From Nasdaq, Inc.:

Asian-Pacific markets saw mixed results with Hong Kong’s Hang Seng declining by 1.27% and India’s SENSEX falling by 1.00%, while Australia’s ASX All Ordinaries gained 0.31% and Japan’s Nikkei closed 2.06% higher. In the US, better than expected quarterly earnings and improving economic data are building investor confidence for 2024 profit growth, even with growing likelihood of delayed Fed rate cuts.

China’s consumer prices fell by 0.8% YoY in January, marking the fourth straight month of decline. The latest result was the 16th straight month of contraction in China’s producer prices, reflecting persistent deflation forces in the economy. In the US, consumer credit increased by a smaller-than-expected $1.6 billion in December due to banks tightening lending standards and less demand for credit in the face of higher interest rates.

Sector standouts included Technology, which was boosted by Microsoft and Nvidia, and Consumer Discretionary, which benefitted from Amazon and Tesla. The Dow advanced 0.40%, the S&P 500 rose 0.82%, and the Nasdaq Composite closed 0.95% higher. Arm Holdings beat EPS and revenue forecasts, while Disney announced a $1.5 billion stake in Epic Games.

Disney shares rose in premarket trading after beating estimates and announcing a $1.5 billion stake in Epic Games. Disney also issued upside guidance for 2024. Meanwhile, PayPal’s December quarter results beat expectations, but the company issued lower than expected 2024 EPS guidance, causing shares to fall in aftermarket trading. Costco reported net sales of $22.08 billion for the retail month of January, up 4.5% YoY.

Affirm, Cloudflare, Motorola Solutions, and other companies are expected to report quarterly results after the market closes today. Looking ahead, next week brings key economic data, including the US Consumer Price Index and Retail Sales for January, as well as earnings reports from companies like Cisco and DoorDash.

Investors can look forward to key economic data next week, including Japan’s Producer Price Index and the Eurozone’s ZEW Economic Sentiment Index, as well as the US Consumer Price Index and Retail Sales for January. Additionally, several companies such as Take-Two and Costco are expected to report quarterly results after the market closes for today.



Read more: Daily Markets: Will the S&P 500 Hit 5000?