Market Highlights: Bullish End to the Week, Notable Gainers and Losers


The week concluded on a positive note for global stock markets despite some underwhelming quarterly results. Wall Street achieved record-breaking gains, driven by a robust US economy and the anticipation of impending rate cuts. Europe experienced growth due to slowing inflation and positive earnings from major corporations, while Asia rebounded with new support measures in China.

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Weekly Market Movements:
– US 500: +1.06%
– NASDAQ 100: +0.62%
– FTSE 100: +2.32%
– GOLD: -0.44%
– WTI: +6.72%
– EURO/US DOLLAR: -0.36%

Key Gainers:
1. Netflix (+16%): Overcame doubts, reporting a 12.5% increase in quarterly revenues and significant subscriber growth.
2. NetEase (+13%): Benefited from a Chinese stock market rescue plan and hopes of eased regulations on the video game industry.
3. IBM (+11%): Posted strong quarterly and full-year results, exceeding revenue expectations and receiving positive analyst outlooks.
4. American Airlines (+12%), United Airlines (+11%): Overcame Boeing setbacks, reporting better-than-expected results for the last quarter and optimistic 2024 outlooks.

Key Losers:
1. Archer Daniels Midland (-25%): Underwent upheaval with the suspension of its CFO amid an investigation into accounting practices.
2. Tesla (-14%): Faced headwinds with lower-than-expected Q4 results, missed sales growth consensus, and a vehicle recall.
3. Humana (-11%): Disappointed investors with an unexpected Q4 loss and provided a bleak 2024 outlook.
4. Intel (-8.6%):** Cast a shadow with cautious forecasts, leading to a decline in stock value.

Commodities Highlights:
Energy: Crude oil prices rose, supported by positive economic data and ongoing issues in the Red Sea. Brent crude surpassed USD 80/barrel.
– Metals:Industrial metals rebounded, driven by potential support measures in China. Copper and aluminum prices increased.
– Agricultural Products: Corn prices continued on a downward trend, while wheat prices remained neutral.

Macroeconomic Overview:
Economic Outlook: ECB meeting overshadowed by robust US activity statistics, indicating a fading risk of recession.
Crypto Market: Bitcoin and ether experienced declines, influenced by SEC’s delay on Grayscale and BlackRock’s Ethereum Spot ETFs.

Upcoming Events:
– Earnings announcements from key tech stocks, including Microsoft, Apple, Alphabet, Amazon, and Meta Platforms.
– Monetary policy decisions from the US Federal Reserve and the Bank of England.
– US employment figures for January.

The market wishes readers a pleasant weekend.

Editorial Staff
Editorial Staff
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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