The Nasdaq soared Thursday, as a spike in Facebook – Meta on quarterly results and a big stock repurchase prompted a spike in tech. Equities extended on profits from a day earlier.
Meta Platforms posted Q4 sales above analyst projections, and launched a $40 billion share repurchase program. This drove its shares up by more than 3%. Sentiment on the shares was further lifted as CEO Mark Zuckerberg highlighted objectives including simplifying the organizational structure to transform to a more effective corporation.
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Wall Street applauded the focus on efficiency after the company spent billions to maintain engagement. This was following the impact of Apple’s confidentiality modifications to its iOS mobile operating system. S&P 500 is up by 1.4% in the green and Nasdaq gained 3.3%. On the other hand, the Dow Jones Industrial Average after gaining 1.8%, closed in the red with a 0.11% decline.
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Other mega cap tech firms like Apple, Amazon, and Alphabet, which all shared Q4 results after the market close, increased massively in value. Rallies were 3.71% by Apple, 7.38% by Amazon and finally 7.3% by Alphabet.
Dollar gained as ECB and BoE hike rates
EUR/USD fell 0.7% down to the 1.0900 area after closing near 1.1000 last session. AUD/USD also felt the dollar’s bounce back with a red close at 0.7.77 with a 0.81% decline. The Japanese yen held its ground as USD/JPY closed almost flat with only a 0.16% decline. GBP/USD also reacted to BoE’s rate hike with a 1.22% decline to 1.2224.
Commodities extend decline from last day
For oil bulls, relying on the dollar’s depreciation is never a sure thing. With the US crude inventories soaring and demand comparatively falling, it is not an exact correlation. WTI, crude futures for March finished down 0.7%, to $75.88 a barrel on Thursday. That worsened Wednesday’s 2.7% slide in WTI.
Brent crude for March delivery finished in the red with a 0.8% decline. At $82.17, brent extended the previous session’s 2.6% decline.
After a few days of serious sell offs, the Henry Hub gas futures finished down only 0.5%, at $2.4560 per mmBtu, or metric million British thermal units. This was after plummeting to a 22-month low of $2.431 after the released storage data. The last time a Henry Hub benchmark gas contract traded for less was at $2.422 in March.