Stock market indexes closed near the highs of the day Friday, led by the Nasdaq amid the excitement of Big Tech earnings. The Dow Jones Industrial Average rallied to a new high. Amazon.com and Meta Platforms gave the Nasdaq a big boost after robust earnings reports.
In the stock market today, the Dow posted a nearly 0.4% gain to reach an all-time high. The S&P 500 gained 1.1% also reaching a record high, while the Nasdaq led the day with a 1.7% increase sparked by tech stocks. And the small-cap Russell 2000 fell 0.6%, although it closed off session lows.
Elsewhere, the Invesco QQQ Trust advanced 1.7%, while the Innovator IBD 50 ETF rallied 2%.
Volume fell on the New York Stock Exchange and the Nasdaq vs. the same time Thursday, in preliminary numbers. But declining stocks topped advancers by nearly 2-1 on the NYSE and by nearly 8-5 on the Nasdaq.
Meanwhile, the 10-year Treasury yield added 17 basis points to 4.03%. It was its largest one-day gain since Sept. 26, 2022 as of 3 p.m. ET readings, according to Dow Jones Market Data.
The Labor Department reported a surprise increase of 353,000 new jobs in January vs. the 170,000 rise expected. The December numbers were revised up to 333,000 from the previously reported 216,000. The unemployment rate came in at 3.7%, below the 3.8% consensus forecast but unchanged from December.
2 Magnificent Sevens Rally; Meta Reaches New High
Magnificent Seven stock and IBD 50 name Meta Platforms gapped up 20.3% in huge volume after the social media giant reported better-than-expected fourth-quarter earnings and sales and announced plans for its first-ever dividend. Meta stock was the biggest gainer on the S&P 500 as it jumped to an all-time high. Meta stock topped its peak market cap of $1.078 trillion set on Sept. 7, 2021, closing with a capitalization of $1.211 trillion, according to Dow Jones Market Data.
Amazon.com gapped up 7.9% in heavy trading, after the e-commerce and cloud-computing giant exceeded fourth-quarter profit and sales estimates. It was Amazon's largest one-day increase since Aug. 4, when it rose 8.3%.
Meanwhile, Apple closed the day with a 0.5% loss, following its higher-than-expected fiscal first-quarter earnings and sales but declining sales in China. The Dow stock sank below its 200-day moving average in morning trade but then reclaimed it. Apple stock is still below its 50-day line.
IBD 50 name Nvidia popped 5% to reach a fresh all-time high. Shares have topped the 25% profit target from a 505.48 flat-base entry.
Futures: 5 Stocks In Buy Areas As Rally Powers Higher
Other Stock Market Action: One Footwear Stock Stumbled, One Raced
Skechers USA plunged 10.3% after the footwear company beat on fourth-quarter earnings estimates but missed on sales. Skechers stock gapped below its 50-day line, flashing a sell signal. The stock gave back about a 15% gain from a 56.53 buy point of a cup base.
IBD 50 footwear stock Deckers Outdoor gapped up 14.1% in heavy action, after it crushed its fiscal third-quarter profit and revenue expectations.
Database software stock MongoDB soared 6.6%. It is forming a cup base with a 442.84 buy point, although an early entry could be seen around 426.50. Using a trend line, an entry around 422 also makes sense. The new formation began after a failed breakout in early December.
Clorox gapped up 5.6% after the household products company reported a huge beat on its fiscal second-quarter earnings estimates and higher sales. Clorox stock forcefully retook its 200-day line. Profit grew 120% over last year's quarter on 16% sales growth.
Interactive Brokers soared 5.8% and broke out of a secondary 92.62 buy point. The 5% buy zone from the new entry goes to 97.25. The online broker reached an all-time high on Friday. The explosive move came after Interactive reported its average daily revenue trades increased 11% in January vs. last year.
Exxon Mobil gave back earlier gains to close down 0.4%, after the oil company reported a beat on fourth-quarter earnings but a miss on sales estimates.
Dow oil stock Chevron popped 2.9% after its mixed fourth-quarter earnings report. Profit beat views while sales fell short of estimates. Investors got rewarded as the oil producer announced it will increase its dividend 8% in the March quarter. Chevron was the biggest gainer on the Dow in Friday's stock market action.
Atlassian gapped down 14.7% even after the collaboration software developer topped fiscal second-quarter profit and revenue projections. The stock gave back gains from a breakout from a 215.77 buy point of a cup base, triggering a sell signal. Shares fell below the 50-day moving average, triggering another sell signal.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
