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Jan. 29, 2022, 7:40 a.m. EST

Nasdaq Composite ends 3.1% higher as late-Friday fillip wipes out unsavory weekly stock-market losses

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By Mark DeCambre and Barbara Kollmeyer

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“Apple’s blowout results are just what the tech sector needed to get out of its recent funk. The iPhone giant’s big beat could be the next catalyst to spark a rally in the tech space,” said Jesse Cohen, senior analyst at Investing.com, in a note to clients.

Opinion:   After a monster quarter, Apple’s non-forecast is good enough for Wall Street

On top of that, shares of Robinhood Markets /zigman2/quotes/228268942/composite HOOD -2.80% , which had been down double-digits in premarket trading swung higher, after the trading app closely associated with the “meme stocks” phenomenon produced a bigger-than-expected quarterly loss and reported a drop securities-trading volumes.

Opinion:   Robinhood is about to not celebrate a very unhappy anniversary

Read: Here’s what history says about stock-market returns during Fed rate-hike periods

On the geopolitical front, Russia’s foreign minister Sergei Lavrov said Friday that Moscow doesn’t intend to start a war , but also “would not let our interests be rudely trampled on and ignored.”

A day earlier saw U.S. President Joe Biden warning Ukraine’s president of a “distinct possibility” of Russian military action against its neighbor in February.

Opinion: Stock investors know not to fight the Fed, but you can fight the Fed Model

What companies were in focus?

  • Visa Inc. /zigman2/quotes/203660239/composite V -2.67% topped $7 billion in quarterly revenue for the first time and shares climbed 10.6%.

  • Western Digital Corp. shares /zigman2/quotes/204213617/composite WDC -1.77% slid 7.3% after the data-storage products company gave a weak outlook, amid a struggle to keep up with demand amid supply-chain problems.

  • Caterpillar Inc. /zigman2/quotes/203434128/composite CAT -0.08% shares fell more than 5% after maker of industrial equipment and tractors reported earnings and revenue that beat forecasts.

  • Chevron Corp. /zigman2/quotes/205871374/composite CVX +1.61% stock fell 3.5% after the energy giant reported a disappointing profit, even as revenue beat.

  • KLA Corp. /zigman2/quotes/209248041/composite KLAC -2.51% shares turned higher to end up 1.3% Friday, even after a weak outlook from the chip-equipment maker that overshadowed an earnings beat for the quarter.

How did other assets trade?

  • The yield on the 10-year Treasury note  /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -1.47% rose 2.8 basis points to 1.779%. Yields and debt prices move opposite each other.

  • The ICE U.S. Dollar Index  /zigman2/quotes/210598269/delayed DXY +0.15% , a measure of the currency against a basket of six major rivals, was slightly lower.

  • Oil futures  /zigman2/quotes/211629951/delayed CL.1 -0.40% rose 21 cents, or 0.2%, to settle at $86.82 a barrel on the New York Mercantile Exchange. Gold futures  /zigman2/quotes/210034565/delayed GC00 -0.24% fell 0.5%, or $8.40, to settle at $1,786.60 an ounce, below the $1,800 an ounce threshold.

  • In European equities, the Stoxx Europe 600  /zigman2/quotes/210599654/delayed XX:SXXP +0.27%  closed 1% lower, while London’s FTSE 100  /zigman2/quotes/210598409/delayed UK:UKX +0.90% dropped 1.2%.

  • The Shanghai Composite  /zigman2/quotes/210598127/delayed CN:SHCOMP -1.11%  fell 0.9%, while the Hang Seng Index  /zigman2/quotes/210598030/delayed HK:HSI -2.09% was down 1% and Japan’s Nikkei 225  /zigman2/quotes/210597971/delayed JP:NIK -0.91%  rose 2%.

/zigman2/quotes/228268942/composite
US : U.S.: Nasdaq
$ 8.87
-0.26 -2.80%
Volume: 34.60M
June 28, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.95 billion
Rev. per Employee
$482,990
loading...
/zigman2/quotes/203660239/composite
US : U.S.: NYSE
$ 198.12
-5.44 -2.67%
Volume: 4.37M
June 28, 2022 4:00p
P/E Ratio
31.86
Dividend Yield
0.76%
Market Cap
$424.05 billion
Rev. per Employee
$1.12M
loading...
/zigman2/quotes/204213617/composite
US : U.S.: Nasdaq
$ 46.74
-0.84 -1.77%
Volume: 2.06M
June 28, 2022 4:00p
P/E Ratio
8.09
Dividend Yield
0.00%
Market Cap
$14.90 billion
Rev. per Employee
$257,957
loading...
/zigman2/quotes/203434128/composite
US : U.S.: NYSE
$ 187.44
-0.15 -0.08%
Volume: 3.33M
June 28, 2022 4:00p
P/E Ratio
15.72
Dividend Yield
2.56%
Market Cap
$100.06 billion
Rev. per Employee
$473,389
loading...
/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 149.94
+2.37 +1.61%
Volume: 9.19M
June 28, 2022 4:03p
P/E Ratio
14.10
Dividend Yield
3.79%
Market Cap
$289.95 billion
Rev. per Employee
$3.67M
loading...
/zigman2/quotes/209248041/composite
US : U.S.: Nasdaq
$ 330.09
-8.50 -2.51%
Volume: 1.28M
June 28, 2022 4:00p
P/E Ratio
16.02
Dividend Yield
1.27%
Market Cap
$50.53 billion
Rev. per Employee
$612,243
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
3.13
-0.05 -1.47%
Volume: 0.00
June 29, 2022 2:50a
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
104.66
+0.16 +0.15%
Volume: 0.00
June 29, 2022 2:40a
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/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 111.31
-0.45 -0.40%
Volume: 30,828
June 29, 2022 2:40a
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,816.90
-4.30 -0.24%
Volume: 21,662
June 29, 2022 2:40a
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
416.19
+1.10 +0.27%
Volume: 0.00
June 28, 2022 11:03p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,323.41
+65.09 +0.90%
Volume: 603,082
June 28, 2022 4:56p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,371.28
-37.93 -1.11%
Volume: 38.67B
June 29, 2022 2:35p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
21,950.23
-468.74 -2.09%
Volume: 1.88M
June 29, 2022 2:35p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,804.60
-244.87 -0.91%
Volume: 0.00
June 29, 2022 3:15p
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