Stock market today: Stocks climb with techs ready to roar

Stocks rose on Friday, putting the S&P 500 on track for a new record, as a technology-led rally lifted a market weighed down by uncertainty over the chances of an early interest rate cut.

The tech-heavy Nasdaq Composite (^IXIC) jumped 0.5%, pointing to a return to earnings recorded on Thursday I eat apple (AAPL) and chip makers fared better. The S&P 500 benchmark index (^GSPC) rose 0.3%, while the Dow Jones Industrial Average (^DJI) gained 0.3% or about 120 points.

The focus has been on big technology could boost a lagging stock market, now that the key drivers of the late 2023 rally have subsided. Thursday's tech-led stock rally put the S&P 500 within 0.3% of its all-time closing high of 4,796.56 and snapped a three-day losing streak for the Dow.

But stocks have had a choppy holiday-shortened week as investors reacted to policy comments, economic data and corporate earnings in an attempt to gauge the likelihood of a Federal Reserve turnaround. The market remains attentive to signs about the timing of rate cuts, which could set the tone for companies this year.

In individual stocks, iRobot (IRBT) shares fell 29% after a report that EU regulators plan to block Amazon (AMZN) Acquisition of the manufacturer Roomba for $1.4 billion. Meanwhile, Macy's (METER) fell more than 3% after the retailer said it is cutting 2,350 jobs and close five stores.

Travelers quarterly results (TRV), Financial Regions (RF), and banks will be on Friday's results list. As for economic updates, a December reading on existing home sales is expected, as well as an analysis of consumer confidence from the University of Michigan.

Elsewhere, there was a respite in the US government funding saga after lawmakers approved a provisional bill to avoid an imminent closure.

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Friday, January 19, 2024 at 20:47 GMT+5:3

Consumers haven't felt this good about the economy since July 2021

Americans are feeling increasingly better about the state of the American economy.

The latest University of Michigan consumer confidence survey released Friday revealed a 13% increase in overall confidence during the month of January. The index reading for the month was 78.8, its highest mark since July 2021, and well above economists' expectations for a reading of 70.1.

The 29% cumulative increase seen in the sentiment index over the past two months is the largest bimonthly increase since the US economy recovered from the recession in 1991.

"December's sharp increase was no fluke," consumer survey director Joanne Hsu said in a news release. "Consumer views were supported by confidence that inflation has turned a corner and strengthening income expectations."
Friday, January 19, 2024 at 20:04 GMT+5:3

Stocks rise as S&P 500 eyes all-time high

Wall Street kicked off trading Friday with gains across the board, setting the S&P 500 up for a new record, as investors appear to shake off pessimism linked to potential Federal Reserve interest rate cuts.

The tech-heavy Nasdaq Composite (^IXIC) jumped 0.5%, pointing to a return to earnings recorded on Thursday I eat apple (AAPL) and chip makers fared better. The S&P 500 benchmark index (^GSPC) gained 0.3%, while the Dow Jones Industrial Average (^DJI) gained 0.3% or about 120 points.
Friday, January 19, 2024 at 19:14 GMT+5:3

Ford cuts F-150 Lightning production as demand for electric trucks falters

ford (F) He said early Friday morning. would pull 1,400 workers off the production line for the F-150 Lightning, the electric version of its best-selling truck, in response to customer demand.

Which means people aren't as excited about buying an electric version of the F-150 as the company had planned.

Half of these workers will be transferred to Ford's plant that makes its new Bronco and Ranger trucks, while the other half will be offered buyouts or find a position in another capacity at its Dearborn factory, where the F- is made. 150 Lightning.

The measure is reminiscent of Pras Subramanian story from Yahoo Finance in late 2023 As noted, last year we saw the industry's electric vehicle dreams come true.

Which means the lofty projections automakers made in recent years that the entire country would start to look like California when it comes to electric vehicle adoption are starting to look too dreamy.

And investors have certainly been skeptical: Ford and GM stocks (GM) have declined over the past year, lagging the S&P 500 considerably over that period.

With higher rates making auto financing more difficult for many consumers, fears about an economic slowdown still weighing on consumers and inventory levels remaining depressed, the feelings of euphoria that swept through the auto industry in 2021 are feel quite distant as 2024 progresses.