Stocks remained volatile on Friday as major indexes stayed near record highs. With a light economic calendar, investors focused on individual stock news for potential market movers.
In earnings news, Take-Two Interactive Software (TTWO) saw a 1.2% gain after reporting stronger-than-expected fiscal fourth-quarter bookings. However, the company also announced a delay in the release of Grand Theft Auto VI until the fall of 2024.
On the flip side, DXC Technology (DXC) plummeted 16.9% after providing weaker-than-expected fiscal first-quarter guidance. Analysts expressed concerns about the company’s turnaround efforts and potential challenges ahead.
In a surprising turn of events, Robinhood Markets (HOOD) received a double-upgrade from BofA Securities analyst Craig Siegenthaler, who raised the stock to Buy from Underperform and increased the price target. This bullish note sent HOOD shares soaring 12.2% for the day.
Another standout performer was Reddit (RDDT) stock, which surged 10.0% following a new partnership with artificial intelligence research firm OpenAI. The deal is expected to bring significant annual earnings for Reddit, according to analysts.
Despite the mixed performance of individual stocks, the Dow Jones Industrial Average closed above the 40,000 mark for the first time, while the S&P 500 and Nasdaq Composite also posted gains. This marked the fifth consecutive weekly win for the Dow and the fourth for the S&P 500 and Nasdaq.
Looking ahead, investors are keeping an eye on the release of the Fed meeting minutes and Nvidia’s quarterly earnings next week, which could potentially impact market volatility. Analysts are closely watching Nvidia’s results for insights into the AI trade and overall market sentiment.
