US Stocks Trade Mixed as Tech Struggles, Awaiting Trump's Davos Speech
US equities fluctuated on Thursday, retreating from record levels as investors awaited President Donald Trump's speech at the World Economic Forum (WEF) in Davos.
The S&P 500 (^GSPC) ended the day marginally lower, snapping a three-day winning streak that had pushed the benchmark index close to an all-time high. The Dow Jones Industrial Average (^DJI) gained 0.45%, approaching a new record.
The Nasdaq Composite (^IXIC) fell 0.33%, as technology stocks struggled to maintain the momentum from the previous day's rally. Nvidia (NVDA) shares declined after its supplier, SK Hynix (000660.KS), expressed uncertainty about chip demand this year. Other related stocks also faced pressure.
Investors continued to analyze Trump's policies, including his push for artificial intelligence (AI) and the potential impact of tariffs on trading partners. President Trump's remote speech at WEF later on Thursday is expected to provide more insights into his trade stance.
Earnings Reports
* American Airlines (AAL) shares fell 7.9% after the company forecast a surprise first-quarter loss.
* GE Aerospace (GE) shares surged following news of a $7 billion share buyback program.
* Alaska Airlines (ALK) shares rose on a smaller-than-expected first-quarter loss forecast.
Economic Data
* US jobless claims rose by 6,000 to 223,000 for the week ended January 18th. Economists had anticipated a reading of 220,000.
Other News
* Bitcoin (BTC-USD) rebounded, surpassing $105,000 after Republican Senator Cynthia Lummis announced she would chair the Senate Banking Subcommittee on digital assets.
* Chip stocks declined broadly after Nvidia's supplier, SK Hynix, raised concerns about uncertain demand for semiconductors this year.
* HPE CEO Antonio Neri expressed mixed views on AI, suggesting it may not be completely out of control but emphasizing the need for regulation and safeguards.