US stocks climbed on Thursday despite underwhelming earnings from Tesla (TSLA) and following a stronger-than-expected US economic growth report. Dow Jones Industrial Average (^DJI) started 0.2% higher, while the S&P 500 (^GSPC) rose 0.4% after the benchmark achieved its fourth consecutive record close on Wednesday. Stocks in the tech-heavy Nasdaq 100 (^NDX) increased by about 0.5%. The initial estimate of fourth quarter US gross domestic product (GDP) released on Thursday morning revealed that the economy grew at an annualized rate of 3.3% during the period, significantly faster than the 2% annualized pace anticipated by economists. Tesla cautioned about “considerably” slower EV production growth in quarterly results that missed on profit. CEO Elon Musk pointed out the risk that Chinese carmakers will outperform rivals in the absence of trade restrictions. The shares of the EV maker decreased by 8% in premarket trading and performed worse than the other “Magnificent Seven” tech-centered stocks that have driven the S&P 500’s rally. Results from Intel (INTC) are anticipated after-hours in the torrent of reports, and Wall Street is paying attention for an AI boost to the chipmaker. On Thursday morning, American Airlines (AAL) stock rose after the company released 2024 guidance that surpassed expectations. Southwest Airlines (LUV) surpassed Wall Street predictions for its latest quarterly profit. Alaska Airlines (ALK) mentioned that it would endure $150 million in expenses due to the recent grounding of its Boeing 737 Max 9 fleet following a mid-air door plug incident. The FAA on Wednesday allowed those 737 Max 9 jets to resume service once airlines complete safety checks, but also instructed Boeing (BA) to halt any planned increases in production, leading to disruption for its customers and suppliers and contributing to the decline in shares.
Thu, January 25, 2024 at 8:00 AM PSTAirline stocks rise after FAA says Boeing Max 9 planes can fly following safety checksAirline stocks increased on Thursday, buoyed by better than anticipated quarterly results and clearance from aviation regulators for Boeing 737 Max 9 aircraft to resume service once each airplane is inspected. American Airlines (AAL) stock surged by over 8% after issuing better than expected 2024 guidance on Thursday morning. Southwest (LUV) shares climbed but reduced gains after the carrier posted adjusted earnings of $0.37 per share as opposed to Wall Street’s estimated $0.12 per share. Alaska Airlines (ALK) stock gained despite a financial setback of $150 million due to the grounding of its Boeing 737 Max 9 planes following a mid-air incident involving a door plug earlier this month. The Federal Aviation Administration (FAA) approved an inspection and maintenance process that must be performed on each of the grounded Boeing 737-9 MAX aircraft. Alaska Airlines (ALK) shares rose despite a financial setback of $150 million stemming from the grounding of its Boeing 737 Max 9 planes due to a mid-air incident involving a door plug earlier this month. “Upon successful completion, the aircraft will be eligible to return to service,” read the FAA statement.
Thu, January 25, 2024 at 7:15 AM PSTOil rallies after strong US economic growth readingOil futures increased on Thursday morning after a hotter-than-expected US economic growth report. West Texas Intermediate (CL=F) rose by more than 1% to surpass the $76 per barrel level. Brent (BZ=F), the international benchmark price, surged by over 1%, exceeding $81 per barrel. Prices reached session highs after an advance GDP report showed that the US economy grew at an annualized rate of 3.3%, surpassing economist estimates for a growth of 2.2%. Oil futures extended their gains from the prior session after the release of US stockpiles, which showed a significant drop last week. US production also decreased by 1 million barrels per day last week due to freezing temperatures across oil-producing states, according to the latest Energy Information Administration data. Government data also indicated that refineries were affected by freezing temperatures, operating at 85.5% capacity last week.
Thu, January 25, 2024 at 6:33 AM PSTUS stocks rise amid hotter than expected US economic growth printEquities started higher on Thursday after a preliminary economic growth reading in the US exceeded expectations. The Dow Jones Industrial Average (^DJI) advanced by 0.3%, while the S&P 500 (^GSPC) started 0.4% higher after the benchmark achieved its fourth consecutive record close on Wednesday. The tech-heavy Nasdaq Composite (^IXIC) rose by 0.4%. An advance estimate of fourth quarter US gross domestic product (GDP) showed that the economy grew at an annualized rate of 3.3% during the period, much higher than the 2% annualized pace expected by economists. Equities rose despite a disappointing earnings announcement from Tesla (TSLA) on Wednesday. The EV giant missed profit expectations in its latest quarter and cautioned about “considerably” slower production growth. Tesla shares dropped by about 7% on Thursday morning.
Thu, January 25, 2024 at 5:34 AM PSTUS economy grows at 3.3% rate in Q4, topping estimatesThe US economy continues to impress. The first look at fourth quarter GDP growth released Thursday showed the economy grew at an annualized rate of 3.3% in the final three months of 2023. Economists had expected growth to come in at a rate of 2%, according to data from Bloomberg. With this reading, the initial estimate on cumulative GDP growth for 2023 shows the economy grew 2.5% last year, an acceleration from the 1.9% growth seen in 2022. The economy grew in all four quarters of the year and has now expanded for six quarters in a row. In its release, the BEA said the fourth quarter’s growth was driven by “increases in consumer spending, exports, state and local government spending, nonresidential fixed investment, federal government spending, private inventory investment, and residential fixed investment.”Click here for in-depth analysis of the latest stock market news and events moving stock prices. Read the latest financial and business news from Yahoo Finance
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