow Jones stock Microsoft trimmed gains to close 1.8% higher, after the company beat its fiscal third-quarter earnings and sales estimates late Thursday. Quarterly earnings grew 20% over the prior year's quarter on 17% sales growth.
Its Azure cloud infrastructure sales were a highlight, with a 31% increase over the year-ago quarter. Quarterly Productivity and Business Processes revenue rose 12%, while its More Personal Computing sales grew 17% over the prior year's period. Microsoft stock tested its 50-day moving average.
Amazon.com rebounded 3.4% after Thursday's drop in sympathy with Meta Platforms. Meta stock plunged more than 10% on Thursday on first-quarter earnings and reversed higher to close up 0.4% in the stock market today. Amazon stock reclaimed its 50-day moving average Friday. Amazon was the biggest gainer on the Dow Jones Friday. The company reports its first-quarter earnings on Tuesday after the market close.
Stocks Making Moves: Snap, Skechers Rocket Higher
Snap gapped up 26% in huge volume following the Snapchat parent company's first-quarter surprise profit and sales beat. Snap earned 3 cents per share while analysts were expecting an adjusted loss of around 5 cents per share. Revenue increased 21%, which topped growth from the previous seven quarters.
Skechers gapped up 11.2% in heavy trading after the company topped its first-quarter profit and revenue estimates and raised its full-year 2024 earnings guidance.
The footwear stock broke out of a flat base and topped the 65.17 buy point. The stock and its relative strength line reached 52-week highs, but shares trimmed gains.
Big Stock Losers: Intel Worst Stock On The Dow
Dexcom plummeted 9.9% in heavy trading, after the company late Thursday reported a beat on its first-quarter adjusted earnings and sales but gave full-year revenue guidance that disappointed. The stock — which got booted from Leaderboard — sank below its 50-day line and is back below the 132.03 buy point of a flat base.
Intel gapped down 9.2% after the chipmaker beat its first-quarter adjusted earnings estimates but missed on sales projections. Intel stock was the biggest loser on the Dow Jones industrials Friday.
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