US Stocks Mixed Amid Tech Earnings and Economic Data
US stocks exhibited mixed performance on Thursday as investors absorbed earnings reports and digested economic data.
Tech Earnings
* Microsoft shares declined significantly after its quarterly results, with analysts citing softer Azure growth.
* Meta shares advanced after its earnings beat expectations, while Nvidia shares declined amid concerns about artificial intelligence (AI) competition.
* Apple is scheduled to report earnings after the bell, adding uncertainty to the tech sector performance.
Economic Data
* The Bureau of Economic Analysis reported that the US economy grew at an annualized pace of 2.3% in the fourth quarter, below expectations of 2.6%.
* The personal consumption expenditure (PCE) price index, a key inflation measure, is expected to be released later this month.
Other Notable News
* American Airlines CEO Robert Isom expressed condolences following a fatal collision between an American passenger jet and a US military helicopter.
* Mastercard shares climbed to all-time highs after reporting better-than-expected profits.
* Comcast shares fell as it reported a decline in broadband customers and challenges in the competitive streaming market.
* Bitcoin rose near $106,000 as investors cheered comments by Federal Reserve Chair Jerome Powell suggesting support for cryptocurrencies.
* Oracle unveiled new AI agents aimed at enhancing supply chain management.
* Tesla stock ticked higher despite an earnings miss as investors remained optimistic about its AI and robotics ambitions.
Market Outlook
The market's trajectory remains uncertain as investors await further earnings reports and economic data. The tech sector, in particular, is facing scrutiny as it grapples with competition and AI challenges.