As the closing bell drew near on Friday, U.S. stocks surged with the Nasdaq Composite climbing more than 200 points.
The Dow rose by 0.95% to 37,824.10, the NASDAQ increased by 1.39% to 15,264.30, and the S&P 500 saw a 1.06% gain, reaching 4,831.75.
Meanwhile, the leading and lagging sectors showcased the rise of information technology shares by 1.6% and the fall of utilities shares by 0.6%.
State Street’s Triumph
State Street Corporation (STT) surpassed expectations in its fourth-quarter earnings report. With revenues of $3.04 billion, a 4% YoY increase, the company outperformed the consensus estimate of $2.95 billion. Additionally, its EPS (ex-notable items) of $2.04 exceeded the consensus estimate of $1.83. As a cherry on top, State Street announced authorization to repurchase up to $5 billion of common shares with no expiration date.
Stocks on the Rise
Kaman Corporation (KAMN) shares soared by 101% to $45.17, as the company revealed its acquisition by Arcline for $1.8 billion. Processa Pharmaceuticals, Inc. (PCSA) also experienced a surge, with shares jumping by 27% to $0.2570 after the company announced the expansion of the NGC-Cap program into advanced or metastatic breast cancer. Tricon Residential Inc. (TCN) rounded out the list with a 28% rise to $11.07 following the company’s announcement of an arrangement agreement for acquisition.
Stocks on the Decline
C3is Inc. (CISS) shares plummeted by 64% to $0.1340 after announcing the pricing of a $7.0 million upsized underwritten public offering. Azitra, Inc. (AZTR) saw a 32% decrease to $1.39 following a firm commitment public offering of 3 million shares of common stock. iRobot Corporation (IRBT) also experienced a decline, falling by 28% to $17.10 amid reports suggesting the EU’s plan to block Amazon’s acquisition of the company.
Commodity Market Movement
Oil closed down by 0.8% to $73.46, while gold edged up 0.4% to reach $2,028.80. Meanwhile, silver saw a 0.5% decrease to $22.685, and copper rose by 1% to $3.7835 on Friday.
Global Market Landscape
In the Eurozone, despite London’s FTSE 100 edging up by 0.04%, most European shares closed lower, with the eurozone’s STOXX 600 falling by 0.26%. Moreover, Asian markets closed with mixed results, as Japan’s Nikkei 225 gained 1.40%, Hong Kong’s Hang Seng Index fell 0.54%, and China’s Shanghai Composite Index declined by 0.47%. India’s S&P BSE Sensex closed with a rise of 0.70%.
Economic Indicators
U.S. existing-home sales slid by 1.0% from a month ago to an annualized rate of 3.78 million units in December, marking the lowest level since Aug. 2010. Nevertheless, the University of Michigan’s consumer sentiment jumped to 78.8 in January, the highest level since July 2021. Additionally, the total number of active U.S. oil rigs fell by 2 to 497 rigs this week, as reported by Baker Hughes Inc.