Tech stocks got off to a lower start Friday morning, following solid earnings reports from a couple of closely watched tech stocks and a big beat on job numbers. The Nasdaq traded slightly higher, while the Dow Jones industrials and the S&P 500 traded lower. The Nasdaq index closed down 3.74% on Thursday, before some good news landed after markets closed for the day.
The report on nonfarm payrolls for January showed a jump of 467,000. The January total was more than three times the 150,000 new jobs economists had expected. The December total was revised upward from 211,000 to 511,000, while estimates called for a drop to 125,000. The unemployment rate rose, as expected, from 3.9% to 4.0%. Average hourly pay rose by 0.7% month over month and 5.7% year over year. This jobs report has to be among the most baffling in recent years.
At the opening bell, the three major indexes opened mixed, with the S&P 500 flat, the Nasdaq up about 0.4% and the Dow down about 0.1%.
Energy stocks came out of the chute up about 1.4% higher, while materials stocks traded down by around 1.3%. Eight of 11 market sectors traded lower in the first few minutes of trading on Friday.
Here are the five tech (loosely defined) stocks that were the biggest moves Friday morning.
Amazon.com Inc. (NASDAQ: AMZN) traded up by about 8.8% to $3,022.66, in a 52-week range of $2,707.04 to $3,773.08. The company reported earnings that beat profit estimates by more than $24 a share, thanks largely to its investment in electric vehicle maker Rivian. Net profit of $14.3 billion included a pretax gain of around $11.3 billion from Amazon’s investment in Rivian. Revenue fell less than 1% short of expectations. The e-commerce giant is also buying back stock and raising its annual subscription price for Amazon Prime from $119 to $139.
Snap Inc. (NYSE: SNAP) traded up about 41% to $34.45, in a 52-week range of $24.32 to $83.34. The stock dropped 23.6% on Thursday, sinking along with Meta Platforms. The company reported more than double the consensus estimate for earnings per share and beat revenue estimates by about 8%. Daily active users (DAUs) rose by 20% year over year, while Meta managed only a meager 5% growth. Revenue guidance for the first quarter was above estimates.
Twitter Inc. (NYSE: TWTR) traded up about 3% to $35.52, in a 52-week range of $32.05 to $80.75. The company had no specific news but sank by more than 5.5% on Thursday in the wake of the Meta Platforms implosion. The communications company reports quarterly results next Thursday.
eBay Inc. (NASDAQ: EBAY) traded up 2.66% to $58.71, in a 52-week range of $51.51 to $81.19. The company had no specific news and likely is riding Amazon’s coattails.
Etsy Inc. (NASDAQ: ETSY) traded up 2.2% in early action Friday, at $129.73 in a 52-week range of $125.37 to $307.75. The low was posted Thursday. The company had no specific news and looks like more slipstreaming behind Amazon.
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