From Nasdaq:

The S&P 500 ended a five-session streak of record highs on Friday, with Intel slumping after a bleak revenue forecast, while U.S. economic data showed inflation moderating. All three major indexes recorded their third straight weekly gain and their 12th weekly advance out of 13.

A U.S. Commerce Department report showed the personal consumption expenditure index rose moderately in December, keeping the annual increase in inflation below 3% for a third-straight month and bolstering the case for rate cuts this year. A strong fourth-quarter U.S. economic growth reading was also reported on Thursday, strengthening the possibility of a soft landing.

According to preliminary data, the S&P 500 lost 4.09 points to end at 4,890.07 points, while the Nasdaq Composite lost 55.13 points to 15,454.89. The Dow Jones Industrial Average rose 56.15 points to 38,105.28. Intel tumbled to a six-week low and Chip manufacturing tools maker KLA Corp dropped following its disappointing revenue forecast. The Philadelphia SE Semiconductor index was down for a second day after closing at a record high on Wednesday.

The S&P 500 and Nasdaq are up about 3% so far in 2024. Colgate-Palmolive rose after posting upbeat fourth-quarter results. Apple fell ahead of its quarterly report next Thursday.

American Express hit a record high after forecasting a higher-than-expected annual profit. Visa declined after the world’s largest payments processor’s tepid current-quarter revenue growth forecast. Apple and Intel were among the stocks weighing most on the S&P 500.

Of the S&P 500 companies that have reported earnings so far, 78.2% have surpassed expectations, compared with a long-term average beat rate of 67%. This report strengthens the possibility of a soft landing, which continues to gain traction.

The S&P 500 in recent sessions returned to record highs for the first time in two years, extending a rally driven by optimism about the economy and lower interest rates, as well as bets on artificial intelligence.



Read more: Weak Intel forecast drags S&P 500 to lower close after streak of record highs