US open: Stocks mixed as Nasdaq extends record gains
US stocks fluctuated on Friday, on the back of mixed corporate earnings from the previous session, while the Nasdaq further extending its foray in record territory.
ALPHABET-A
$166.15
13:09 29/04/24
Amazon.Com Inc.
$180.96
13:09 29/04/24
Dow Jones I.A.
38,386.09
04:30 15/10/20
Juniper Networks Inc.
$35.15
11:04 29/04/24
Microsoft Corp.
$402.25
12:54 29/04/24
Nasdaq 100
17,782.71
12:15 29/04/24
Just before 15:00 in London the Dow Jones Industrial Average was down 32 points, while the S&P 500 and the Nasdaq gained two and 47 points respectively.
US stocks edged higher on Thursday as investors digested a deluge of mixed earnings and disappointing economic data, while the Nasdaq Composite closed up 0.4% to its highest ever finish at 5,056.06.
“The Nasdaq Composite’s ride to new all-time highs is demonstrative of a new era in US tech company dominance within the US stock market,” said Jasper Lawler, analyst at CMC Markets.
“It was no coincidence that the tech-heavy index broke its highs set at the peak of the dot-com bubble in a week when some of its core components were reporting another quarter of huge earnings growth.”
In corporate news, Amazon jumped 13.8% in pre-market trading afters its quarterly results beat estimates late on Thursday, while Starbucks rose 3.4% ahead the bell on the back a 18% increase in revenue in the second quarter.
Google’s quarterly earnings missed estimates but shares in the tech giant climbed 4% ahead of the opening bell, while Microsoft jumped 5.8% in pre-market as its third quarter revenue rose 5% to $12.8bn, above expectations of a $12.4bn reading.
Juniper Networks jumped 8.9% after the maker of networking gear posted better-than-expected results and guidance.
US durable goods orders rose more than expected in March, driven by demand for autos, commercial jets and military hardware.
Orders increased 4% last month, compared to a 1.4% drop in February and analysts' estimates for a 0.6% gain.
"The 4.0% month-on-month rise in durable goods orders in March was entirely due to a sharp rise in transportation orders and suggests that business investment in equipment remains weak," said Capital Economics assistant economist Adam Collins.
Elsewhere, Asian markets ended the week on a mixed note, with Hong Kong’s Hang Seng rising 0.84%, while the Nikkei and the Shanghai Composite pulling back from record levels.
A better-than-expected report on German business confidence gave European stocks a boost at midday trading on Friday as the market zoomed in on Greek discussions between the Eurogroup in Riga.
The dollar fell 0.43% against the yen and declined 0.69% and 0.26% against the pound and the euro respectively, while gold futures slid 0.58% to $1,187.40.
Oil prices were mixed, with West Texas Intermediate losing 1.55% to $56.86 a barrel, while Brent crude was flat at $64.86 a barrel.