Stock market indexes rallied Friday afternoon, closing at the highs of the day. Earnings reports were the highlight this week, producing wild stock swings.
The Dow Jones Industrial Average and S&P 500 pulled ahead 0.8% while the Nasdaq gained 0.7%. The Russell 2000 fared slightly better than the major indexes, rising 0.9%.
Dow Jones and S&P 500 closed the week with a 0.9% gain. The Nasdaq was the big winner, posting a 1.3% increase, thanks to several positive Big Tech earnings reports.
The Nasdaq held above the 12,000 psychological level once again. NYSE and Nasdaq volume rose compared with the same time on Thursday, in preliminary numbers.
The Nasdaq 100-tracking Invesco QQQ Trust ETF lifted 0.7% while the Innovator IBD 50 ETF rallied 1.2%.
Crude oil futures inched 2.6% higher to $76.72 per barrel. Gold futures dipped 0.1% to $1,998 per ounce. The SPDR Gold Trust ETF was relatively unchanged, and in sync with the yellow metal.
Bitcoin slid 1.5% to $29,490. Cryptocurrency exchange Coinbase lost 0.7%.
The 10-year U.S. Treasury yield dipped 7 basis points to 3.45%. The CME FedWatch tool shows over 80% odds for a quarter-point rate hike at the May Fed policy meeting next week.
First Solar tumbled over 9% after reporting Q1 misses on EPS and sales. Shares of the solar module manufacturer fell below the 50-day moving average, a warning signal.
Big Stock Market Moves After Earnings
E-commerce giant Amazon.com sank 4% in Friday's stock market despite reporting better-than-expected Q1 EPS and sales, overshadowed by slowing sales for the AWS cloud-computing unit. Shares fell below the 200-day moving average.
Dow component Intel closed up 4%, after beating on Q1 top and bottom lines. and giving a mixed outlook for the second quarter.
Cloudflare plummeted 21% in heavy volume after reporting mixed Q1 earnings and full-year EPS and revenue guidance below analyst estimates.
The sell-off triggered a 7% sell signal from the 66.30 buy point of a cup-with-handle base.
Mobileye rose 4.2% after Thursday's 16.1% sell-off, following its Q1 earnings report with a beat on earnings and sales, but lower full-year 2023 revenue.
Saia spiked 14.6% in heavy volume, after the transport company reported a beat on Q1 profit and revenue expectations.
Rally Eyes 2023 Highs After Shakeout, But Big News On Tap
Industrial Stock In The Buy Zone
Owens Corning rose 2.8% and broke out, hitting the 105.72 buy point of a cup base. Shares are in the 5% buy zone reaching to 111.01. The relative strength line hit a new high.
The industrial materials manufacturer reported better-than-expected Q1 EPS and sales on Wednesday, but they fell year over year.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
