NEW YORK – The Dow Jones Industrial Average experienced a significant drop of 175 points following the release of the Labor Department’s strong January jobs report. Meanwhile, some major stocks like Amazon, Apple, and Meta Platforms made significant moves as well on Friday.
The Nasdaq composite, dominated by tech companies, saw a 0.7% increase in morning trading after the opening bell. However, the Dow Jones Industrial Average dropped 0.4%, while the S&P 500 rose 0.2%. The Nasdaq 100 tracker Invesco QQQ Trust and the SPDR S&P 500 ETF also showed some positive movement during early trading.
The Labor Department revealed that the U.S. economy added 353,000 jobs in January, surpassing the expected 170,000 jobs. Additionally, the unemployment rate remained steady at 3.7%, contrary to expectations of a slight increase.
Earnings reports from some major companies, including Amazon, Apple, and Meta, also made waves in the market. Amazon exceeded expectations for both earnings and revenue, causing its stock to jump 7.3% in early trading. Apple also outperformed Wall Street’s targets for its fiscal first quarter, while Meta reported better-than-expected fourth-quarter earnings and announced plans for its first-ever dividend, causing its stock to soar 19%.
Other companies like Atlassian, Deckers Outdoor, Skechers, Chevron, and Exxon Mobil also experienced notable movements in response to their earnings reports.
On a different note, drugmaker Merck and discount retailer Walmart emerged as some of the best stocks to buy and watch in the current market rally. Their performance and stock positions were closely analyzed to provide insights for potential investors.
Amidst all of these highlights, it’s essential for investors to be mindful of market conditions and be aware of how to navigate the ongoing stock market rally. This involves paying close attention to exposure levels and making informed decisions based on changing market conditions.
In summary, the market saw various fluctuations on Friday due to strong economic indicators, significant earnings reports, and specific stock movements that caught the attention of investors and stock market enthusiasts.