S&P 500 Gains Over 1%; Amazon Earnings Top Expectations

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 1.8% on Friday.

The Dow traded up 0.49% to 38,705.29 while the NASDAQ rose 1.81% to 15,639.81. The S&P 500 also rose, gaining, 1.20% to 4,965.03.

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Leading and Lagging Sectors

Communication services shares rose by 4.1% on Friday.

In trading on Friday, real estate shares fell by 1.9%.

Top Headline

Amazon.com, Inc. AMZN posted stronger-than-expected results for its fourth quarter.

The company said it sees first-quarter revenue to be between $138 billion and $143.5 billion versus estimates of $142.13 billion. Operating income is expected to be between $8 billion and $12 billion in the first quarter.

Equities Trading UP

Intelligent Bio Solutions Inc. INBS shares shot up 101% to $4.84.
Intelligent Bio Solutions said it sees preliminary second-quarter revenue of $0.76 million.

Shares of Tyra Biosciences, Inc. TYRA got a boost, surging 24% to $16.19. Tyra Biosciences announced a $200 million private placement financing.

Meta Platforms, Inc. META shares were also up, gaining 21% to $476.91 as the company reported upbeat fourth-quarter financial results and initiated a quarterly dividend of 50 cents per share.

Equities Trading DOWN

Cingulate Inc. CING shares dropped 53% to $1.59. Cingulate announced pricing of $7.5 million public offering of 3.750 million shares at $2.00 per share.

Shares of Atlassian Corporation TEAM were down 16% to $215.05 after the company reported second-quarter financial results.

GRI Bio, Inc. GRI was down, falling 23% to $1.50 after the company announced pricing of $5.5 million public offering.

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Commodities

In commodity news, oil traded down 2% to $72.37 while gold traded down 0.9% at $2,053.40.

Silver traded down 2.1% to $22.75 on Friday while copper fell 0.8% to $3.8220.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.01%, London’s FTSE 100 fell 0.09% while Spain’s IBEX 35 Index rose 0.48% The German DAX rose 0.35% French CAC 40 rose 0.05% while Italy’s FTSE MIB Index rose 0.09%.

Industrial production in France rose 1.1% month-over-month in December following a 0.5% increase in the prior period. The number of foreign tourist arrivals in Spain surged by 26.2% year-over-year to 5.2 million in December.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.41%, Hong Kong’s Hang Seng Index falling 0.21% and China’s Shanghai Composite Index falling 1.46%. India’s S&P BSE Sensex, meanwhile, rose 0.61%.

Australian final demand producer price index rose by 0.9% quarter-over-quarter in the fourth quarter, versus a 1.8% rise in the third quarter.

Economics

Non-farm payrolls increased by 353,000 in January, a jump from the upwardly revised figure of 333,000 for December and well above the expected 180,000.

The unemployment rate remained steady at 3.7%, below the expected 3.8%.

Average hourly earnings showed 0.6% growth for the month, a sharp increase from the previous 0.4% and below the predicted 0.3%.

New orders for US manufactured goods rose 0.2% month-over-month in December versus a 2.6% increase in November.

The University of Michigan consumer sentiment rose to 79 in January versus a preliminary level of 78.9.

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