US Stocks Mixed as Investors Digest Trump's Davos Remarks
Wall Street stocks traded in a mixed fashion on Thursday, with the S&P 500 and Dow Jones Industrial Average hovering near record highs. Investors closely monitored President Donald Trump's virtual remarks at the World Economic Forum in Davos.
S&P 500, Nasdaq Composite Fluctuate
The broad-based S&P 500 (GSPC) gained modestly, inching towards an all-time closing high. Meanwhile, the tech-heavy Nasdaq Composite (IXIC) retreated slightly due to weakness in technology stocks, including Nvidia and Apple.
Dow Jones Industrial Average Edges Higher
The Dow Jones Industrial Average (DJI) rose marginally, buoyed by gains in industrial stocks. The index remained close to a record level.
Trump's Remarks Focus on Trade, Interest Rates
During his speech, Trump reiterated his demand for lower interest rates and indicated that he would ask OPEC to reduce oil prices. He also cautioned companies that they will face tariffs if they do not manufacture products in the United States.
Nvidia Supplier Raises Uncertainty About Chip Demand
While tech stocks struggled, shares of Nvidia fell after its supplier, SK Hynix, expressed concerns about uncertainty in semiconductor demand for 2025. This decline weighed on other chip-related stocks.
Earnings Season in Full Swing
Earnings season continues in earnest, with companies such as American Airlines and GE Aerospace reporting their financial results. American Airlines forecasted a surprise loss for the first quarter, leading to a drop in its stock price.
Economic Data and Future Outlook
In addition to corporate earnings, investors also awaited key economic data, including initial jobless claims and the Kansas City Fed Manufacturing Activity Index. The market's performance in the coming days will be heavily influenced by developments at Davos and the progress of earnings season.