S&P 500 ekes out intraday record before ending down with Dow, Nasdaq on mixed company news

Compare
Payout Min deposit Promo code Win rate(%) Welcome bonus Rating
Gama
60 min. 20 $ RUBYSKYE 60 % 500 + FS
PLAY NOW
1win
2 hr. 20 $ RUBYSKYE 60 % 500 + FS
PLAY NOW
Promo
Catcasino
60 min. 40 $ RUBYSKYE 60 % 500$ +150 FS
PLAY NOW
Promo
Vavada
60 min. 40 $ RUBYSKYE 60 % 500$ +150 FS
PLAY NOW
Better
60 min. 20 $ RUBYSKYE 60 % 500 + FS
PLAY NOW

Major U.S. stock indexes slipped to break their four-session winning streak, but they still managed to notch their second consecutive weekly gain after President Donald Trump softened his tone on tariffs, and called for lower interest rates and cheaper oil in his first week back in the White House.

Trump suggested 25% duties on Canada and Mexico on Feb. 1, which is later than his prior pledge to initiate tariffs on his first day. He also mentioned tariffs of only 10% on all Chinese imports, which would be considerably lower than the 60% he proposed on the campaign trail.

“This has left investors with the feeling that not only are his tariff plans likely lower down on the priority list, but they may end up being far less aggressive than initially feared,” said Matthew Ryan, head of market strategy at global financial services firm Ebury.

Further fueling stock gains, Trump told world leaders gathered in Davos, Switzerland on Thursday he would demand lower interest rates and ask Saudi Arabia and other oil-producing countries to cut the cost of oil. Oil fell 0.09% to $74.55 per barrel.

The broad S&P 500 ended down 0.29%, or 17.47 points, to 6,101.24, below its record close on Thursday of 6,118.71 and intraday record of 6,128.18 reached near the open. The blue-chip Dow fell 0.32%, or 140.82 points, to 44,424.25, and the tech-heavy Nasdaq inched lower 0.5%, or 99.38 points, to 19,954.30. The benchmark 10-year Treasury yield dipped to 4.617%.

See also  GameStop Swings to a Profit Despite Revenue Dip
Achi (the dog from the famous dogwifhat meme) is seen at the opening bell of the New York Stock Exchange in New York, on January 23, 2025. Dogwifhat (WIF) is a Solana-based dog-themed memecoin that was launched in November 2023. It features a Shiba Inu wearing a knitted hat as its mascot. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)

Although Trump said he would “demand” lower interest rates, the Federal Reserve is in charge of monetary policy and generally works independently within government.

The Fed’s slated to meet next week and make a policy announcement on Wednesday. After a string of strong data, including a blowout December jobs report, almost no one expects the Fed to lower rates, according to the CME’s FedWatch tool that tracks what the market thinks are the odds of a rate move.

The Fed’s short-term benchmark fed funds target is 4.25% to 4.5%.

With tariffs on the back burner of investors’ minds for now, they can turn their attention back to corporate news, especially earnings. Some of the day’s top company news includes:

  • Verizon’s earnings in the last three months of last year beat analysts’ expectations. The wireless provider also saw its best postpaid phone subscriber growth in five years, surprising analysts. Shares closed up nearly 1%.

  • Novo Nordisk shares rallied about 8.5% on positive early-stage results for its once weekly amycretin obesity drug.

  • Twilio issued a stronger-than-expected earnings outlook, and its shares jumped 20%

  • Texas Instruments warned its first-quarter profits would miss analysts’ forecasts as it contends with inventory buildup in its key automotive and industrial markets. Shares ended down 7.5% for its worst day since March 2020.

  • CSX shares declined nearly 3% after the transport company said its fourth-quarter results dropped due to sharp declines in coal and fuel surcharge revenue.

  • Intuitive Surgical stock slumped 4.4% for its worst day since October 2023 after the company cut its gross profit margin outlook.

  • Last night, Boeing warned of a larger-than-forecast fourth-quarter loss due to a prolonged strike, charges related to U.S. government projects and expenses linked to a slew of job cuts. Shares shed 1.37%.

See also  Should You Buy Palantir Stock Before Dec. 13?

Translate »