Investing.com – The S&P 500 touched a fresh record high before giving up some gains Friday as investors digested more corporate earnings and economic data.
At 12:58 ET (17:58 GMT), the S&P 500 index fell 0.10% but had earlier hit a fresh record high of 6,128.18. The NASDAQ Composite fell 0.2%, and the Dow Jones Industrial Average slipped 58 points, or 0.1%, while
All three major averages are on track to post their second positive week, with the S&P 500 posting a record high, after President Donald Trump said he would “demand that interest rates drop immediately” as he addressed world leaders in Davos, Switzerland.
Quarterly corporate results continue
Verizon Communications (NYSE:VZ) stock rose more than 1% after the telecom major reported its best quarterly wireless subscriber growth in five years.
American Express (NYSE:AXP) stock fell 2.4% despite the financial giant reporting a 12% jump in fourth-quarter profit, as more consumers swiped cards during the holiday season for travel and online shopping.
Boeing (NYSE:BA) stock fell 1.2% after the aircraft manufacturer said it will post a bigger-than-anticipated loss of around $4 billion in its most recent quarter, as it grappled with a prolonged strike, charges related to US government projects and expenses linked to a slew of job cuts.
Texas Instruments (NASDAQ:TXN) stock dropped 7% after the analog chipmaker forecast first-quarter profit below estimates, as it grapples with an inventory buildup in its key automotive and industrial markets.
Twilio (NYSE:TWLO) stock soared 21% after the cloud communications software maker announced that it expects adjusted earnings to come in at the top range of guidance for the fourth quarter and unveiled positive guidance for the next couple of years through 2027.
Meta (NASDAQ:META) hits high on AI optimism, intuitive Machines wins $2.5M Nasa contract
Meta hit a record high on Friday after unveiling spending plans to invest about $60 billion to $65 billion in capital expenditure this year as it builds out its AI infrastructure.
Intuitive Machines Inc (NASDAQ:LUNR), meanwhile, won a $2.5M contract from Nasa to advance lunar logistics handling and offloading, and surface cargo as well as mobility solutions.
University of Mich. consumer sentiment falls; Fed meeting next week
The Michigan Consumer Sentiment Index, fell to 71.1 in January, down from 74.0 a month earlier, marking the decline in six months.
The data comes ahead of next week's Federal Reserve policy-setting meeting, and the future path of interest rates.
The US central bank is widely expected to hold interest rates unchanged on Wednesday, with Fed officials expected to largely disregard any inflationary effects stemming from tariffs under Donald Trump's administration, as such impacts are viewed as one-time price level increases rather than persistent inflationary pressures, Goldman Sachs (NYSE:GS) analysts said in a research note.
Earlier Friday, the Bank of Japan raised interest rates by 25 basis points, marking the third hike by the central bank since it began scaling back its ultra-loose monetary policy in early-2024.
(Peter Nurse, Ayushman Ojha contributed to this article.)