S&P 500 Hits New High on Apple Earnings: Stock Market Today
The S&P 500 and Nasdaq Composite reached new highs on Friday, driven by strong earnings from Apple and other mega-cap companies. Apple rounded out a big week of mega-cap earnings on a high note, sending two of the three main equity indexes to new highs on Friday.
Stocks were mostly positive to start the new month, with the latest round of corporate earnings lifting the S&P 500 and Nasdaq Composite to new record highs. The Dow Jones Industrial Average, on the other hand, wasn’t so resilient, finishing Friday in the red as several high-priced components sold off.
Apple Earnings Boost S&P 500
At the close, the S&P 500 was up 0.3% at 7,230 and the Nasdaq had added 0.9% to 25,114 — fresh all-time closing highs. The Dow was down 0.3% at 49,499.
Earnings from Apple (AAPL) generated the most buzz, with the blue chip stock jumping 3.2% after its higher-than-expected fiscal second-quarter print. To learn more about Apple stock price and its impact on the market, click here.
Apple saw year-over-year revenue growth across all its categories, including a nearly 22% jump in iPhone sales. It also saw increased revenue across all regions, with sales in China — where the company has struggled in recent quarters — up 28% from the year-ago period.
Atlassian Soars on Strong Earnings
Atlassian (TEAM) was another post-earnings winner, with the tech stock soaring 29.6% after the software company reported a fiscal third-quarter beat. To know more about Atlassian stock news, visit our website.
Earnings were up 80.4% year over year to $1.75 per share, while revenue rose 32% to $1.79 billion. Cloud revenue was 29% higher, while data center revenue surged 44%.
Amgen Falls on FDA Concerns
At the other end of the spectrum was Amgen (AMGN), with the blue-chip biotech diving 4.8% after earnings, making it the worst Dow Jones stock of the day. To get updates on Amgen stock price today, follow our blog.
Amgen reported higher-than-anticipated earnings and revenue for its first quarter and raised its full-year guidance. Still, investors appear to be concerned over the Food and Drug Administration’s (FDA) proposal to withdraw approval for Amgen’s blood vessel inflammation drug Tavneos after it was linked to several cases of serious liver injuries.
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