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Afternoon Note

Tech Earnings Cheer

By Karina Hernandez, Senior Research Analyst
2/2/2024 1:11 PM

Robust reports from Meta Platforms (META) and Amazon (AMZN0 are driving gains in the Nasdaq and S&P 500 this afternoon. META is rocketing to record highs and on track to be the single biggest one-day increase in market value of any U.S. public company, as investors cheer its latest earnings report.

Communication Services, Consumer Discretionary and Technology are the strongest sectors. The safe havens are lagging with the Utility sector losing over 2%.

Not participating in the rally is Tesla (TSLA), which is down again on news that is recalling over $2m vehicles in the US due to issues with the lights. 

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The Consumer Sentiment index from University of Michigan was revised higher in January, moving up to 79 from 78.8. The index joins the list of indicators that suggest the economy is taking off rather than landing.

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Market breadth is bullish, except for more new lows than highs on the NASDAQ.

Market Breadth









New Highs



New Lows



Up Volume

622.9 million

1.08 billion

Down Volume

1.15 billion

1.49 billion

Have a great weekend.

The Tesla "recall" requires a software patch that will be delivered transparently, per Tesla"s X account.

Anyone think the negative coverage has anything to do with Musk bucking the globalist efforts to ignore the 1st amendment?

Michael on 2/3/2024 9:44:30 AM

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