Newell Brands is experiencing its best session in nearly four years, with shares soaring around 10% after the company exceeded Wall Street expectations for the first quarter. The parent company of popular brands like Rubbermaid and Sharpie is on track for its biggest one-day gain since July 2023. Despite this impressive rally, shares are still down about 12% for the year.
The positive momentum in the market is not limited to Newell Brands, as other companies are also seeing significant movements. Alphabet, the parent company of Google, is up 10% after reporting first-quarter results that surpassed estimates and authorizing its first-ever dividend along with a $70 billion buyback. Exxon Mobil, on the other hand, fell more than 2% after missing analysts’ forecasts for the first quarter.
The Nasdaq Composite is also on the rise, driven by strong earnings results from Alphabet and Microsoft. The tech-heavy index is tracking for its best day since February, with a 2.1% jump. This positive trend is reflected in the broader market, with the New York Stock Exchange seeing advancers outnumbering decliners by a ratio of 3-1.
In the currency market, the U.S. dollar has reached a new 34-year high against the Japanese yen, hitting 156.896. This surge in the dollar comes as Japan’s benchmark Nikkei index ended the week up 2.34%, its best performance since March.
Overall, the market is showing signs of strength and resilience, with various sectors and companies experiencing significant movements. Investors are closely watching these developments as they navigate the ever-changing landscape of the financial markets.
