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Investing.com — U.S. stocks Friday, a surge in Meta kept tech on the front foot following stronger quarterly results just as data showed the economy created much more jobs than expected last month.
By 14:56 ET (19:56 GMT), the Dow Jones Industrial Average was 226 points, or 0.6%, higher, while the S&P 500 traded 1.3% higher and the NASDAQ Composite climbed 1.8%.
Blowout jobs report muddies rate-cut outlook
The U.S. economy added far more jobs than expected in January, with nonfarm payrolls in the world’s largest economy rising by 353,000 last month, much more than the 187,000 jobs expected.
The strong hiring activity comes as the number of people that entered the job market, or the participation rate, unexpected fell, albeit slightly, pushing average hourly earnings, or wage growth, to 0.6% from 0.4% a month earlier, confounding economists expectations for a decline 0.3%.
The stronger wage growth, which threatens to boost inflation, mudded the outlook for rate cuts with some now suggesting that a first rate cut could be delayed into the back of th eyear.
“This morning’s report coupled with ongoing solid indications of consumer activity and uncertainty in terms of the disinflationary trend should be more than enough to justify higher for longer, potentially into the second half of the year,” Stifel said in a note.
Meta Platforms pays first-ever dividend as stellar quarterly results boosts tech; Apple sags on China iPhone weakness; Amazon shines
Meta Platforms (NASDAQ:META) stock rose 15% as the tech giant declined its first dividend and rolled out additional $50 billion in share buybacks after quarterly profit at the Facebook parent tripled from a year earlier.
The move to return a chunk of capital to shareholders could help expand Meta’s base to dividend hunters, UBS said in a note. “The step up in capital returns […] does open up META shares for incremental demand from dividend/income funds.”
Amazon.com Inc (NASDAQ:AMZN) jumped more than 7% after its fourth-quarter results topped Wall Street estimates as cloud growth and strength in e-commerce bolstered performance.
Apple (NASDAQ:AAPL), meanwhile, cut losses to trade flat after iPhone sales fell short of Wall Street estimates following weakness in China
China represents roughly 20% of iPhones, and is struggling to battle Huawei and geopolitical headwinds near-term, Wedbush said, though remained adamant that the company on optimism that users of older iPhone models in China are set to upgrade their phones.
Intel Corporation (NASDAQ:INTC), however, fell more than 2% after as the chipmaker is reportedly delaying construction of its semiconductor factory in Ohio amid market challenges and a slower than expected roll out of government grants to help build chip plants.
Oil majors Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) rise after impressing on earnings stage
Energy stocks were pushed higher by a rise in Exxon Mobil Corp and Chevron after the duo reported better-than-expected quarterly results as higher production helped offset the hit from falling oil prices.
(Peter Nurse, Oliver Gray contributed to this article.)
Source: Investing.com
