Nasdaq Surges Over 100 Points; M&T Bank Posts Upbeat Earnings

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 100 points on Friday.

Following the market opening Friday, the Dow traded up 0.13% to 49,508.69 while the NASDAQ surged 0.51% to 23,649.47. The S&P 500 also rose, gaining, 0.28% to 6,963.79.

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Leading and Lagging Sectors

Information technology shares gained by 0.9% on Friday.

In trading on Friday, utilities stocks dipped by 1.2%.

Top Headline

M&T Bank (NYSE:MTB) reported upbeat earnings for the fourth quarter on Friday.

The company posted quarterly earnings of $4.72 per share which beat the analyst consensus estimate of $4.47 per share. The company reported quarterly sales of $2.475 billion which beat the analyst consensus estimate of $2.474 billion.

Equities Trading UP
           

• Venus Concept Inc (NASDAQ:VERO) shares shot up 367% to $6.68. Madryn Asset Management reported a stake of 91% in Venus Concept in an amended 13D filing on Thursday.
• Shares of Jeffs Brands Ltd (NASDAQ:JFBR) got a boost, surging 131% to $1.29 after the company announced its subsidiary, KeepZone AI, entered into a non-exclusive distribution agreement with STI.
• Locafy Ltd (NASDAQ:LCFY) shares were also up, gaining 74% to $5.46 after the company announced it expanded its partnership with Experience.com.

Equities Trading DOWN

• Callan JMB Inc (NASDAQ:CJMB) shares dropped 29% to $2.98. Callan JMB recently signed a strategic teaming agreement with Biostax Corp d/b/a Attune Biotech to provide comprehensive federal oversight services.
• Shares of Youlife Group Inc (NASDAQ:YOUL) were down 24% to $0.96.
• Erayak Power Solution Group Inc (NASDAQ:RAYA) was down, falling 24% to $3.00. Shares of electrical equipment companies traded lower amid overall market weakness.

Commodities

In commodity news, oil traded up 1.1% to $59.82 while gold traded down 0.6% at $4,598.10.

Silver traded down 4.6% to $88.070 on Friday, while copper fell 2.9% to $5.8170.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.1%, while Spain's IBEX 35 Index rose 0.1%. London's FTSE 100 slipped 0.1%, Germany's DAX fell 0.2% and France's CAC 40 slipped 0.6% during the session.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan's Nikkei falling 0.32%, Hong Kong's Hang Seng Index declining 0.29%, China's Shanghai Composite falling 0.26% and India's BSE Sensex gaining 0.23%.

Economics

The Federal Reserve Bank of New York's general business activity index climbed to -16.1 in January from -20.0 in the prior month.

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