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S&P 500 hits another record, Dow reaches all-time high, and tech stocks rally

The S&P 500 stabilised on Friday after hitting another record as investors wrapped the week on a high note.

The S&P 500 inched higher by 0.03 per cent to close at 5,088.80. Earlier Friday, the broad market index broke above 5,100 for the first time. The Dow Jones Industrial Average added 62.42 points, or 0.16 per cent, also reaching a fresh record and closing at an all-time high of 39,131.53. The Nasdaq Composite lost 0.28 per cent to close at 15,996.82, but had notched a fresh 52-week high earlier in the session.

All three major averages registered winning weeks. The S&P 500 advanced 1.66 per cent, while the tech-heavy Nasdaq gained 1.4 per cent last week. The Dow is up 1.3 per cent for the period.

Wall Street is coming off a monster day as Nvidia shares roared on strong quarterly results, leading the chipmaker to briefly surpass a $2 trillion valuation.

On the corporate earnings front, Block surged 16.1 per cent after fourth-quarter revenue surpassed Wall Street estimates. Carvana climbed 32.1 per cent after the used car retailer said it expects retail units to grow in 2024.

US sectors were mixed on Friday. Utilities, Materials and Industrials were the top performers. Energy was the worst.

Looking ahead to the Australian landscape, Coles will reveal its profit report on Tuesday, Woodside will report its annual result also on Tuesday, and insurers Suncorp and NIB are due to release their interim numbers on Monday.

In addition to the earnings reports, Australian retail sales data for January is expected to be released on Thursday, showing a rebound after a December decline. Furthermore, CoreLogic will release house price data for February on Friday, projecting a gain in the median house price across eight capital cities.
 
Futures

The SPI futures are pointing to a 0.1 per cent gain.

Currency

One Australian dollar at 7.40am was buying 65.63 US cents.

Commodities

Gold added 0.93 per cent. Silver gained 0.81 per cent. Copper lost 0.37 per cent. Oil dropped 2.70 per cent.

Figures around the globe

European markets closed higher. London’s FTSE added 0.28 per cent, Frankfurt also gained 0.28 per cent, and Paris gained 0.70 per cent.

Turning to Asian markets, Tokyo’s Nikkei was closed on Fridayt, Hong Kong’s Hang Seng fell 0.10 per cent and China’s Shanghai Composite added 0.55 per cent..

On Friday, the Australian share market closed 0.42 per cent higher at 7,643.59.

Ex-dividends
Ansell Limited (ASX:ANN) is paying 25.2139 cents unfranked
Aurizon Holdings Ltd (ASX:AZJ) is paying 9.7 cents 60 per cent franked
Codan Limited (ASX:CDA) is paying 10.5 cents fully franked
Contact Energy Ltd (ASX:CEN) is paying 12.8169 cents unfranked
Domino Pizza Enterpr (ASX:DMP) is paying 55.5 cents unfranked
HMC Capital Limited (ASX:HMC) is paying 6 cents unfranked
Hansen Technologies (ASX:HSN) is paying 5 cents 46 per cent franked
Humm Group Limited(ASX:HUM) is paying 0.75 cents fully franked
Infomedia Ltd (ASX:IFM) is paying 2.2 cents fully franked
McGrath Ltd (ASX:MEA) is paying 3 cents fully franked
Santos Ltd (ASX:STO) is paying 26.7953 cents unfranked
Winton Land (ASX:WTN) is paying 0.516 cents unfranked

Dividends payable
Waypoint REIT Ltd (ASX:WPR)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

Disclaimer

The views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.