Nasdaq Leads the Way for Stocks with 3% Gain

Last updated: 11:21AM EST Stocks continue to gain momentum as we head into the halfway point of today’s trading session. As of 11:21 p.m. EST, the S&P 500 (SPX) and the Nasdaq 100 (NDX) are up 1.4% and 3.1%, respectively. However, the Dow Jones Industrial Average (DJIA) is down 0.3%. Last updated: 9:49AM EST The Nasdaq 100 (NDX) is surging by more than 2.3% at the open, propelled by better-than-expected revenues posted by Meta Platforms (NASDAQ:META) and an unexpected $40 billion stock buyback announcement. Meanwhile, the S&P 500 (SPX) is up 1%, and the Dow Jones Industrial Average (DJIA) inched down 0.6% as of 9:49 am EST, Thursday. The initial jobless claims data indicated that jobless claims fell unexpectedly by 3,000 to 183,000 in the week ending January 28-a nine-month low even as corporate layoffs continue. This was better than the consensus expectations of 195,000. Traders will also be watching for earnings from three American tech giants, Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), and Apple (NASDAQ:AAPL), all of which will report after the market closes today. Also reporting today are bellwethers of the auto and quick service restaurant sectors: Ford Motor Company (NYSE:F) and Starbucks (NASDAQ:SBUX). Following Meta’s rally, investors will be glued to the news to hear what the management of these companies foresees for 2023. Furthermore, investors will be looking for more indications from economic data on jobless claims, productivity, labor costs, and factory order reporting today. Investors jumped on the buying opportunity when markets dipped immediately following the conclusion of the FOMC meeting yesterday, pushing the stocks higher at the end of the trading day. As per experts, markets have absorbed and focused only on key phrases from the Fed that were positive and pushed the US indices higher. Although Powell has hinted at somewhat easing inflation, the FOMC has pushed for “ongoing increases in the target range” to curb inflation at 2%. Remarkably, European markets opened higher today as investors await the decision on an interest rate hike by the European Central Bank (ECB) and the Bank of England (BOE) to be announced today. Asia-Pacific Markets Remain Volatile Asia-Pacific markets witnessed a volatile day, with a majority of indices ending the day in the green, following the enthusiasm in the US markets. Importantly, the Hong Kong Monetary Authority (HKMA) increased the interest rate by 25 basis points to 5.00%, this morning. Hong Kong’s Hang Seng index closed down 0.52% after beginning the day on a high note. Meanwhile, Mainland China’s Shanghai Composite ended modestly up at 0.02%, and Shenzhen Component closed up 0.08%. Japan’s Nikkei 225 gained 0.20%, while Topix ended the day down 0.36%. In the Indian counterpart, India’s Nifty 50 Index fell drastically in the morning trade following a plunge in Adani Group stocks owen to Hindenburg’s report. Also, the company withdrew its follow-on public offering of $2.5 billion. The index ended the day flat, down 0.03%. Interested in more economic insights? Tune in to our LIVE webinar. Disclosure

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