The Dow Jones Industrial Average rebounded Friday as Israel and Iran appeared to step back from the brink of a larger confrontation following Israeli airstrikes overnight. But the other major U.S. stock indexes were in the red Friday afternoon.
The Dow jumped 208 points in Friday afternoon trading, or about 0.5%, to 37,983. But the Nasdaq dropped 217 points, or 1.4%. The S&P 500 was also in the red, down 23 points, or about 0.5%.
Oil markets that have been on edge for months remained so to start the day and then calmed a bit. West Texas Intermediate futures were trading 0.23% higher at $82 a barrel, while Brent crude futures gained 0.06% to $87 a barrel.
And U.S. mortgage rates hit a new high for the year as inflation fears to creep up. The average rate on the 30-year fixed mortgage hovered between 7.4% and 7.5% this week, according to Mortgage News Daily’s daily data — its highest daily level since last November.
Super Micro Computer stock plummets
Super Micro Computer stock fell sharply Friday, just days after a steep gain for the AI hardware company. The company said Friday, 11 days before its scheduled March-quarter earnings release, that it won’t pre-announce its results and that it will report fiscal third-quarter on April 30.
That spooked investors who worried the company’s earnings might not meet expectations. Super Micro Computer stock was down 18.6% on Friday afternoon, the day’s biggest loser in the S&P 500.
Paramount stock jumps on potential buyout offer
Shares of Paramount Global soared almost 13% on Friday afternoon, making it the day’s best performer in the S&P 500. The rise came after Reuters reported that Sony Pictures Entertainment and Apollo Global Management are in discussions about a possible joint bid to acquire Paramount.
Netflix falls on warnings of subscriber numbers dipping
Netflix stock was down 8.8% in Friday afternoon trading, after the company reported its first quarter earnings on Thursday. The dip followed Netflix’s forecast that subscribers will be lower during the second quarter, which the company blamed on “seasonality.”
Netflix CEO Greg Peters told investors during the company’s earnings call on Thursday that because the company has been “essentially cutting off some viewers” though its password-sharing crackdown, it is prepared to “lose some of the viewing associated with that.”
American Express profit jumps 34%
American Express reported a 34% jump in first-quarter profits on Friday due to more customers using its cards and keeping balances. The company reported a first-quarter profit of $2.44 billion, equivalent to $3.33 per share. That’s an increase from $1.82 billion in the same period last year. The results were better than what Wall Street had predicted
American Express stock was up 5.3% Friday afternoon.
Trump Media stock rebounds
After a weeks-long downward spell, Trump Media & Technology Group stock has been back on the rise. The streak has recovered roughly $1 billion in market value for Trump Media, the company behind former President Donald Trump’s Truth Social.
The stock was up another 1.8% Friday afternoon.
Bitcoin rebounds as the ‘halving’ approaches
After days of tumultuous trading, Bitcoin finally returned to above the $65,000-level Friday morning, thanks to its big “halving” event. The jump in Bitcoin price is a relief for investors after analysts at big banks including JPMorgan and Goldman Sachs have been less confident about the top cryptocurrency in their recent reports.
The positive sentiment spread across the crypto sphere, lifting the global crypto market cap to $2.35 trillion, 4% higher than the previous day, according to CoinMarketCap.
–Francisco Velasquez and Rocio Fabbro contributed to the article