Stocks opened higher on Friday with the S&P 500 rising 0.1% and the Dow Jones Industrial Average slipping below the flatline, while the Nasdaq Composite gained 0.3%. The rise in the market was prompted by a revision of December inflation data which indicated that it was lower than originally reported. Investors have been buoyed by a stream of well-received quarterly earnings in a week thin on economic updates, which have been driving shifts in direction thanks to their importance to the Federal Reserve’s thinking on policy.
Given that, investors watched the revisions to the consumer price index more closely than usual on Friday. Fed officials have stressed they’re taking the time to check if price pressures really are cooling before making any interest rate cuts. The pace of corporate earnings is starting to slacken amid the well-received quarterly earnings. As a result, PepsiCo’s results took centre stage as they slipped more than 2% in morning trading after the soda and snacks giant’s sales missed Wall Street estimates amid price hikes. Other stocks trending during morning trading on Friday include Cloudflare, Pinterest, and Expedia.
The S&P 500’s close was within three points of ending above 5,000 for the first time. The market’s resilience is attributed to the lower than expected December inflation data, prompting a rise in the market as investors continue to closely monitor revisions to the consumer price index. Despite well-received quarterly earnings mitigating a weekly thin on economic updates, the pace of corporate earnings is starting to slacken. As a result, PepsiCo’s results took centre stage on Friday as the soda and snacks giant’s sales missed Wall Street estimates amid price hikes. Other stocks also trending during morning trading include Cloudflare, Pinterest, and Expedia.
