This report is from today's international market newsletter CNBC Daily Open. The CNBC Daily Open provides investors with everything they need to know, no matter where they are. Like what you see?You can subscribe here.
What you need to know today
Korea leads in profits
In Asia, South Korean markets led gains on Friday after Wall Street rebounded from the previous session's decline. The Kospi rose, and the small-cap Kosdaq also rose. The rest of the regions mostly rose. Overnight, Wall Street closed on a positive note. The Dow Jones Industrial Average (30 stocks) hit a new high and closed higher, wiping out the previous day's losses. The S&P 500 rose 1.25%, and the tech-heavy Nasdaq also rose.
Meta, Amazon's revenue exceeds
Shares in Facebook's parent company Meta soared after the company received better-than-expected results and its first-ever dividend. The results showed that the company's online advertising business continues to recover from a difficult 2022. Amazon also gave an upbeat outlook for the first quarter after reporting results that easily beat expectations.
Apple's China woes
Apple reported fiscal first-quarter profits that beat revenue and profit expectations. However, sales in China, one of its major markets, fell by 13% and the stock price fell in after-hours trading. Apple's outlook also suggests weak iPhone sales.
Demand for gold soars
Geopolitical tensions and China's economic downturn have pushed gold demand to a record high in 2023, the World Gold Council reported. Total gold demand, including over-the-counter transactions and inventory flows, was 4,741 tonnes in 2022, compared to 4,899 tonnes last year.
[Pro] energy top picks
Jevons Global's Kingsley Jones told CNBC that he believes oil has potential despite geopolitical tensions and oil price fluctuations impacting the sector. Told. He picked the top energy stocks for the long and short term.
conclusion
It was a hugely profitable day for Big Tech companies.
Three “Magnificent 7” results dominated the headlines: Meta, Amazon, and Apple.
Wall Street appears to have been particularly impressed by the performance of Facebook's parent company Meta.
Meta shares rose 15% after the social media giant missed analyst expectations. Revenue was $40.11 billion, and the company posted an impressive profit of $5.33 per share. The company also announced its first-ever dividend payment, pegged at 50 cents.
Investors also rejoiced as Amazon's earnings easily exceeded Wall Street expectations. The e-commerce giant also gave a solid outlook for the current quarter. Shares rose 7% in extended trading.
“This fourth quarter was a record holiday shopping season, capping off a strong 2023 for Amazon,” CEO Andy Jassy said in a statement. “As we enter 2024, our team is rapidly achieving results and we have a lot to be excited about in front of us.”
However, Apple did not receive similar treatment despite announcing strong financial results.
It also exceeded expectations and reported an increase in sales for the first time in a year. However, the tech giant's shares fell more than 2% in extended trading after sales in China fell by 13%. Apple's outlook, which suggests weak iPhone sales, may also have disappointed investors.
Well, this marks the end of earnings season for big tech companies.
Investors' focus will shift to other indicators as January's U.S. jobs report is released on Friday, looking for clues about the strength of the labor market and the broader economy.
—CNBC's Jonathan Vanian contributed to this report.
