NEW YORK, Feb 2 — Strong results from Facebook parent Meta boosted the Nasdaq early today, while the Dow retreated following a blowout US jobs report that was seen delaying Federal Reserve interest rate cuts.
Shares of Meta Platforms surged nearly 20 per cent early today after the tech giant’s earnings topped expectations and it announced its first shareholder dividend.
About 30 minutes into trading, the tech-rich Nasdaq Composite Index stood at 15,482.44, up 0.8 per cent.
The Dow Jones Industrial Average fell 0.3 per cent to 38,392.71, while the broad-based S&P 500 gained 0.3 per cent to 4,920.74.
The US economy added 353,000 jobs in January, after December’s figure was significantly revised upwards to 333,000, according to government figures that suggested a persistently robust employment market.
However, the solid data likely pushes back the timeframe for Federal Reserve interest rate cuts.
Among other companies reporting results, Amazon jumped 7.3 per cent after reporting a more-than-expected US$170 billion in fourth-quarter revenues following a strong holiday season that saw one billion items were purchased worldwide during the company’s Black Friday and Cyber Monday holiday shopping events.
But Apple fell 2.1 per cent as worries surrounding the China market cast a pall on the outlook. — AFP