Nasdaq closes higher ahead of heavy week of earnings

by Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl, Reuters

The Nasdaq ended higher on Friday, driven by megacap shares, as investors awaited quarterly results from some of Wall Street’s biggest companies next week.

Tesla (TSLA.O), opens new tab shares rose a day after surging 22% on the electric vehicle maker’s sales forecast. Apple (AAPL.O), opens new tab and Microsoft (MSFT.O), opens new tab also firmed.

“Tesla numbers helped rekindle some optimism of investors that the Magnificent Seven rally is not over,” said Brian Jacobsen, chief economist at Annex Wealth Management.

He was referring to the group of interest rate-sensitive technology stocks which have surged on enthusiasm for artificial intelligence. Chip heavyweight Nvidia (NVDA.O), opens new tab gained, briefly overtaking Apple (AAPL.O), opens new tab as the world’s most valuable company based on its shares.

 

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