From Nasdaq:

The S&P 500 will open above 5,000 after minimal revisions in last year’s inflation figures, pointing to expectations that the Federal Reserve will cut interest rates this year. The index surpassed 5,000 mark on an intra-day basis for the first time on Thursday, but closed just shy of the level.

Positive earnings and AI optimism led the S&P 500 and Dow to record levels this year, with the Nasdaq closing less than 2% from its peak. U.S. monthly consumer prices for December rose less than initially estimated, with 0.2% growth compared to the previously reported 0.3%.

Annual revisions of the CPI data by the Labor Department showed a 0.2% increase in December consumer prices, with a revised 0.2% rise in November. Traders are showing more confidence due to the revised numbers.

Strong economic data and hawkish Fed comments have affected traders’ expectations for the U.S. central bank to start cutting interest rates in March. Investors await January consumer prices data for a clearer picture of the expected rates this year.

The Dow e-minis were up 78 points, S&P 500 e-minis up 14.25 points, and Nasdaq 100 e-minis rose 65.75 points. The three main indexes are set for their fifth consecutive week of gains due to strong earnings reports and concerns on the interest-rate path.

More than 80% of S&P 500 companies topped profit estimates in the fourth quarter. PepsiCo’s fourth-quarter revenue fell short of estimates as it edged up 0.3% pre-market while Pinterest plunged 8.5% after its forecasted first-quarter revenue largely lay below estimates.

Cloudflare rallied 24.0% with a forecasted first-quarter revenue and profit above market estimates. Expedia fell 16% as it warned revenue would moderate in 2024 and CEO Peter Kern was stepping down due to air ticket prices drop.

Crypto stocks rose between 8.7% and 11.9% as bitcoin hit its highest level since the launch of spot ETFs.

(Source: Reuters)



Read more: US STOCKS-S&P 500 set to open above 5,000 mark after revised inflation data