- The Nasdaq led major U.S. equities indexes higher on Jan. 29, with technology stocks providing a boost to the overall market.
- The Dow and the S&P 500 also saw gains on Friday, although those indexes both posted losses for the holiday-shortened week.
- Shares of Goldman Sachs fell on reports of a Federal Reserve investigation into the firm's consumer business.
It was a solid finish to a mostly down week for U.S. equities as technology stocks helped lift the overall market. For the holiday-shortened trading week, the Dow dropped 2.7% and the S&P 500 lost 0.7%, but the Nasdaq posted a gain of 0.6%. It was the third-straight winning week for the Nasdaq.
The session on Jan. 20 was all about the tech sector, boosted by Netflix (NFLX), as shares jumped 8.5% after the largest streaming service provider reported it added many more subscribers than estimated last quarter. Shares of industry rivals, including Walt Disney (DIS) and Warner Bros. Discovery (WBD), advanced. Alphabet (GOOGL) shares added 5% after the company announced it would cut 12,000 jobs. Gaining along with Alphabet were shares of other widely held tech giants Apple (AAPL), Meta Platforms (META), Amazon (AMZN), and Microsoft (MSFT).
A banking firm that caters to the tech sector, SVB Financial Group (SIVB), saw its shares soar 16% following its earnings report. Shares of Synchrony Financial (SYF), Signature Bank (SBNY), and KeyCorp (KEY) also rose. Shares of airlines, cruise lines, hotels, and travel booking sites gained.
Goldman Sachs Probe
Goldman Sachs (GS) was the worst-performing stock in both the Dow and S&P 500 following reports of a Federal Reserve probe into its consumer business. Eli Lilly (LLY) shares dropped after the drug maker's request for fast-track approval of its experimental Alzheimer's treatment was rejected by the Food and Drug Administration (FDA). Shares of American Tower Corporation (AMT) fell on word that the company may be looking to purchase Spanish mobile phone tower operator Cellnex.
Oil futures were up 1%. Gold prices climbed. The yield on the 10-year Treasury note increased. The U.S. dollar rose versus the yen but lost ground against the euro and pound. Major cryptocurrencies traded higher, with Bitcoin (BTC/USD) moving above $22,000.