NASDAQ, S&P 500, Dow Jones Analysis – NASDAQ Rallies As Meta Gains 28%

S&P 500

As Meta increased by 28% following the publication of the earnings report, the S&P 500 reached new heights. Although the company's revenue exceeded analyst expectations, its earnings missed them. Trades concentrated on the $40 billion buyback that Meta had announced.

The Initial Jobless Claims and Factory Orders figures were also available to dealers today.

Compared to the analyst consensus of 200,000, the initial Jobless Claims report showed that 183,000 Americans applied for unemployment benefits in a week. According to the report, the job market was still in a respectable state.

In December, factory orders grew by 1.8% month over month compared to analysts' expectations of 2.2% growth.

NASDAQ

NASDAQ increased as traders concentrated on the Meta stock's impressive performance. One may claim that the NASDAQ is ready to start a bull market since the index has increased by 20% from its December lows.

In today's trading session, Tesla, Amazon, and Alphabet are all up about 7% as investors rush to purchase mega cap stocks. Demand for tech stocks is high, and market sentiment is very bullish. Technically speaking, the chance of a retreat is rising since the RSI is in overbought zone.

Dow Jones,

Currently, Dow Jones is the least successful major index. The decline in healthcare stocks like UnitedHealth Group and Merck has a negative effect on Dow Jones' performance.

Medicare Advantage's projected reduced prices for 2024 are putting a lot of pressure on UnitedHealth Group. After the results report was released, Merck shares fell because the firm anticipates a fall in COVID-related revenues in 2023.