Stocks rally but January still worst since March of 2020

78% of S&P 500 companies have exceeded earnings expectations

U.S. stocks finished with broad gains as investors wound down a volatile month and ahead of another busy week for earnings and jobs data. 

The Nasdaq Composite took the lead rising 3.4% as Tesla and Netflix led the gains. 

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 11264.448243 -270.83 -2.35%
TSLA TESLA INC. 628.16 -46.74 -6.93%
NFLX NETFLIX INC. 180.34 -7.10 -3.79%

The Dow Jones Industrial Average rose over 406 points or 1.1%, reversing morning losses and the S&P 500 gained 1.9%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 31928.62 +48.38 +0.15%
SP500 S&P 500 3941.48 -32.27 -0.81%

Despite the rally, the S&P 500 clocked its worst month since March of 2020 down 5.3%, the Nasdaq lost 9% and the Dow 3%. 

Ticker Security Last Change Change %
BA THE BOEING CO. 119.48 -4.55 -3.67%

Boeing rose after announcing a new $6.8 billion order from Qatar Airways for GE9X engines as part of its global launch order of up to 50 Boeing 777-8 Freighters.  The commitment, which includes 34 firm 777-8 orders and an additional 16 purchase right options, also includes GE90 engines for an additional order of two Boeing 777 Freighters.

Ticker Security Last Change Change %
MRNA MODERNA INC. 132.06 -5.56 -4.04%

Moderna also rose after the Food and Drug Administration fully cleared is COVID-19 use for individuals 18 and over. Prior to, the vaccine was being administered via emergency use classification.  

Deal-making was active Monday with Sony Interactive announcing plans to buy Bungie, the maker of the Halo and Destiny titles, for $3.6 billion. This follows Microsoft's $69 billion purchase of Activision. 

Ticker Security Last Change Change %
SONY SONY GROUP CORP. 89.03 -0.74 -0.82%
MSFT MICROSOFT CORP. 259.62 -1.03 -0.40%
ATVI ACTIVISION BLIZZARD INC. 77.03 -0.17 -0.22%

Also, Citrix Systems confirming it will go private in a deal valued at $16.5 billion as Evergreen Coast Capital Corporation, an affiliate of Elliott Investment Management L.P and Vista Equity Partners, acquire the company.

Ticker Security Last Change Change %
CTXS CITRIX SYSTEMS INC. 99.52 -0.26 -0.26%

Blackberry is selling the majority of its patents tied to a legacy smartphone arm for $600 million to Catapult IP Innovations.

Ticker Security Last Change Change %
BB BLACKBERRY LTD. 5.74 -0.23 -3.86%

And J.B. Hunt Transport Services Inc is buying Bassett Furniture Industries, Inc.'s Zenith Freight Lines, in a deal valued at $87 million. 

Ticker Security Last Change Change %
JBHT J.B. HUNT TRANSPORT SERVICES INC. 161.94 -3.98 -2.40%
BSET BASSETT FURN 14.84 0.00 0.00%

In earnings news, Cirrus Logic and NXP Semiconductor are set to report on Monday. 

Ticker Security Last Change Change %
CRUS CIRRUS LOGIC INC. 78.52 -0.35 -0.44%
NXP NUVEEN SEL T-F P 3 FD 13.76 +0.12 +0.88%

Later in the week tech will be in focus with Amazon, Google, and Meta Platforms, formerly Facebook, set to report.  

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 2,082.00 -69.14 -3.21%
GOOGL ALPHABET INC. 2,119.40 -110.36 -4.95%
FB META PLATFORMS INC. 181.28 -14.95 -7.62%

Sony Pictures' "Spider-Man: No Way Home" grossed $11 million over the weekend, according to studio estimates Sunday, bringing its domestic total to $735.9 million. The Marvel hit has accounted for a huge percentage of the month’s ticket sales.

Ticker Security Last Change Change %
SONY SONY GROUP CORP. 89.03 -0.74 -0.82%

In commodities, oil hovered around the $87 per barrel level ahead of OPEC's meeting this week. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 81.96 -0.01 -0.01%

DRUGMAKERS RAISED PRICES BY 6.6% ON AVERAGE EARLY THIS YEAR

Asian stocks followed Wall Street higher Monday at the start of a week when China, South Korea and Southeast Asian markets will close for the Lunar New Year holiday.

CATHIE WOOD’S ARK FACES LOYALTY TEST AFTER TECH-STOCK ROUT

The major cryptocurrencies – Bitcoin, Ethereum and Dogecoin were all down. 

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The Associated Press contributed to this report.