Nasdaq hits record high as tech stocks surge

The Nasdaq Composite reached an all-time high on Friday, propelled by megacap tech stocks.

The tech-heavy index increased by 0.56 per cent to close at 18,518.61, while the S&P 500 dipped 0.03 per cent to finish at 5,808.12. The Dow Jones Industrial Average fell by 259.96 points, or 0.61 per cent, ending the day at 42,114.40.

Both the S&P 500 and Dow snapped their six-week winning streaks. The S&P was down nearly 1 per cent for the week, while the Dow declined by 2.7 per cent. In contrast, the Nasdaq recorded its seventh consecutive weekly gain, rising nearly 0.2 per cent.

Tech stocks led the market advance ahead of their upcoming earnings reports. Nvidia added 0.8 per cent, and shares of Meta Platforms, Amazon, and Microsoft also saw gains. On the earnings front, HCA Healthcare plummeted nearly 9 per cent after announcing that hurricane disruptions affected its earnings and full-year guidance, while Colgate-Palmolive shares dropped 4 per cent after the company lowered its sales forecast for the year.

McDonald's shares tumbled 7.6 per cent over the week, marking the stock’s largest weekly decline since March 2020, when it fell more than 16 per cent. A deadly E. coli outbreak linked to McDonald’s significantly impacted the fast-food chain's stock, resulting in its worst week in over four years.

In the S&P 500 sectors, four out of eleven finished in positive territory. The communication sector led with a gain of 0.71 per cent, while the utilities sector lagged, falling 1.46 per cent.

The 10-year Treasury yield notably eased from its three-month highs after surpassing the 4.25 per cent mark during Wednesday’s session. On Friday, it increased by more than three basis points to approximately 4.24 per cent.

Futures

The SPI futures are pointing to a 0.02 per cent fall.

Currency

One Australian dollar at 7.40am was buying 66.18 US cents.

Commodities

Gold gained 0.21 per cent. Silver lost 0.05 per cent. Copper gained 0.44 per cent. Oil added 2.27 per cent.

Figures around the globe

European markets closed mixed. London’s FTSE lost 0.25 per cent, Frankfurt added 0.11 per cent, and Paris closed 0.08 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei lost 0.60 per cent , while Hong Kong’s Hang Seng added 0.49 per cent and China’s Shanghai Composite gained 0.59 per cent.

On Friday, the Australian share market closed 0.06 per cent higher at 8211.

Ex-Dividends

Alcoa Corporation (ASX:AAI) is paying 10.4618 cents unfranked

Dividends payable

Centuria Industrial REIT (ASX:CIP)
Centuria Office REIT (ASX:COF)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.

Disclaimer

The views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.
Copyright 2024 – Finance News Network