FRC - Nasdaq Dow S&P 500 surge as Meta fuels tech rally

2023-04-27 16:11:05 ET

U.S. stocks surged on Thursday as strong earnings from Meta ( META ) encouraged buying in the technology space. Meanwhile, stabilization in First Republic ( FRC ) signaled easing tension in the regional banking space.

The Nasdaq Composite ( COMP.IND ) finished +2.4% , the benchmark S&P 500 ( SP500 ) closed +2.0% and the Dow ( DJI ) ended +1.6% .

Following close on the heels of an earnings-inspired rally in Microsoft ( MSFT ), Facebook parent Meta ( META ) surged 14% as a recovery in ad sales helped the company beat expectations on earnings and revenue.

On the economic front, the government released figures on Q1 economic growth that came in below expectations. The initial estimate of Q1 GDP showed growth of only 1.1%, significantly lower than the 2.6% growth seen in the fourth quarter and below the expectation of a 2.0% rise.

In response to the latest economic data, Treasury yields pushed higher. The 10-year yield ( US10Y ) rose 10 basis points to 3.53%, while the more rate-sensitive 2-year yield ( US2Y ) climbed 17 basis points to 4.09%.

Elsewhere on the earnings front, Crocs ( CROX ) dropped following the release of its quarterly update. While the footwear maker topped projections with its Q1 results, the firm issued a disappointing Q2 forecast .

For further details see: