From Nasdaq
January 17, 2025 6:53:42 pm:

The S&P 500, Dow Jones, and Nasdaq closed higher on Friday, with chip stocks leading the market. US economic news was better than expected, with Dec housing starts rising +15.8%, manufacturing production up +0.6%, and building permits falling -0.7%. European stocks rallied, easing US-China tensions post a call between Xi Jinping and President-elect Trump.

Global equity markets saw strength on signs of China’s economic growth, with Q4 GDP up +5.4% and industrial production rising +6.2%. The IMF raised its global GDP forecast to 3.3% for 2025. However, hawkish comments from Cleveland Fed President Hammack on inflation were negative for stocks.

Bitcoin surged over +4% on news of President-elect Trump’s plan to prioritize crypto, leading to gains in cryptocurrency-related stocks. Earnings season began with analysts estimating S&P 500 Q4 earnings to grow 7.5%. Overseas markets closed mixed, with European bond yields moving lower and the IMF cutting Eurozone GDP forecast.

Chip stocks like Marvell Technology and GlobalFoundries rallied, supporting market gains. Cryptocurrency-related stocks rose, with Coinbase Global, MicroStrategy, and others posting gains. Intel led gainers in the S&P 500 and Nasdaq 100, while Qorvo and Schlumberger NV also saw positive movement.

Walgreens Boots Alliance and State Street closed lower after legal issues and weaker forecasts, respectively. Vistra Corp faced a setback due to a fire, while Crowdstrike Holdings and Regions Financial saw declines. General Motors faced concerns over engine failures, and HubSpot was downgraded by TD Cowen.

Earnings reports for 1/21/2025 include 3M Co, Capital One Financial Corp, Netflix Inc, and more. The author does not hold positions in any securities mentioned. All information is for informational purposes only.

Read more at Nasdaq: Stocks Settle Higher on Chip Stock Strength and Positive Economic News