- U.S. equities posted another day of gains with all three major indexes rising, capping off a winning week for the stock market.
- Markets were buoyed by encouraging macroeconomic data that showed inflation easing and consumer confidence rising.
- Tesla was the best-performing stock in the S&P 500 for a second consecutive day, climbing over 10% to post a 33% gain for the week.
U.S. equities rose to post solid gains for the week as the first big batch of corporate earnings reports this earnings season were released. The Commerce Department’s latest Personal Consumption Expenditures (PCE) Price Index showed inflation eased last month and the University of Michigan’s Consumer Sentiment Index indicated sentiment is on the rise, also boosting optimism about the economy.
The Dow registered a small gain and is now on a six-day winning streak. The S&P 500 and the Nasdaq were up 0.3% and 1%, respectively. For the week, the Dow was 1.8% higher, the S&P 500 added 2.5%, and the Nasdaq soared 4.3%.
Tesla (TSLA) was the best-performing stock in the S&P 500 as shares continued to advance following the carmaker’s financial report on Wednesday. They picked up 33% this week. Next was American Express (AXP) after the credit card provider’s 2023 profit and sales guidance beat forecasts, and it increased its dividend. Rival Visa (V) exceeded earnings and revenue estimates, and its shares climbed.
Sales at defense contractor L3Harris Technologies (LHX) were above forecasts on higher military spending, lifting its shares. A report that Amazon (AMZN) will launch a non-fungible token (NFT) this spring sent its shares up. Shares of Robert Half International (RHI) climbed as the professional staffing provider reported better-than-expected results.
Hasbro (HAS) shares tumbled as the toymaker warned of weak holiday quarter sales, and announced it was laying off about 15% of its workforce to save money. Shares of Intel (INTC) sank as the chipmaker’s fourth quarter earnings and revenue declined, and it warned about current quarter results. Chevron (CVX) shares fell as the energy giant missed earnings expectations.
Oil futures lost 2%, and are now below $80 a barrel. Gold prices were flat. The yield on the 10-year Treasury note rose. The U.S. dollar was up against the euro and pound, but lower versus the yen. Most major cryptocurrencies traded higher.