Kellye Johns
Apr 26, 2024 - 10:25

Nasdaq Leads Rally as Snap Stock Soars with Big Surprise

Stocks showed strength with Nasdaq, Dow, and S&P 500 gains. Google and Microsoft boosted market after positive earnings. Snap and Skechers surged.

Stocks showed strength on Friday afternoon, with the Nasdaq, Dow Jones Industrial Average, and the S&P 500 all performing well. Google parent Alphabet and Microsoft were key drivers of the market's positive momentum following strong earnings reports.

The Dow Jones index rose by 0.6%, although it remained below its 21-day exponential moving average. The S&P 500 saw a gain of 1.2%, while the Nasdaq outperformed with a 2.1% rally, both reclaiming their 21-day lines on Friday. The small-cap Russell 2000 also rose by 1.1%.

In terms of exchange-traded funds, the Invesco QQQ Trust climbed by 1.6%, while the Innovator IBD 50 ETF rose by 0.7%. West Texas Intermediate crude oil prices reached $83.77 a barrel, and the 10-year Treasury yield slightly decreased to 4.67%.

Stocks making significant moves included Snap, which surged by 26% after reporting a surprise profit and sales increase in the first quarter. Skechers also saw a substantial jump of nearly 12% after exceeding profit and revenue estimates for the first quarter and raising its full-year earnings guidance.

Alphabet, an IBD 50 stock, experienced a nearly 10% increase in heavy volume after surpassing first-quarter profit and revenue expectations. Google announced a cash dividend and share buyback, with shares reaching record highs. Microsoft also performed well, with a 2.3% gain after beating earnings and sales estimates in the fiscal third quarter.

Amazon rebounded by more than 3% following a drop in sympathy with Meta Platforms. Intel, on the other hand, gapped down by nearly 10% after missing sales projections in the first quarter.

Overall, the stock market showed resilience and positive momentum on Friday, with various key players contributing to the market's strength. Investors will continue to monitor earnings reports and economic indicators for further insights into market trends. Stay tuned for more updates on stock market news.