Stocks end week lower amid earnings, strong economic data: Stock market news today

Shares closed a little larger on Friday afternoon as traders digested a last slate of company earnings and clean financial details to close out the week.

The S&P 500 (^GSPC) rose .09%, even though the Dow Jones Industrial Common (^DJI) rose 23.99 points, or .07%. The know-how-heavy Nasdaq Composite (^IXIC) rose .11%.

All 3 key averages shut the 7 days reduce. The Dow had its worst week in 6 months, snapping a 4-7 days acquire streak.

The S&P Global’s flash studying on the U.S. Manufacturing Price tag Index came in hotter than economists surveyed by Bloomberg had expected on Friday. Solutions PMI hit a 12-month substantial at 53.7, when . Production PMI strike a six-thirty day period higher of 50.4. Economists experienced approximated Companies PMI at 51.5 and Production PMI at 49, for every Bloomberg consensus knowledge.

The report difficulties the narrative that storm clouds are brewing in the US overall economy.

“Output rose at the sharpest pace for pretty much a yr, as more robust demand situations, bettering offer and a steeper uptick in new orders supported the enlargement,” S&P World wide wrote in the release. “Strong growth in action was viewed throughout the two the producing and assistance sectors.”

The earnings onslaught slowed marginally on Friday morning, with consumer staples big Procter & Gamble (PG) reporting. Shares of Procter & Gamble rose 3.45% as the organization lifted its forecast for 2023 natural revenue development to 6%, up from a prior steerage of 4% to 5%.

P&G chairman and CEO Jon Moeller instructed Yahoo Finance his business is just not observing any signs of a recession based mostly on shopper behavior.

“We are observing if something, additional careful usage of the products that they have bought,” Moeller reported. “So they could use a 50 percent a sheet of Bounty paper towel as opposed to a full sheet.”

Somewhere else in earnings, mining enterprise Freeport-McMoran (FCX) fell 4.10%, its worst intraday general performance in over a thirty day period, as copper manufacturing declined for the quarter. Shares of SAP (SAP) popped nearly 6% as the company topped estimates for revenue and earnings for each share while teasing out ChatGPT integration.

“We are receiving a good deal of blended indications sort the several businesses reporting, even types inside the very same marketplace,” Thomas Martin, GLOBALT Investments Senior Portfolio Supervisor advised Yahoo Finance Reside. “I am fearful we’ll have to wait around for an additional quarter or two ahead of we really get definitive data one particular way or the other.”

Amazon (AMZN) inventory rose 3.03% following a report Thursday afternoon that Complete Foods programs to slash quite a few hundred corporate jobs as section of a reorganization.

Oil futures were being around the flatline on Friday with West Texas Intermediate (CL=F) and Brent (BZ=F) growing much less than 1% in early investing. Brent Crude charges sat just below $82 a barrel.

Cleveland Fed President Loretta Mester instructed Yahoo Finance on Thursday that curiosity prices have to have to increase higher than 5% presented stubborn inflation. The responses arrived two days ahead of Federal Reserve contributors enter their blackout interval prior to the up coming FOMC conference on Might 2.

Marketplaces are at the moment pricing in an 84% possibility of 25-foundation-issue charge hike at the upcoming FOMC assembly, according to data from the CME team.

With the Fed in its peaceful interval, current market concentrate will transform to major tech earnings upcoming week. Apple (AAPL) Amazon (AMZN), Alphabet (GOOGL) and Meta (META) are all set to report initial quarter benefits. On the economic entrance, the very first search how the overall health of the U.S. financial state in 2023 is expected, with the initial initially quarter GDP report predicted on Thursday.

Through Friday, 18% of S&P 500 businesses have documented first quarter success, with combination earnings of 5.8% coming in beneath the 5 (8.4%) and ten-year (6.4%) averages, in accordance to Factset.

Josh is a reporter for Yahoo Finance. Simply click here for the latest stock current market news and in-depth assessment, which includes situations that move stocks

Read through the most recent economic and business enterprise news from Yahoo Finance

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