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Key Takeaways
- U.S. equities were higher at midday Friday, Feb. 2, 2024, as results from Meta and Amazon helped drive up tech stocks.
- Cigna shares traded at a more than one-year high as the insurer beat profit and sales forecasts and raised its dividend.
- Falling demand for its cybersecurity products sent shares of Gen Digital tumbling.
U.S. equities were higher at midday as yesterday’s results from Meta (META) and Amazon (AMZN) helped drive up tech stocks. The Dow, S&P 500, and Nasdaq all rose.
Meta was the best-performing stock in the S&P 500 after the social media giant posted better-than-anticipated results and announced its first-ever dividend. Amazon also beat profit and sales forecasts as ad revenue rose, and its shares took off.
Shares of The Cigna Group (CI) gained on its strong earnings report and guidance, and as the health insurer boosted its dividend.
Shares of Gen Digital (GEN) slumped after the cybersecurity software provider cut its outlook on slowing demand.
Charter Communications (CHTR) shares also dropped after the parent of the Spectrum cable system reported a surprise loss of internet customers.
The Labor Department’s latest jobs report showed U.S. employers added more jobs to the economy than expected last month, raising concerns the labor market’s strength could discourage the Federal Reserve from cutting interest rates and pushing the yield on the 10-year Treasury note up above 4%.
Gold prices tumbled and that dragged down shares of Newmont Corporation (NEM) and rival gold miners.
Oil futures fell and the U.S. dollar tumbled versus the euro, pound, and yen. Most major cryptocurrencies traded in positive territory.
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