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On Friday, major bourses ended mixed amid robust fourth-quarter earnings results. The broader S&P 500 notched an all-time high and closed above the 5,000 mark. The tech-heavy Nasdaq also ended in the green, but the 30-stock Dow closed in the negative territory. Nonetheless, all three major indexes gained for the fifth straight week.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1%, or 54.64 points, to close at 38,671.69. Notably, 17 components of the 30-stock index ended in negative territory, while 12 were in green and 1 unchanged.
The tech-heavy Nasdaq Composite finished at 15,990.66, rising 1.3%.
The S&P 500 gained 0.6% to end at 5,026.61. Eight out of 11 broad sectors of the benchmark ended in positive territory, while three were in the negative zone. The Technology Select Sector SPDR (XLK), the Consumer Discretionary Select Sector SPDR (XLY) and the Utilities Select Sector SPDR (XLU) gained 1.4%, 0.7% and 0.4%, respectively, while the Energy Select Sector SPDR (XLU) declined 1.5%.
The fear-gauge CBOE Volatility Index (VIX) increased 1.1% to 12.93. A total of 11.53 billion shares were traded on Friday, higher than the last 20-session average of 11.69 billion. The S&P 500 posted 47 new 52-week highs and four new lows, and the Nasdaq Composite recorded 312 new highs and 91 new lows.
S&P Hits Record 5,000
The S&P 500 has reached an all-time high, hitting a record level of 5,000 after a weak start in 2024, with a 1.6% increase in January. This upward trend follows the 24% growth in 2023 despite concerns about geopolitical tensions and the potential for an upcoming recession. Historical data indicates that January often sees robust performance from the S&P 500, with over half of the past 51 years showing gains of at least 1%.
Strong Q4 Earnings Results
Mr. Cooper Group Inc. (COOP - Free Report) reported first-quarter fiscal 2024 adjusted earnings of $1.71 per share, which beat the Zacks Consensus Estimate of $1.37 per share. The mortgage finance company generated total revenues of $404 million, outpacing the Zacks Consensus Estimate of $398.3 million.
Cloudflare, Inc. (NET - Free Report) reported fourth-quarter 2023 adjusted earnings of $0.15 per share, which beat the Zacks Consensus Estimate of $0.12 per share. The software company generated total revenues of $362.5 million, outpacing the Zacks Consensus Estimate of $352.7 million.
Genpact Limited (G - Free Report) reported fourth-quarter 2023 adjusted earnings of $0.68 per share, which beat the Zacks Consensus Estimate by 4.6% and increased 9.7% year over year. Revenues rose of $1.15 billion surpassed the Zacks Consensus Estimate by 2.1% and increased 4% year over year.
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Stock Market News for Feb 12, 2024
Market News
On Friday, major bourses ended mixed amid robust fourth-quarter earnings results. The broader S&P 500 notched an all-time high and closed above the 5,000 mark. The tech-heavy Nasdaq also ended in the green, but the 30-stock Dow closed in the negative territory. Nonetheless, all three major indexes gained for the fifth straight week.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1%, or 54.64 points, to close at 38,671.69. Notably, 17 components of the 30-stock index ended in negative territory, while 12 were in green and 1 unchanged.
The tech-heavy Nasdaq Composite finished at 15,990.66, rising 1.3%.
The S&P 500 gained 0.6% to end at 5,026.61. Eight out of 11 broad sectors of the benchmark ended in positive territory, while three were in the negative zone. The Technology Select Sector SPDR (XLK), the Consumer Discretionary Select Sector SPDR (XLY) and the Utilities Select Sector SPDR (XLU) gained 1.4%, 0.7% and 0.4%, respectively, while the Energy Select Sector SPDR (XLU) declined 1.5%.
The fear-gauge CBOE Volatility Index (VIX) increased 1.1% to 12.93. A total of 11.53 billion shares were traded on Friday, higher than the last 20-session average of 11.69 billion. The S&P 500 posted 47 new 52-week highs and four new lows, and the Nasdaq Composite recorded 312 new highs and 91 new lows.
S&P Hits Record 5,000
The S&P 500 has reached an all-time high, hitting a record level of 5,000 after a weak start in 2024, with a 1.6% increase in January. This upward trend follows the 24% growth in 2023 despite concerns about geopolitical tensions and the potential for an upcoming recession. Historical data indicates that January often sees robust performance from the S&P 500, with over half of the past 51 years showing gains of at least 1%.
Strong Q4 Earnings Results
Mr. Cooper Group Inc. (COOP - Free Report) reported first-quarter fiscal 2024 adjusted earnings of $1.71 per share, which beat the Zacks Consensus Estimate of $1.37 per share. The mortgage finance company generated total revenues of $404 million, outpacing the Zacks Consensus Estimate of $398.3 million.
Cloudflare, Inc. (NET - Free Report) reported fourth-quarter 2023 adjusted earnings of $0.15 per share, which beat the Zacks Consensus Estimate of $0.12 per share. The software company generated total revenues of $362.5 million, outpacing the Zacks Consensus Estimate of $352.7 million.
Genpact Limited (G - Free Report) reported fourth-quarter 2023 adjusted earnings of $0.68 per share, which beat the Zacks Consensus Estimate by 4.6% and increased 9.7% year over year. Revenues rose of $1.15 billion surpassed the Zacks Consensus Estimate by 2.1% and increased 4% year over year.
Consequently, stock prices of Mr. Cooper Group, Cloudflare and Genpact Limited rose 5.4%, 19.5% and 4.6%, respectively. Each of the three stocks currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Weekly Roundup
During the week, the S&P 500 increased by 1.4%, while the Nasdaq rose by 2.3%. The Dow Jones Industrial Average ended the week unchanged.