US Stocks Edge Higher as S&P 500 Eyes Record Close
On Friday, US stocks largely trended upwards as the S&P 500 (^GSPC) neared a record-setting close, fueled by anticipation of fresh economic data. The Nasdaq Composite (^IXIC) also gained ground, while the Dow Jones Industrial Average (^DJI) dipped slightly after substantial gains on Thursday.
Retail Sales Post Biggest Monthly Decline in a Year
Retail sales data released Friday indicated a significant 0.9% decline in January, surpassing economists' projections of a 0.2% drop and marking the steepest month-over-month fall since January 2024. Concerns over inflation and slower consumer spending contributed to this decline.
Markets React to Tariff Plans and Policy Shifts
Following a series of policy shifts and tariff announcements by President Trump, markets experienced a period of volatility. Trump's plan to impose tariffs on imported automobiles garnered mixed reactions, while a review of CHIPS Act terms for projects affected chipmakers' stocks.
Big Movers in the Market
Among notable stock movements, Airbnb (ABNB) surged after reporting strong earnings and unveiling plans to expand its offerings. GameStop (GME) gained traction amid speculation about its potential foray into bitcoin. Moderna (MRNA), on the other hand, retreated following a larger-than-expected earnings loss.
Tech Giants Drive Weekly Gains
Major tech companies, including Nvidia (NVDA), Apple (AAPL), and Meta (META), contributed to solid weekly gains for the sector. Nvidia's equity portfolio adjustments influenced the performance of several companies, resulting in gains for WeRide (WRD) and Nebius Group (NBIS).
Outlook for the Week Ahead
Investors anticipate a busy week ahead, with economic indicators such as retail sales, industrial production, and import and export prices index data scheduled for release. Earnings reports from Moderna (MRNA) and other companies will also be closely monitored.