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Friday's Dow Rises Over 100 Points, Heading For Its Best Monthly Gain Since January

April 28, 2023
minute read

In a move towards its best month since January, the Dow Jones Industrial Average increased on Friday.

There was a 0.5% gain for the blue-chip index, and a 0.4% gain for the S&P 500 index. Technology earnings weighed on the Nasdaq Composite as it fluctuated around its flatline.

Dow Jones is on track to end April 2.1% higher with just Friday's session remaining. It would be the average's best monthly showing since January when it increased by 2.8%. For the month of August, the S&P 500 is on track for a 0.9% gain, while the Nasdaq is expected to decline by 0.7%.

In what has been considered Big Tech's marquee earnings week, the Nasdaq is expected to gain the most, at 0.5%. However, the Dow is expected to gain 0.4% and the S&P 500 is expected to gain 0.3%.

There have been earnings reports from just over half of the companies in the S&P 500 so far. According to FactSet data, 80% of those companies have exceeded expectations. According to The Earnings Scout, that beat rate is close to the average for the last three years.

Bolvin Wealth Management's Gina Bolvin said the market follows earnings. "That's the mother's milk of the market.".

Amazon shares dropped about 4% after announcing first-quarter results. Wall Street expected Amazon to beat expectations on revenue, but its cloud business decelerated.

Snap Inc. at NYSE
Snap Inc. at NYSE

Following a revenue miss, Snap fell nearly 18%. Following disappointing revenue growth expectations for the second quarter, Pinterest shares fell over 17%. Following a disappointing first quarter, First Solar stock dropped over 13%, putting it on pace for its worst day since 2021.

Following their respective releases, not all tech stocks fell. The semiconductor firm beat both top and bottom line expectations, sending its shares up about 5%.

A 0.3% rise in personal consumption expenditures prices in March was in line with expectations, according to data released Friday morning. Next week, the Federal Reserve will hold a policy meeting to discuss the index's role in measuring inflation.

Investors continue to be influenced by earnings, economic data, and the Fed, according to Greg Bassuk, CEO of AXS Investments.

In addition, First Republic Bank shares plunged more than 50% after it has been reported that the Federal Deposit Insurance Corporation is most likely to take receivership of the troubled regional bank. Over 97% of its value has been lost since the start of the year.

Adan Harris
Managing Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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