A bullish economic signal came out of Philly on Thursday morning, but major earnings results were far more mixed and contributed to a sideways trading day on Wall Street. At the end of the day, the S&P 500 cemented its negative position in the last five minutes of trading.
In macroeconomic news, Core retail sales rose less than expected in December, while initial jobless claims were higher than last week's ultra-low 201k.
This morning's major news: the Philidelphia Fed Manufacturing Index climbed a whopping 44 points, compared to an expected contraction of 5 points, in an index that has not seen growth numbers like that since 2021. Data from 250 manufacturers measures if business conditions are healthy, and apparently, they are booming.
SECTORS
Gold and silver climbed, and treasuries fell.$Bitcoin (BTC.CC)$hovered at $100k, breaking through yet again.
Elsewhere in the economy,$Crude Oil Futures(APR5) (CLmain.US)$clung to $77/barrel. Prices pulled back in part on news of an Israel-Hamas cease-fire deal helped to ease some worries about risks to global supplies, according to MarketWatch. Prices also fell slightly after the eighth straight decline in U.S. crude inventories and the Biden administration's fresh sanctions on Russian crude.
MOOVERS
$UnitedHealth (UNH.US)$fell 4%, the lowest percentage decliner on the Dow Jones after the firm reported Q4 earnings above estimates but total revenue of $100 billion when analysts wanted $101 billion.
$Duolingo (DUOL.US)$climbing 8% after news of an AI-powered "Video Call" learning tool for Android devices.
$Symbotic (SYM.US)$climbed 18% after the smaller AI firm said it was buying the "Advanced Systems and Robotics" business from$Walmart (WMT.US)$, and use the segment to supply Walmart with automated tech.
$Bank of America (BAC.US)$BofA's profit more than doubled to $6.67 billion, the firm said Thursday, posting earnings of just $0.82 a share.$Morgan Stanley (MS.US)$rose 2.2% after the investment bank reported fourth-quarter earnings of $2.22 a share, beating estimates of $1.70 and rising from 85 cents a share a year earlier.
$Taiwan Semiconductor (TSM.US)$shares climbed 4% after the firm reported stronger-than-expected profit and said artificial intelligence demand will help offset a typically weak period for smartphone sales in the current period. The biggest contract microchip maker, Nvidia supplier, said its earnings jumped 57% to $11.37 billion.
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Reassessing Chinese Assets
Following the introduction of China's groundbreaking DeepSeek technology, Wall Street giants have revised their investment outlooks for the Chinese market.
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