Stock market today: Stocks rise as GDP growth beats, Tesla slides

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• Thursday, January 25, 2024 at 21:30 GMT+5:3

  Airline stocks rise after FAA said Boeing Max 9 planes can fly after safety checks

  Airline stocks rose on Thursday, boosted by better-than-expected quarterly results and aviation regulators allowing Boeing 737 Max 9 planes to return to service once each one is inspected.

  American airlines (AAL) shares gained more than 8% after the issue guidance for 2024 better than expected Thursday morning.

  South west (LUV) shares rose but trimmed gains after the airline posted adjusted earnings of $0.37 per share versus Wall Street estimates of $0.12 per share.

  Alaska AirlinesALK) shares rose despite a $150 million financial hit from the grounding of its Boeing 737 Max 9 planes after a mid-air incident involving a door plug earlier this month.

  On Wednesday the Federal Aviation Administration (FAA) approved an inspection and maintenance process which must be carried out on each of the Boeing 737-9 MAX aircraft on the ground.

  "Upon successful completion, the aircraft will be eligible to return to service," the FAA statement read.

• Thursday, January 25, 2024 at 20:45 GMT+5:3

  Oil rebounds after strong US economic growth reading

  Oil futures rose Thursday morning after the Liberation of higher-than-expected US economic growth.

  West Texas Intermediate (CL=F) gained more than 1% to cross the level of $76 a barrel. Brent (BZ=F), the international reference price rose more than 1%, exceeding $81 per barrel.

  Prices rose to session highs after an early GDP reading showed the U.S. economy grew at an annualized rate. rate of 3.3%, exceeding economists' estimates of 2.2% growth.

  Oil futures continued their earnings from the previous session after the publication of US reserves, which showed a large drop last week.

  U.S. production also declined by 1 million barrels per day last week amid frigid temperatures in oil-producing states, according to the latest data from the Energy Information Administration.

  Government data also shows that refineries were hit by freezing temperatures, operating at 85.5% of capacity last week.

• Thursday, January 25, 2024 at 20:03 GMT+5:3

  US stocks rise amid stronger-than-expected US economic growth

  Stocks opened higher on Thursday after a preliminary reading of U.S. economic growth was more positive than expected.

  The Dow Jones Industrial Average (^DJI) rose 0.3%, while the S&P 500 (^GSPC) opened 0.4% higher after the benchmark index's fourth consecutive quarter. closing of registration recorded on Wednesday. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4%.

  A Advance Estimate of Fourth Quarter US Gross Domestic Product (GDP) showed that the economy grew at an annualized rate of 3.3% during the periodmuch hotter than the 2% annualized pace expected by economists.

  Stocks rose despite Tesla's downbeat earnings release (TSLA) On Wednesday. The electric vehicle giant loss of profits in its latest quarter and warned of "noticeably" slower output growth. Tesla shares fell about 7% on Thursday morning.

• Thursday, January 25, 2024 at 19:04 GMT+5:3

  The US economy grows at a rate of 3.3% in the fourth quarter, exceeding estimates

  The US economy continues to impress.

  The first look at GDP growth in the fourth quarter released on thursdayand showed that the economy grew at an annualized rate of 3.3% in the last three months of 2023. Economists expected growth to reach a rate of 2%, according to Bloomberg data.

  With this reading, the initial estimate for cumulative GDP growth for 2023 shows that the economy grew 2.5% last year, an acceleration of the 1.9% growth seen in 2022. The economy grew in all four quarters of the year. year and has now expanded for six quarters. in a row.

  In its statement, the BEA said fourth-quarter growth was driven by "increases in consumer spending, exports, state and local government spending, nonresidential fixed investment, federal government spending, investment in private inventories and residential fixed investment".