The S&P 500 and the tech-heavy Nasdaq rebounded on Friday as mega-cap growth stocks were recovering after the heavy losses of the previous session, while the Dow Jones adds a streak of ten days of gains.
The Dow Jones Industrial Average rose 0.3% to 35,330.28 units, the S&P 500 rose 0.4% to 4,553.89 units, and the Nasdaq Composite gained 0.4% to 14,113.08 units.
The Dow Jones remained on course to end the week with gains after rallying the previous session, posting its longest rally in almost six years, supported by gains from Johnson & Johnson thanks to good forecasts.
The Nasdaq index lagged its Wall Street counterparts in the previous session as earnings reports from Tesla and Netflix failed to impress.
The NYSE FANG+TM Index, which groups mega-cap growth stocks, was up 0.5% on Friday, after falling 4.6% in the previous session and posting its worst day in 2023.
The focus on growth stocks, as described by Art Hogan, head of market strategy at B Riley Wealth, has fueled a 34.7% rally for the Nasdaq this year, which has also been supported by optimism about intelligence. artificial, a relatively resilient US economy and expectations that the Fed’s aggressive rate hike cycle is nearing the end.
Nine of the top 11 sectors in the S&P 500 advancedwith technology stocks leading the gains, up 0.6%.
American Express sank 5% after the credit card giant missed quarterly revenue expectations and left its full-year earnings forecast unchanged, which unsettled investors.
SLB lost 2.3%as the leading oilfield services company missed quarterly revenue expectations due to subdued drilling activity in North America.
Source: Ambito
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