Wall Street opens mixed, Dow Jones falls 0.39%

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News Team

The stock market in New York opened on Friday with mixed results. The Dow Jones Industrial Average, the main indicator, fell by 0.39% after the latest employment report in the United States was released. This report caused yields on the 10-year Treasury bond to increase, which offset the gains generated by technology companies.

Thirteen minutes after the market opened, the Dow Jones was at 38,370 points, and the S&P 500 rose by 0.20% to 4,916 points. The Nasdaq composite index, where large technology companies are listed, increased by 0.64% to 15,460 units following the results of Apple, Meta, and Amazon.

The unemployment rate in the United States remained at 3.7% in January, with 353,000 jobs created in the month. This data was published by the Bureau of Labor Statistics (BLS). Strong economic data pushed Treasury yields up to 3.993%, offsetting the gains in the main indicators.

The rise in the bond was driven by the good quarterly results of the five largest technology companies in the United States, including Alphabet, Amazon, Apple, Meta, and Microsoft, which together earned $94 billion in the last quarter. Meta saw a 20% increase, and Amazon rose by 6.56% at the opening of the stock market.

Additionally, the market continued to react to the latest comments from the Federal Reserve (Fed), which suggested that there would be no immediate interest rate cuts. By sector, early gains were seen in communications (3.43%) and non-essential goods (1.23%), while the real estate sector (-2.24%) and raw materials (-2.07%) experienced the greatest losses.

Among the 30 Dow Jones values, Chevron (2.3%) and Microsoft (1.18%) saw advances, while Walgreens (-2.49%) and Home Depot (-2.41%) experienced declines. The market also saw business results from oil companies, with Chevron rising by 1.76% despite a reduction in its 2023 profits, and Exxon falling by 0.67% after announcing a 35% drop in its profits last year.

Overall, the stock market in New York opened with mixed results, driven by a variety of factors including employment data, technology company earnings, and comments from the Federal Reserve. These factors have contributed to fluctuations in the market across different sectors and individual companies.

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