We’re diving into why stocks are up on Friday with our latest market update.
The stock market has been through a rough time these last few weeks. That’s the result of increasing concerns from investors over rising inflation and the Federal Reserve’s plans to hike interest rates higher.
However, things are finally looking up as both the S&P 500 and the Nasdaq Composite are heading higher today. So why exactly are stocks up on Friday? A big part of it has to do with Apple (NASDAQ:AAPL)
The tech giant released its earnings report for its fiscal first quarter of 2022. The results pleased investors with revenue jumping 11% year-over-year. In addition to that, CEO Tim Cook said that supply chain issues are starting to sort themselves out.
One of the biggest factors affecting the U.S. economy over the last year is supply chain problems. That’s resulted in delays for just about everything. Chief among these are computer chips, which are used by various tech companies, as well as the automotive industry. Recent estimates have that shortage coming to an end midway through the year.
Of course, there’s still the Covid-19 Omicron to deal with but it’s not hitting markets as hard as expected. Earlier this week, airline stocks jumped on talk that travel trends will start to recover partway through the year. That’s a good sign for the market as it means customers aren’t afraid to travel due to the newest coronavirus variant.
The S&P 500 is up 1.2% and the Nasdaq Compositive is up 1.7% as of Friday afternoon.
Investors that want a deeper dive into the state of the stock market today will want to stick around!
We’ve got all the latest stock market coverage that traders need to know about for Friday. Among that is Affirm (NASDAQ:AFRM) stock price predictions, why steel stocks are on the rise today, as well as details from the recent Knightscope (NASDAQ:KSCP) initial public offering (IPO). You can find all of that info at the following links!
More Stock Market News for Friday
- Affirm Stock Price Prediction: The Analyst Upgrade Giving AFRM a Boost Today
- Steel Stocks Alert: Why Are X, NUE, CLF Stocks in the Spotlight Today?
- Knightscope IPO: 15 Things for Potential KSCP Stock Investors to Know as Shares Surge
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.