By Admin / January 24, 2025
(Bloomberg) — The world’s biggest stock market is heading for its best start for a new US president since Ronald Reagan was sworn in to power in 1985.
Equities hovered near all-time highs on Friday, with the S&P 500 climbing over 2% this week. That was after President Donald Trump talked up policies to boost economic growth and lower taxes, while appearing to soften his stance toward tariffs on China — even as he continues to threaten sweeping action. The dollar fell to a one-month low and was poised for its largest weekly slide since November 2023.
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“It is early days but nothing that President Donald Trump has said or done has caused a bad reaction in financial markets,” said Chris Iggo at AXA Investment Managers. “Quite the contrary. It is paying to stay invested.”
Wall Street also waded through a slew of economic data on Friday.
US consumer sentiment declined in January for the first time in six months. Consumers expect prices will climb at an annual rate of 3.2% over the next five to 10 years, up from the 3% expected in December. Existing-home sales picked up, while business activity moderated as growth in services cooled.
The S&P 500 was little changed. The Nasdaq 100 wavered. The Dow Jones Industrial Average fell 0.3%. A Bloomberg gauge of the “Magnificent Seven” megacaps added 0.3%. The Russell 2000 fell 0.4%. Meta Platforms Inc. climbed on plans to invest as much as $65 billion on projects related to artificial intelligence in 2025. Texas Instruments Inc. slid on a disappointing earnings forecast.
The yield on 10-year Treasuries was little changed at 4.64%. The Bloomberg Dollar Spot Index fell 0.5%. The yen erased earlier gains as Bank of Japan Governor Kazuo Ueda offered little guidance on the timing of the next interest-rate hike.
Corporate Highlights:
American Express Co. profits increased 12% as well-heeled consumers spent more than analysts expected on their credit cards over the holidays, a tailwind the firm said it expects will continue.
Boeing Co. suffered another quarter of fresh charges and losses, highlighting the long road ahead for Chief Executive Officer Kelly Ortberg as he tries to stabilize the US aircraft manufacturer.
Novo Nordisk A/S’s experimental shot delivered as much as 22% weight loss in an early-stage trial, boosting investors’ hopes for the drugmaker’s pipeline.
Some of the main moves in markets:
Stocks
The S&P 500 was little changed as of 10:04 a.m. New York time
The Nasdaq 100 was little changed
The Dow Jones Industrial Average fell 0.3%
The Stoxx Europe 600 fell 0.2%
The MSCI World Index rose 0.2%
Bloomberg Magnificent 7 Total Return Index rose 0.3%
The Russell 2000 Index fell 0.4%
Currencies
The Bloomberg Dollar Spot Index fell 0.5%
The euro rose 0.8% to $1.0499
The British pound rose 0.7% to $1.2445
The Japanese yen fell 0.1% to 156.21 per dollar
Cryptocurrencies
Bitcoin rose 2.4% to $105,577.76
Ether rose 4.5% to $3,393.86
Bonds
The yield on 10-year Treasuries was little changed at 4.64%
Germany’s 10-year yield advanced three basis points to 2.58%
Britain’s 10-year yield advanced two basis points to 4.65%
Commodities
West Texas Intermediate crude fell 0.3% to $74.42 a barrel
Spot gold rose 0.8% to $2,778.12 an ounce
Earle_thomas@icloud.com
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