Stock futures are little changed with S&P 500 on three-day winning streak, near record high – CNBC

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The benchmark finished the day at 6,118.71, surpassing its prior all-time closing high of 6,090.27 recorded in early December.The Dow Jones Industrial Average advanced 408.34 points, or 0.92%, to 44,565.07, while the Nasdaq Composite rose 0.22% to 20,053.68. Thursday marked the fourth straight winning session for all three major indexes.Stocks took a leg up after Trump said Thursday in a virtual address to the World Economic Forum that he would “demand that interest rates drop immediately.” The president also said he would ask Saudi Arabia to lower the price of oil, which pulled crude into the red. Short-term Treasury yields fell following Trump’s comments.The stock market has gotten a boost this week from excitement about potential tax cuts and deregulation under Trump, as well as signs of resilient economic growth. While tariffs remain an overhang, investors have been pleased with the lack of formal action on these levies during Trump’s first days back in the White House.”He really can’t control interest rates, but the market likes to hear that kind of stuff,” said Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report. “So far, the market does seem to like what Trump’s policies are going to be, so we’ll just have to see if there’s some follow through.”The fourth-quarter earnings season is also off to a strong start, with Netflix and big banks offering positive reports. But American Airlines poured some cold water on that enthusiasm, with the stock tumbling more than 8% on Thursday after the company issued weak guidance.The three major indexes concluded Thursday’s session in the green.The S&P 500 jumped 0.5%, notching an all-time closing high. The Dow rallied 0.9%, while the Nasdaq Composite ticked higher by 0.2%.— Alex HarringAfter touching a new intraday high during Thursday’s session, the S&P 500 is also on track to close at a record.The S&P 500 traded around 6,100 shortly after 3:30 p.m. ET. The broad index last closed at a record on Dec. 6, when it finished at 6,090.27.— Alex HarringDespite a strong run for the artificial intelligence sector that has worried Wall Street that valuations for equities tied to the technology could be stretched, William Blair says all signs instead point to healthy growth.”Public Company Valuations Not in Bubble Territory. Despite median equity returns of 200% for the big six public AI companies (AMZN, GOOG, META, MSFT, NVDA, and AAPL) since December 2019 (pre-GenAI), the median forward price-to-earnings multiple of 32x is up only 23% over this period, hardly indicative of a speculative bubble. Instead, it reflects tangible growth in earnings power,” analysts led by Jason Ader wrote in a Thursday note.— Brian EvansOracle shares are up nearly 15% this week after President Trump announced a new joint venture with the company, Softbank and OpenAI to invest in artificial intelligence.The stock is on pace for its best week since December 2021, when shares surged more than 16%. The stock is up 11% since the start of 2025.— Samantha SubinThe broader market is headed for solid week-to-date gains, but energy stocks are struggling.The S&P 500 energy sector is down 2% this week, on pace for its worst weekly performance since the week that ended Dec. 20, when it shed more than 5%. The space is also on track to snap a four-week winning streak.Halliburton is the worst-performing stock in the sector this week, losing more than 5%. Oneok and Hess were down about 4% during that time.— Fred ImbertBullishness among individual investors over the outlook for stocks in the next six months rebounded to 43.4% in the latest American Association of Individual Investors survey, the highest since early December. The percentage of bearish investors fell to 29.4%, down from 40.6% in the prior survey and the lowest since mid-November, immediately after the Nov. 5 presidential election.Contrarian investors view rising bullishness as a bearish sign for the market, thinking it means that most investors have finished buying and have less cash available on the sidelines for new purchases. Conversely, growing bearishness is regarded by contrarians who like to bet against the crowd as a bullish market signal.Last week’s AAII weekly survey showed more investors were fearful of the outlook and just 25.4% of respondents expected stocks to rise over the next six months.— Scott Schnipper Check out the companies making headlines in midday trading:For the full list, read here.— Pia SinghShares of Electronic Arts tumbled nearly 17% in midday trading, on pace for the worst percentage drop for the stock since Oct. 31, 2008, when it closed down 17.85%.The video game publisher lowered its fiscal third-quarter and full-year guidance for net bookings after the bell Wednesday. The company expects about $2.215 billion in net bookings for the quarter, versus previous guidance of $2.4 billion to $2.55 billion. It anticipates net bookings of between $7 billion and $7.15 billion for the full fiscal year, below previous guidance of $7.5 billion to $7.8 billion.Electronic Arts cited underperforming games, notably its soccer franchise, for the shortfall.— Michelle Fox, Kif LeswigTraders should be ready for stocks to struggle next week after the Federal Reserve meeting, according to James Demmert, chief investment officer at Main Street Research.Fed funds futures are pricing in a more than 99% likelihood that the central bank holds interest rates steady at its policy meeting next week, according to CMEGroup’s FedWatch Tool. Demmert warned that, paired with earnings reports of megacap technology companies, could catalyze a leg down in the market.”The stock market is in a calm before the storm mode, as we await next week’s Federal Reserve press conference and big tech earnings, both of which are likely to cause market volatility,” Demmert said.”Stocks are approaching their prior December highs, after some choppiness over the past four weeks, and while we are encouraged by the market’s strength, we’re not out of this corrective phase,” he explained. “We expect more downside pressure in stocks as the Federal Reserve meets next week and extinguishes investor expectations about cutting rates anytime soon.”