The S&P 500 Notched a Two-Week Winning Streak Despite Falling on Friday
The S&P 500 finished the week with a two-week winning streak despite closing lower on Friday, when it gave up gains following a fresh intraday record high. The index fell 0.3% on Friday, although it had hit a fresh record high of 6,128.18 earlier in the day.
The DJIA and NASDAQ also slipped, with the DJIA dropping 0.5% and the NASDAQ falling 0.3%. Despite the fall, all three major averages are on track to post their second positive week. The S&P 500 recently hit a record high after President Donald Trump suggested that interest rates should drop.
Quarterly earnings continued to release, with notable moves from companies such as Verizon Communications, which rose nearly 1% after reporting its best quarterly wireless subscriber growth in five years. American Express fell 1.4% despite a 12% jump in quarterly profit, as more consumers swiped cards for travel and online shopping. Boeing fell 1.4% after announcing a bigger-than-expected loss for the quarter due to a strike, government project charges, and job cuts. Texas Instruments fell 7.5% after forecasting a weaker-than-expected profit for the first quarter. Twilio surged 20% after announcing top-line guidance and positive guidance through 2027.
Meta hit a record high after unveiling a $60 billion to $65 billion investment in capital expenditure this year to build out its AI infrastructure. Intuitive Machines Inc won a $2.5 million contract from NASA to develop lunar logistics solutions.
The University of Michigan Consumer Sentiment index fell to 71.1 in January, down from 74.0 a month earlier, marking its sixth decline. The data is ahead of the Federal Reserve’s policy-setting meeting next week. The Fed is expected to keep interest rates unchanged, with the central bank focused on inflation and the future path of interest rates.