Stock market today: Nasdaq, S&P 500, Dow rise as investors embrace Apple earnings

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US stocks rose on Friday after solid earnings from Apple (AAPL) and as the Federal Reserve’s preferred inflation gauge matched expectations. Investors also braced for a looming tariff deadline.

The tech-heavy Nasdaq Composite (^IXIC) climbed 0.9%, with spirits getting a boost from solid tech earnings. The S&P 500 (^GSPC) moved up roughly 0.5%, while the Dow Jones Industrial Average (^DJI) added 0.3%, both set to build on Thursday’s gains.

Shares in Apple gained at the opening bell after the megacap posted a first quarter profit beat. While quarterly iPhone and China sales fell short, investors took an upbeat outlook for revenue as a sign of future recovery.

But the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are headed for small weekly losses, thanks to the tech rout sparked by DeepSeek, while the Dow (^DJI) is on track for a gain amid a strong start to earnings season.

Meanwhile, a volatile January marked by President Donald Trump’s early days in office looks set to bring monthly wins for the major gauges, with the Dow eyeing a jump of over 5%.

Trump on Thursday doubled down on a threat to impose a first round of 25% tariffs on Canada and Mexico on Feb. 1. The looming Saturday deadline has revived worries about the impact on the economy from a clampdown on the US’s biggest trading partners.

Read more: The latest news and updates as Trump’s tariff deadline approaches

On social media, Trump also warned BRICS countries that they will face 100% tariffs if they replace the dollar with their own joint currency or another. The dollar (DX-Y.NYB) rose, headed for its best week since November.

The lack of clarity over tariffs has left Federal Reserve Chair Jerome Powell in wait-and-see mode, with the potential for tariffs to inflame inflation in focus.

That put the spotlight on a fresh reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index. The “core” PCE reading, which strips out food and energy, rose 2.8% year-over-year in December, meeting economist estimates. Wall Street traders continue to wager that the Fed’s first rate cut of the year won’t arrive until at least June, according to the CME FedWatch tool.

LIVE 6 updates

Apple gives Wall Street a boost as tariff threats loom

Investors braced for a looming tariff deadline but embraced a solid showing from Apple (AAPL), and breathed a collective sigh as the Federal Reserve’s preferred inflation gauge matched expectations.

The tech-heavy Nasdaq Composite (^IXIC) climbed 0.4%, with spirits getting a boost from solid tech earnings. The S&P 500 (^GSPC) moved up roughly 0.5%, while the Dow Jones Industrial Average (^DJI) added 0.3%, both set to build on Thursday’s gains.

Shares in Apple gained at the opening bell after the megacap posted a first quarter profit beat. While quarterly iPhone and China sales fell short, investors took an upbeat outlook for revenue as a sign of future recovery.
Fed’s preferred inflation gauge matches expectations

The latest reading of the Federal Reserve’s preferred inflation gauge showed prices increased in line with expectations in December as inflation remained above the Fed’s 2% target.

The “core” Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 0.2% from the prior month during December, meeting Wall Street’s expectations. The reading was higher than 0.1% increase seen in November.

Over the prior year, core prices rose 2.8%, in line with Wall Street’s expectations and unchanged from November. On a yearly basis, overall PCE increased 2.6%, a pickup from the 2.4% seen in November.

Read more here.
Deckers stock tumbles as big comfy shoes come up small

One of the biggest losers early Friday were shares of Deckers Outdoor (DECK), the company behind shoe brands UGG and HOKA, which boasts a portfolio of some of the most comfortable footwear around.

The stock was down as much as 14% in pre-market trading.

Last night, the company said its sales for its fiscal year 2025 — which is set to end in March — would rise 15% to $4.9 billion, a slowdown from the 17% growth reported in its third quarter and a slowdown from the 18% growth seen in its fiscal 2024.

Deckers stock, one of the best-performing stocks in the S&P 500 over the last 5 years, closed at a record high on Thursday ahead of the results.

That success, however, appears to have caused some of the agita in markets early Friday. As MScience analyst Drake MacFarlane told Reuters, the company’s guide “looks pretty conservative and considering the beat, it’s bit of a negative read into the out quarter.”

At Decker’s two biggest brands — HOKA and UGG — sales rose 23.7% and 16.1%, respectively, in the holiday quarter.
Good morning. Here’s what’s happening today.
The only things to care about on Intel

My award for best 2025 earnings call for an interim CEO award goes to Intel’s (INTC) co-interim CEO Michelle Holthaus.

“There are no quick fixes,” Holthaus started her earnings call with last night. She then followed that with a host of no-BS comments on the state of the chipmaker.

I liked it! I wish more execs didn’t blow smoke in the face of investors, analysts and media.

Then again, everyone knows Intel is in a real bad place right now, so it doesn’t hurt to be bluntly honest.

Holthaus’ comments and those by co-interim CEO David Zinsner on the foundry business (it’s not getting out of the cash-draining business, at least this year) suggest Intel is in for another brutal 2025. Cost cuts will make the bottom line feel less brutal, but this is likely a dead money stock until a permanent CEO is announced in the coming months.
The Apple AI hype

Tim Cook’s bullish comments on Apple Intelligence on a conference call are in large part driving the pre-market bid in Apple (AAPL), based on what I am seeing out there.

I can appreciate the enthusiasm on the product and what it may mean to the company’s services business. But Apple didn’t exactly blow minds with its results.

China sales tanking 11% year on year is a big deal. Commentary on China on the call suggest a recovery in the business is a few quarters away.

“While services remain strong and the mix is shifting toward higher margin, our concerns around: 1) lack of a US upgrade cycle; 2) China competition; and 3) an unlikely inflection across all products/geographies remain,” Brandon Nispel said in a client note this morning.

Nispel reiterated an Underweight rating (sell equivalent) on the stock.

Hat tip, Brandon, on the blunt analysis.

Apple gives Wall Street a boost as tariff threats loom

Fed’s preferred inflation gauge matches expectations

Deckers stock tumbles as big comfy shoes come up small

Good morning. Here’s what’s happening today.

The only things to care about on Intel

The Apple AI hype