US Stocks Mixed as Investors Await Trump's Davos Remarks
US stocks exhibited a mixed performance on Thursday, with the S&P 500 (GSPC) and Nasdaq Composite (IXIC) showing contrasting trends. The Dow Jones Industrial Average (DJI) traded 0.7% higher, close to an all-time high.
The focus was on President Trump's remote address at the World Economic Forum in Davos, Switzerland. Trump stated that he would "demand that interest rates drop immediately." He also urged OPEC to lower oil prices and warned companies that if they did not manufacture in the US, they would face tariffs.
The Nasdaq Composite (IXIC) fell 0.3% as tech stocks struggled. Nvidia (NVDA) shares declined following comments from its supplier, SK Hynix, expressing uncertainty about chip demand for the year.
Meanwhile, the S&P 500 (GSPC) rose 0.1%, approaching an intraday record. The Dow Jones Industrial Average (DJI) gained 0.6%, with Industrials (XLI) leading the advance.
Other key events included:
* American Airlines (AAL) stock dropped after forecasting a surprising loss for the first quarter.
* Electronic Arts (EA) stock plunged 15% after missing analyst expectations for quarterly bookings.
* Chip stocks fell as Nvidia supplier SK Hynix raised concerns about semiconductor demand in 2025.
* Bitcoin (BTC-USD) recovered losses, rising above $105,000 after Republican Senator Cynthia Lummis announced plans to chair the Senate Banking Subcommittee on digital assets.
Investors await further developments on the trade front and Trump's remarks at the World Economic Forum later in the day.