Nasdaq and major indices finish earnings week in green
The Nasdaq 100 closed Friday week at an all-time high. In fact, all the major indices in New York and Toronto gained for the week as earnings nudged markets higher as geopolitics took a rest. The Nasdaq rose the highest, up 0.70%, on Friday, though the S&P (up 0.41%) is within reach of its all-time high. Many tech stocks reported this week with Tesla, Microsoft and Intel being the big gainers by beating the street and pushing the Nasdaq higher.
Intel leapt 8.10% on Friday after a strong earnings report after-hours on Thursday. Nearly lost amid the tech darlings were the airlines. American Airlines reported a Q3 earnings beat, despite rising costs from the grounding of the Boeing 737 Max. AA soared 4.93% Friday. Not all news was good on Friday, however. AB InBev investors were crying in their Budweiser as the world’s biggest brewer plunged 10.67% after missing its quarterly revenue and lowering guidance due to sales pressure in China.
In Toronto, several energy stocks surprisingly rose on Friday: Precision Drilling gained 9.56% after an earnings beat, Husky Energy, which just announced layoffs, was up 4.61%, and Meg Energy climbed 2.93% mostly in the last hour of trading.