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    Nasdaq Surges Over 300 Points; Apple Shares Fall After Q2 Results

    Benzinga·05/02/2025 18:33:05
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    U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite surging more than 300 points on Friday.

    The Dow traded up 1.43% to 41,337.37 while the NASDAQ climbed 1.76% to 18,023.33. The S&P 500 also rose, gaining, 1.61% to 5,694.47.

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    Leading and Lagging Sectors

    Communication services shares jumped by 2.7% on Friday.

    In trading on Friday, consumer staples stocks rose by just 0.6%.

    Top Headline

    Shares of Apple Inc. (NASDAQ:AAPL) fell around 4% on Friday after the company reported results for its fiscal second quarter.

    The company posted quarterly revenue of $95.36 billion, beating analyst estimates of $94.53 billion. The Cupertino-based company reported second-quarter earnings of $1.65 per share, beating analyst estimates of $1.63 per share.

    The company’s CEO Tim Cook said that the tech giant expects a $900 million cost impact in the June quarter due to tariffs.

    Equities Trading UP
                           

    • Polyrizon Ltd. (NASDAQ:PLRZ) shares shot up 295% to $1.0002. The company recently reported successful safety study of a formulation of PL-14 allergy blocker in human nasal tissue model.
    • Shares of Freight Technologies, Inc. (NASDAQ:FRGT)got a boost, surging 111% to $2.0808 on continued strength after the company on Thursday announced it entered into an agreement for the issuance of convertible notes through a facility of up to $20 million. Capital from the financing will be earmarked for purchasing Official Trump Tokens.
    • Adaptive Biotechnologies Corporation (NASDAQ:ADPT) shares were also up, gaining 36% to $10.02 after the company reported first-quarter financial results and beat its EPS and revenue estimates.

    Equities Trading DOWN

    • Pineapple Financial Inc. (NYSE:PAPL) shares dropped 34% to $0.1289 after the company announced a $1.5 million public offering.
    • Shares of Cable One, Inc. (NYSE:CABO) were down 42% to $152.23 after the company reported worse-than-expected first-quarter financial results. Additionally, Keybanc downgraded the stock from Overweight to Sector Weight.
    • Draganfly Inc. (NASDAQ:DPRO) was down, falling 35% to $1.9050 after the company priced a $3.6 million underwritten public offering at $2.10 per unit

    Commodities

    In commodity news, oil traded down 1.5% to $58.38 while gold traded up 0.4% at $3,234.20.

    Silver traded down 1% to $32.150 on Friday, while copper rose 1.2% to $4.6825.

    Euro zone

    European shares were higher today. The eurozone's STOXX 600 gained 1.67%, Spain's IBEX 35 Index gained 1.2% while London's FTSE 100 rose 1.17%. Germany's DAX 40 rose 2.62% and France's CAC 40 added 2.33% during the session.

    Asia Pacific Markets

    Asian markets closed higher on Friday, with Japan's Nikkei gaining 1.04%, Hong Kong's Hang Seng Index surging 1.74% and India's BSE Sensex rising 0.32%.

    Economics

    • Nonfarm payrolls increased by 177,000 last month, slightly down from a downwardly revised 185,000 in March, according to data released Friday by the Bureau of Labor Statistics. The outcome surpassed both economist forecasts for a 130,000 gain and betting markets – tracked by CFTC-regulated platform Kalshi – which had priced in a 90,000 increase.
    • The unemployment rate remained unchanged at 4.2%, as expected.
    • New order for U.S. manufactured goods rose by 4.3% to $618.8 billion in March.

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