Stock futures rise ahead of more earnings and data

US stocks rose on Friday, after falling earlier at the open, as investors weighed in on fresh economic data including data on consumer spending, a closely watched measure by the Federal Reserve.

S&P 500 Index (^ The Salafist Group for Preaching and Combat(up 0.2%, while the Dow Jones Industrial Average rose)^ DJI) increased by 0.08%. Nasdaq Technology Heavy Composite (^ ix) up nearly 1%, to cap its best week since November.

Intel shares were the biggest movers on Friday (INTC), which fell as much as 10% on Friday after the company’s bleak outlook disappointed.

Intel reported no quarterly earnings after the close on Thursday, with adjusted earnings per share of $0.10 versus the $0.19 the Street expected. Total revenue was $14.04 billion, below estimates of $14.5 billion.

In the first quarter, Intel expects revenue to come in between $10.5 and $11.5 billion, with losses totaling $0.80 per share. In presenting the results, CEO Pat Gelsinger noted “economic and market headwinds,” adding that the company “will continue to face short-term challenges while striving to meet our long-term commitments.”

Elsewhere in the markets, Tesla (TSLA) The stock has become hot. Shares rose over 10% in Friday trading, targeting their best week since May 10, 2013. The company latest earnings I paid a down payment for the shares. Separately, CEO Elon Musk is being investigated by US regulators over his role in shaping the automaker’s self-driving car allegations, Bloomberg reported.

Lucid (LCIDShares rose on Friday on reports that Saudi Arabia’s Public Investment Fund may be planning an acquisition, buying shares the electric vehicle maker doesn’t already own.

The yield on the benchmark 10-year US Treasury rose to 3.52% from 3.497% on Thursday. The dollar index has not changed a bit. West Texas Intermediate crude fell 2% to trade at $79.41 a barrel.

The core PCE price index in the US, excluding energy and food, rose 0.3% month over month, while the annualized rate fell to a one-year low of 4.4% in December from 4.7% the previous month, in line with consensus expectations. .

Pending home sales rose 2.5% in December, ending a sixth month of decline, according to the National Association of Realtors.

Meanwhile, consumers remain optimistic. The consumer confidence index rose to 64.9, up slightly from a reading of 64.6 two weeks ago, according to preliminary results from a University of Michigan consumer survey. Economists polled had expected a reading of 64.6.

Stores They gathered on Thursday Investors digested other data showing that the US economy ended the year on a strong foot despite higher interest rates and looming recession fears.

Gross domestic product – the sum of all goods and services – expands at a 2.9% annual pace In the fourth quarter of 2022. GDP for the full year grew by 2.1%.

Durable goods orders in December rose 5.6%, beating expectations of 2.4%, the largest increase since July 2020. Meanwhile, the resilience of the US labor market was a big surprise. Initial jobless claims fell again to 187,000, the lowest level since April 2022.

The markets unearthed a lot of mixed clues [on Thursday] After some cause for concern, Jim Reed and his colleagues at Deutsche Bank wrote in a morning note Friday morning that it’s easier to ignore it all and push stocks to new highs in 2023. “Earnings also helped improve the mood, to be fair.”

visa (FifthShares rose on Friday after the company reported its results late Thursday. Revenue rose to $7.94 billion compared to expectations of $7.69 billion. Adjusted earnings per share were $2.18 vs. $2.00. The company announced that Ryan McInerney will take over as CEO effective February 1st.

hasbro (she has) has also joined the wave of layoffs by companies that have announced they will cut their workforce by 15 percent, or 1,000 employees, starting in the coming weeks. The move comes as the game maker seeks to save around $250 million and $300 million annually by the end of 2025.

Also in stock movements, chevron (CVXShares fell after fourth-quarter earnings of $6.4 billion were announced, down from $11.2 billion in the third quarter. Ahead of Chevron’s report on Friday, it announced that it had raised its dividend by 6% along with a massive $75 billion share buyback plan.

American Express shares (AXP) After the credit card company announced a net profit for the fourth quarter of $ 1.57 billion. On a per share basis, it made a profit of $2.07. American Express expects full-year earnings to be $11 to $11.40 per share.

Danny Romero, Yahoo Finance correspondent. Follow her on Twitter @tweet

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