As investors wrapped off a tumultuous month and looked ahead to another busy week of earnings and jobs data, US equities concluded with vast gains. Investors jostled fears about inflation and faster-than-expected rate rises as all three major averages finished on a high note Friday, finishing up a chaotic but triumphant week. This week, investors will be bombarded with earnings and economic data, including the January employment report.
The S&P 500 and Dow Jones ended the day with gains, reversing early losses. Tesla and Netflix pushed the Nasdaq Composite up by as much as 3.4%. Despite the rebound, September was the weakest month for the three leading indices since March of this year.
Moreover, Boeing’s stock surged after Qatar Airways placed a $6.8 billion purchase for GE9X engines as part of a global launch deal for up to 50 Boeing 777-8 Freighters. Moderna also climbed when the Food and Drug Administration approved COVID-19 usage for those aged 18 and up. Previously, the vaccination was only given out in an emergency.
Bungie, the Halo, and Destiny Games Developer have revealed plans to purchase Sony for $3.6 billion. It comes on the heels of Microsoft’s $69 billion acquisition of Activision. Citrix Systems has announced that it would be taken private in a $16.5 billion deal. The firm is acquired by Evergreen Coast Capital Corporation, a joint venture between Elliott Investment Management LP and Vista Equity Partners.
Furthermore, Catapult IP Innovations is buying most of Blackberry’s patents related to a legacy smartphone division for $600 million. Zenith Freight Lines, owned by Bassett Furniture Industries, Inc., is being purchased by J.B. Hunt Transport Services Inc for $87 million. Cirrus Logic and NXP Semiconductor are expected to release profits on Monday. Later this week, Amazon, Google, and Meta Platforms, previously Facebook, will all release earnings.
The weekend box office for “Spider-Man: No Way Home” was $11 million, bringing the domestic total to $735.9 million. The Marvel blockbuster is responsible for a large portion of the month’s ticket sales. Before OPEC’s meeting this week, oil was hovering around $87 a barrel. At the outset of a week in which China, South Korea, and Southeast Asian markets will be closed for the Lunar New Year vacation, Asian equities followed Wall Street higher.