The S&P 500 rose into new territory on Friday, and the tech-heavy Nasdaq rose more than 1% after a correction in inflation data proved not to be a cause for concern.
The S&P 500 rose 0.57% to a closing high of 5,026.61, closing above the psychological 5,000 mark for the first time.
The Nasdaq rose 1.25% to 15,990.66, finishing within 70 points of its November 2021 closing high of 16,057.44.
Meanwhile, the Dow Jones Industrial Average fell 0.14% to 38,671.69, reversing after setting a new record in the previous session.
Ahead of the long-awaited annual revision of the seasonal factor applied to the consumer price index, market talk has focused on the potential upside risks to the historic inflation rate of the past four years, and future monetary policy. The outlook was clouded.
But the latest revisions showed little change in the reported statistics, allaying fears that the Fed would remain restrictive for longer than expected. Although the correction was minimal, the net effect was that the headline CPI rose at an annualized rate of 2.7% in the fourth quarter of 2023, down from his previous 2.8%.
“In short, this seasonal revision is a damp criticism, in stark contrast to last year’s revision, which made things much worse,” said Kieran Clancy, an economist at Pantheon Macroeconomics.
But Ryan Sweet, an economist at Oxford Economics, said the changes, while “on the face of it, were benign”, “should lead to a slowdown in the growth in the PCE deflator at the end of last year.” “This is good news for the Fed and should strengthen its confidence in the inflation outlook,” Sweet said.
Tech stocks bring upside
Earn substantial profits from heavyweight fighters Nvidia, alphabet, Intel, Apple, Amazon.com, microsoft and applied materials It led to big gains on Wall Street on Friday as investors became more positive about the economic outlook.
But going in the opposite direction, pepsico This is because the beverage giant missed its fourth quarter earnings forecast and its annual growth rate slowed. The company, which owns Pepsi, Lay’s and Quaker, among others, posted an unexpected 0.5% drop in revenue to $27.9 billion in the three months to the end of December, resulting in a 4% decline in sales. Analysts had expected sales to rise 1.4% to $28.4 billion.
Architecture/building materials company owens corning The company fell 7% on news that it agreed to buy Masonite, a provider of indoor and outdoor doors and door systems, for $3.9 billion. The latter’s stock price rose 35%.
lastly, Expedia Shares plunged 18% after the travel company announced it would have a new CEO starting in May, disappointed by missed quarterly results and lower-than-expected bookings.
Dow Jones – Risers
Intel Corporation (INTC) $43.31 1.91%
Microsoft Corporation (MSFT) $420.55 1.56%
International Business Machines Corporation (CDI) (IBM) $186.34 1.07%
Nike Corporation (NKE) $104.50 0.70%
American Express Company (AXP) $212.47 0.60%
Cisco Systems Corporation (CSCO) $50.13 0.36%
Travelers Company Co., Ltd. (TRV) $214.50 0.32%
Apple Inc. (AAPL) $188.85 0.28%
Visa Co., Ltd. (V) $276.43 0.24%
Johnson & Johnson (JNJ) $156.76 0.23%
Dow Jones – Falls
Chevron Corporation (CVX) $151.04 -1.96%
Walt Disney Company (DIS) $108.39 -1.94%
Caterpillar Company (CAT) $317.16 -1.50%
Walgreens Boots Alliance, Inc. (WBA) $22.24 -1.33%
Amgen Corporation (AMGN) $291.12 -1.27%
Merck & Co. (MRK) $125.45 -0.92%
McDonald’s Company (MCD) $289.47 -0.84%
Procter & Gamble Co. (PG) $157.42 -0.77%
Verizon Communications Inc. (VZ) $39.72 -0.48%
Coca-Cola Company (KO) $59.56 -0.45%
S&P 500 – Riser
Applied Materials Co., Ltd. (AMAT) $185.84 6.87%
Harley-Davidson Corporation (HOG) $36.85 5.56%
Lam Research Corporation (LRCX) $911.58 5.46%
Under Armor Co., Ltd. (UA) $7.84 5.09%
KLA-Tencor Corp. (KLAC) $649.80 5.06%
PayPal Holdings, Inc. (PYPL) $58.91 4.95%
Under Armor Inc. Class A (UAA) $8.09 4.93%
First Energy Corporation (FE) $37.31 4.25%
Fortinet Corporation (FTNT) $70.44 3.82%
Nectar Therapeutics (NKTR) $0.71 3.65%
S&P 500 – Down market
Expedia Group Co., Ltd. (EXPE) $131.11 -17.78%
Leggett & Platt Inc. (LEG) $20.46 -12.11%
Take-Two Interactive Software Inc. (TTWO) $154.91 -8.66%
Norwegian Cruise Line Holdings, Inc. (NCLH) $16.42 -6.17%
Mettler Toledo International (MTD) $1,174.51 -4.12%
Illumina Inc. (ILMN) $137.84 -3.83%
TripAdvisor Inc. (TRIP) $21.69 -3.79%
Healthpeak Properties Co., Ltd. (PEAK) $17.34 -3.61%
PepsiCo (PEP) $167.67 -3.55%
Hershey Foods Corporation (HSY) $195.45 -3.39%
Nasdaq 100 – Riser
Applied Materials Co., Ltd. (AMAT) $185.84 6.87%
Lam Research Corporation (LRCX) $911.58 5.46%
KLA-Tencor Corp. (KLAC) $649.80 5.06%
PayPal Holdings, Inc. (PYPL) $58.91 4.95%
Nvidia Inc. (NVDA) $721.33 3.58%
Charter Communications Co., Ltd. (CHTR) $291.15 3.03%
ASML Holdings NV (ASML) $949.60 2.89%
Amazon.com Inc. (AMZN) $174.45 2.71%
Baidu Co., Ltd. (BIDU) $105.69 2.44%
Gen Digital Co., Ltd. (GEN) $21.35 2.30%
Nasdaq 100 – Falls
Expedia Group Co., Ltd. (EXPE) $131.11 -17.78%
Take-Two Interactive Software Inc. (TTWO) $154.91 -8.66%
Illumina Inc. (ILMN) $137.84 -3.83%
Booking Holdings Co., Ltd. (BKNG) $3,758.18 -2.14%
Mondelez International Inc. (MDLZ) $73.17 -2.13%
Sirius XM Holdings, Inc. (SIRI) $4.90 -1.80%
Henry Schein Company (HSIC) $73.72 -1.58%
Cognizant Technology Solutions Corporation (CTSH) $77.10 -1.53%
Monster Beverage Corporation (MNST) $55.66 -1.47%
Kraft Heinz Co., Ltd. (KHC) $35.97 -1.37%