Dow Jones Today: Stocks Poised to Open Higher After Inflation Data, Major Indexes on Track for January Gains; Apple Jumps on Earnings
Stocks were mixed in afternoon trading Friday as investors responded to a barrage of earnings reports and a benign reading on inflation.
The S&P 500 and Nasdaq Composite were up 0.1% and 0.5%, respectively, in mid-afternoon trading, while the Dow Jones Industrial Average fell 0.5%, giving back earlier gains. The major indexes are on track to post gains for the month, despite a roller-coaster week of trading fueled by corporate results, the Federal Reserve's latest decision on interest rates and the revelation that Chinese startup DeepSeek had launched a highly effective, low-cost AI model.
Shares of major technology companies, which have endured an especially volatile week, were mixed this afternoon. Apple (AAPL) was down 0.5% despite reporting better-than-expected earnings late Thursday, while AI chipmaker Nvidia (NVDA), which has been particularly hard hit in the wake of the DeepSeek news, slipped 1%. EV maker Tesla (TSLA) and chip company Broadcom (AVGO) were each up more than 3%, while Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Meta Platforms (META) also moved higher.
Among other post-earnings movers, Intel (INTC) shares were down 2% after the beleaguered chipmaker reported a narrower-than-expected loss for the fourth quarter but issued a disappointing outlook. Atlassian (TEAM) shares soared 16% after the software company issued an upbeat revenue outlook amid robust demand for its AI products. Pharmaceutical giant AbbVie (ABBV) was up 5% after releasing strong earnings, while oil majors Exxon Mobil (XOM) and Chevron (CVX) slid 2% and 4%, respectively.
On the economic data front, the Personal Consumption Expenditures index, which is the Fed's preferred inflation gauge, showed that inflation accelerated in December, though the number was in line with economists' expectations. The Fed earlier this week opted to leave its influential fed funds rate unchanged, after having cut it by a full percentage point since September, as the economy has continued to show strength and inflation remains stubborn.
The yield on the 10-year Treasury, which is correlated with expectations about where interest rates are headed, was at 4.54% in recent trading, up from 4.51% at yesterday's close.
Bitcoin was at $103,500, down from an earlier high of $106,000, while gold futures were down slightly at $2,830 after hitting a new record high this morning and WTI crude oil futures also inched lower.
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Nvidia (NVDA) CEO Jensen Huang is set to meet with President Donald Trump at the White House, Bloomberg reported Friday, after a wild week for the chipmaker's stock.
Shares were down nearly 1% in afternoon trading Friday, having lost more than 13% of their value this week after the rapid rise of Chinese AI startup DeepSeek rattled markets.
The surging popularity of an app from DeepSeek, which claimed it developed an AI model rivaling the performance of American competitors for a fraction of the cost, spurred a reckoning on Wall Street about the competitiveness of American AI leaders and their spending on tech, sending shares of Nvidia and other AI stocks into a tailspin earlier in the week.
Still, analysts have largely remained bullish on the chipmaker's stock, with Bank of America telling clients Wednesday they "view the recent selloff as an enhanced buy opportunity." Analysts at Bernstein, Citi, Wedbush, Raymond James, and elsewhere were also among those that suggested the market’s reaction may have been overblown.
Raymond James and Bank of America added that they expect competition from China could push Big Tech companies like Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOGL) to spend even more on AI, to the benefit of Nvidia, Broadcom (AVGO), and other AI chipmakers.
In earnings calls this week, executives from Microsoft and Meta stood by their plans to spend billions of dollars this year on AI infrastructure.
Artur Widak / NurPhoto / Getty Images
Huang's meeting at the White House also comes following reports the Trump administration could be considering further tightening restrictions on sales of advanced U.S. chips to China.
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Apple (AAPL) shares were higher in midday trading Friday after the company reported better-than-expected earnings and said customers are increasingly upgrading their iPhones to take advantage of AI features.
Apple shares have trended higher within an 18-month rising wedge, with the stock’s price recently finding buying interest near the pattern’s lower trendline ahead of the company’s quarterly report.
This move coincided with the relative strength index (RSI) reclaiming the 50 threshold earlier this month, indicating a positive shift in price momentum.
Apple shares were up nearly 1% to around $240 in recent trading. The stock has gained 30% over the past 12 months, slightly outpacing the S&P 500 over that period.
Read the full technical analysis piece here.
2 hr 56 min ago
Shares of Vertex Pharmaceuticals (VRTX) surged Friday, a day after the drugmaker reported federal regulators have approved its non-opioid painkiller, the first such drug to head to market in two decades.
The company announced that the Food and Drug Administration has approved Journavx, a twice-daily pill that it described as a "highly selective NaV1.8 pain signal inhibitor for the treatment of adults with moderate-to-severe acute pain."
CEO Dr. Reshma Kewalramani said Journavx was "the first new class of pain medicine approved in more than 20 years," adding that the treatment provides "the opportunity to change the paradigm of acute pain management and establish a new standard of care."
Vertex said that the wholesale purchase price for Journavx in the U.S. would be $15.50 per 50mg pill.
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The news sent Vertex Pharmaceuticals shares, which had been up just 1% over the past 12 months, nearly 7% higher Friday morning.
3 hr 35 min ago
AbbVie (ABBV) stock was one of the top gainers in the S&P 500 Friday morning as the biotech firm posted better-than-expected sales and gave strong guidance on higher demand for two of its drugs to treat inflammation.
The company reported fourth-quarter revenue rose nearly 6% year-over-year to $15.1 billion, above the $14.8 billion consensus estimate of analysts surveyed by Visible Alpha. Adjusted earnings per share (EPS) of $2.16 came in below forecasts.
Global sales of Skyrizi soared 58% to $3.78 billion, and rose 46% to $1.83 billion for Rinvoq. Those offset falling sales for Humira—once the world's top-selling drug—which has been losing market share because of generic competition. Humira sales slid 49% to $1.68 billion.
The company updated its long-term outlook for sales of Skyrizi and Rinvoq, anticipating combined sales of more than $31 billion in 2027. It had previously predicted more than $27 billion. It added that the guidance assumes revenues of more than $20 billion for Skyrizi and more than $11 billion for Rinvoq.
Shares of AbbVie, which surged roughly 8% early Friday, are up 15% over the last year.
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Atlassian (TEAM) shares surged in early trading Friday after the software company late yesterday issued an upbeat revenue outlook amid robust demand for its AI-powered cloud offerings
Since early December, Atlassian shares have consolidated in a pennant, a chart pattern that signals a continuation of the stock’s strong uptrend that started in August. The stock is now set to stage a decisive breakout from the pennant in Friday’s trading session.
It’s also worth pointing out that even before the latest financial results, the stock registered its highest weekly volume since early November, suggesting that some larger market participants had positioned for the stock to resume its trend higher.
Atlassian shares were up 18% at $315, trading at their highest levels in three years.
Read the full technical analysis piece here.
5 hr 15 min ago
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are solidly in the green for the month heading into the last trading day of January.
The Dow is up 5.5% this month, while the S&P 500 and Nasdaq have gained 3.2% and 1.9%, respectively, since the start of the year. The Dow and S&P 500 posted losses in December, while the Nasdaq is on course to finish higher for the third consecutive month.
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The Dow enters Friday's session just 0.3% away from surpassing its record closing high set on Dec. 4. The S&P 500 is 0.8% below its record close, set last week, while the Nasdaq is 2.5% beneath its all-time closing high.
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Futures tied to the Dow Jones Industrial Average were up 0.3%.
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S&P 500 futures were up 0.4%.
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Nasdaq 100 futures rose 0.7%.
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