US Stocks Rise as Apple Earnings and Inflation Data Meet Expectations
In This Article:
* Nasdaq Composite (^IXIC): +1.26%
* S&P 500 (^GSPC): +0.5%
* Dow Jones Industrial Average (^DJI): +0.10%
US stocks climbed on Friday amid solid earnings from Apple (AAPL) and inline inflation data.
Tech Earnings Boost
The tech-heavy Nasdaq Composite (^IXIC) soared 1.2%, buoyed by strong results from the sector. Apple shares surged after the company reported a first-quarter profit beat.
Inflation Data Meets Expectations
The Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation gauge, rose 2.8% year-over-year in December, meeting economist estimates. This data aligns with the Fed's 2% inflation target.
Tariff Deadline Looms
Investors braced for a looming February 1 tariff deadline imposed by President Trump on Canada and Mexico. The threat of tariffs on the US's largest trading partners raised concerns about economic impact.
Economic Indicators
Also on Friday, the employment cost index report for the fourth quarter was released, providing insights into wage growth.
Earnings Season
The quarterly earnings season continued with several major companies reporting results, including:
* Charter Communications (CHTR)
* Chevron (CVX)
* Colgate (CL)
* Exxon Mobil (XOM)
* Phillips 66 (PSX)
Market News
* Novo Nordisk stock faced challenges after a 40% decline.
* Apple shares rose despite declining iPhone and China sales.
* Samsung received approval from Nvidia to supply AI memory.
* Intel executives acknowledged challenges in the chipmaker's earnings call.
* Tesla investors questioned Elon Musk's robotaxi promises.