— Alex HarringCaterpillar shares were up 2.5%, hitting their high of the day and leading the Dow to a gain of more than 200 points. The industrial giant contributed 65 points to the Dow’s advance.It wasn’t clear what drove the stock higher, but the move came after President Trump said he would approve the building of power plants for artificial intelligence through emergency declaration.— Fred ImbertTechnology stocks underperformed on Thursday, dragging down the Nasdaq Composite.The tech-heavy index slid 0.2% on Thursday, relinquishing some gains after jumping more than 1% in the prior session. By comparison, the S&P 500 ticked higher in Thursday’s session.Electronic Arts dropped more than 17% after slashing guidance, making it the worst performer in the concentrated Nasdaq 100. Arm Holdings and Micron Technology were also among the biggest losers, sliding more than 7% and 4%, respectively.— Alex HarringSpeaking to global leaders at the World Economic Forum in Davos, Switzerland, President Trump said he would pressure the Federal Reserve to push rates lower.”I’ll demand that interest rates drop immediately,” Trump said. “And likewise, they should be dropping all over the world. Interest rates should follow us all over.”The comments come ahead of the Fed’s first meeting of 2025 next week. The central bank is largely expected to keep rates unchanged, but questions abound about the path of future monetary policy.— Fred ImbertThe iShares Aerospace & Defense ETF (ITA) climbed 2.4% Thursday to hit a fresh all-time high, surpassing its prior record from November 2024.The fund, which is up more than 8% in January, is on pace for its best monthly performance since October 2022, when it gained 17.6%.GE Aerospace is among the stocks leading the exchange-traded fund higher for the day. The stock is up 9% Thursday after posting a quarterly earnings beat.— Hakyung Kim, Nick WellsDollar and gold options have emerged as a hedge in the current market landscape, according to JPMorgan.There’s “little evidence” of hedges like options or short equities in the U.S. equity space, though investors are looking for ways to ride out any volatility, JPMorgan’s Nikolaos Panigirtzoglou told clients. Rather, he said traders are turning to options in the currency and metal space as ways to protect their portfolios.”There appears to be some evidence of investors using options on the dollar and gold as hedges against drawdowns in risky assets,” he told clients in a Wednesday note.— Alex HarringAhead of quarterly Apple’s earnings report on Jan. 30, Goldman Sachs maintained its buy rating despite its recent stock weakness.Shares are currently down 11% in 2025, on track for their worst month since Dec. 2022.”In our view, the underperformance in 2025 is driven by a post-holiday inventory digestion ahead of weak seasonal period for the stock (January April), which coincides with seasonally negative supply chain data points,” analyst Michael Ng wrote in a Thursday note.Meanwhile, Ng inched down his price target on shares to $280 from $286.Ng forecasts the soft start to the year to reverse by mid-2025 with the launches of new Mac, iPad and iPhone SE products in the spring, as well as potentially new product features in the iPhone 17 launch in the fall.”Competition has intensified within the Chinese smartphone market, but we’re encouraged by the potential for accelerating iPhone growth in F2026 driven by new product innovation for iPhone 17/18 and the continued rollout of Apple Intelligence to new markets with a more robust feature set,” Ng added.— Hakyung KimThe S&P 500 and Dow both sat near flat shortly after 9:30 a.m. ET. The Nasdaq Composite slipped 0.5%.— Alex HarringGoldman Sachs is confident the Walt Disney Company can beat earnings expectations when it reports results next month, driven by strong performance in its movie and sports businesses.Analyst Michael Ng reiterated a buy rating on the media and entertainment conglomerate, saying that it is a “high quality EPS compounder” with an “undemanding valuation.” He sees a pathway for Disney to outperform over the next three years.”We expect DIS to deliver an EPS beat in F1Q25 with EPS of $1.57 (v. Visible Alpha consensus of $1.45) with EBIT of $4.69 bn (v. $4.49 bn consensus),” Ng wrote Wednesday. “By segment, we forecast Experiences EBIT of $2.89 bn (v. $2.98 bn consensus), Entertainment EBIT of $1.66 bn (v. $1.49 bn consensus), and Sports EBIT of $151 mn (v. $17 mn consensus).”His 12-month price target of $139, raised slightly from $137 previously, implies greater than 27% upside for the stock from Wednesday’s close. Disney shares are down more than 2% this year.— Sarah MinInitial unemployment insurance claims edged higher last week while continuing claims hit their highest level in more than three years.First-time benefits filings totaled a seasonally adjusted 223,000 for the week ending Jan. 18, up 6,000 from the previous week and close to the Dow Jones estimate for 221,000.However, ongoing claims, which run a week behind, rose to just shy of 1.9 million, an increase of 46,000 that took them to their highest level since Nov. 13, 2021. The continuing claims data reinforces a trend in which layoffs have stayed low but appear to be lasting longer. —Jeff CoxCheck out some of the companies making headlines in premarket trading:Read the full list here.— Brian EvansShares of American Airlines shed more than 7% in the premarket after the airline issued first-quarter guidance that disappointed investors.The company expects to lose between 20 cents per share and 40 cents per share for the first three months of 2025. Analysts expected a loss of 4 cents per share, according to LSEG.— Fred ImbertEarnings reports were driving notable after-hours stock moves on Wednesday:Check out more movers here.— Jesse PoundEven a strong earnings season will have some negative outliers, and Electronic Arts may be one of those for this cycle.The video game publisher cut its net bookings guidance for the most recent quarter and its full fiscal year, which ends March 31. EA cited weakness in its Global Football franchise as a reason for the guidance change.Shares of the company were down more than 10% in extended trading.— Jesse PoundStock futures were little changed at 6 p.m. in New York. Nasdaq 100 futures were down about 0.1%, while futures for the S&P 500 and Dow were both near the flatline. — Jesse PoundGot a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
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Source: https://www.cnbc.com/2025/01/22/stock-market-today-live-updates.html