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Traders work at the New York Stock Exchange on Jan. 29, 2025.
Stocks rose on Thursday, posting gains in a bout of rocky trading as investors weighed the latest earnings from Big Tech companies.
The Dow Jones Industrial Average popped 168.61 points, or 0.38%, closing at 44,882.13. At its session highs, it had added nearly 300 points. The S&P 500 rose 0.53% to 6,071.17, while the Nasdaq Composite gained 0.25% to end at 19,681.75.
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Stocks cut gains late in the session after President Donald Trump announced his intention to implement 25% tariffs on goods imported from Canada and Mexico.
Elsewhere, Wall Street digested recent quarterly results from a slew of megacap tech companies. Shares of Meta Platforms and Tesla respectively added 1.6% and 2.9%, while Microsoft shares dipped 6.2% after the companies reported earnings. Meta beat on top and bottom lines, but Microsoft shares faltered after the company's quarterly revenue forecast disappointed. Tesla shrugged off an earnings and revenue miss.
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"We had three major megacap technology companies report last night and for the most part, all of them sort of came in and out of their earnings unscathed," said Art Hogan, chief market strategist at B. Riley Wealth Management. "That's a positive when you look at the aggregate number of companies that have reported and how many companies are beating expectations both on the top and bottom lines."
On the other hand, investors were a bit cautious to buy after fourth-quarter GDP growth came in at just 2.3%, missing expectations.
Wall Street is coming off a losing session after the Federal Reserve paused its interest rate-cutting campaign, leaving its borrowing rate unchanged in a range between 4.25% and 4.5%. In their postmeeting statement, policymakers noted that inflation remains "somewhat elevated."
Money Report
"We kind of get the chance to put the Fed not cutting rates in the rearview mirror because they're likely doing that for the right reasons, meaning the economic data seems consistent with keeping rates unchanged for the time being," Hogan said. "This also gives them time to look at policy from the new administration and try to model out what kind of impact that will have on both the economy and inflation."
Other "Magnificent Seven" names are set to report in the coming days, with Apple's results being due for a Thursday release. Amazon will soon follow suit, as the megacap tech company reports next week. Investors are also looking ahead to Friday's personal consumption expenditures price index report for December.
The S&P 500 and tech-heavy Nasdaq Composite are on pace to end the week in negative territory, despite making up some of their losses from Monday's sell-off. The blue-chip Dow is the only major index tracking for a weekly gain.
Dollar jumps after Trump threatens tariffs on Mexico, Canada
The U.S. dollar rose against other currencies Thursday afternoon after President Trump said he would impose a 25% tariff on Mexico and Canada.
The ICE U.S. Dollar Index turned positive on the day after the comments, trading at 108.07. The index, which measures the greenback against a basket of currencies, was trading near 107.76 before the remarks.
The dollar also rose against the Canadian dollar and Mexican peso individually.
— Jesse Pound
Stocks cut gains after Trump says he will put 25% tariffs on goods from Canada, Mexico
The major averages cut gains late in the day after President Donald Trump said he would slap a 25% tariff on goods from Mexico and Canada, two key U.S. trade partners.
The Dow, which was up nearly 300 points at one point, briefly turned negative before rebounding. The S&P 500 and Nasdaq were also off their highs.
— Fred Imbert
Kennedy calls Wegovy, Zepbound 'miracle drugs'
After monitoring Robert Kennedy Jr.'s confirmation hearings, Citi analyst Geoff Meacham told clients that he expects vaccine-exposed stocks such as Merck and Pfizer will experience some relief after the nominee said he would not deprioritize vaccine approvals at the Food and Drug Administration.
Kennedy is hoping to lead the Department of Health and Human Services, but is known for controversial views on vaccinations and for his criticism of ultraprocessed foods. During the hearings, Kennedy voiced support for gene therapies and called GLP-1 treatments "miracle drugs" for those with morbid obesity.
Merck and Pfizer shares were up less than 1% in trading Thursday, but GLP-1 drugmakers Novo Nordisk and Eli Lilly had a bit more momentum. Both stocks were up around 2%. All four stocks have underperformed the S&P 500 since President Donald Trump was elected.
Kennedy said he does not believe GLP-1 drugs, which include Wegovy and Zepbound, should be the first treatment used for obesity in children. He also expressed concern over the cost of the drugs.
— Christina Cheddar Berk
Global toy sales are stabilizing, helped by a focus on adults, Circana says
Hasbro and Mattel shares have had a strong start to the new year, rising 6% and 7% year to date, respectively. There may be a good reason for that. Data tracker Circana said global toy sales stabilized last year. The industry's shift to focus on collectibles and adults is helping to plug the gap created by declining birth rates, Circana said.
Across the G12 nations, sales fell 0.6% year over year. Average selling price was flat, after four straight years of growth. In the U.S., dollar sales were flat from 2023. In 2023, dollar sales fell 7% in the U.S. from the prior year.
Building sets, which include the popular Lego brand, showed both the biggest total sales and the greatest growth rate. Lego has expanded its offerings to include building sets that resonate with adults, who see the toys as a fun way to unwind.
"This year we expect the global toy market to be positively impacted by the box office and popular series' on streaming platforms, continuing to fuel young and mature consumer appetites for toys and collectible merchandise," said Frederique Tutt, global toys industry advisor.
Hasbro shares are up 17% over the past 12 months, while Mattel logged a nearly 5% gain during the same period.
— Christina Cheddar Berk
Comcast shares head for worst day since 2008
Comcast shares tracked for their worst session in more than a decade and a half as subscriber numbers disappointed Wall Street.
Shares of the telecommunications giant, which owns CNBC parent NBCUniversal, tumbled more than 12% in afternoon trading. If that holds through Thursday's closing bell, it will mark the biggest one-day loss for the stock since October 2008, when shares plunged more than 14%.
Thursday's sell-off comes after the Philadelphia-based company posted higher losses in broadband subscribers than previously expected. Comcast also reported fewer paid subscriptions to the Peacock streaming service than analysts polled by StreetAccount anticipated.
Those stats overshadowed a strong quarterly report, with the company surpassing analysts' forecasts on both lines in the fourth quarter.
— Alex Harring, Lillian Rizzo
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
Grayscale launches new ETF tracking bitcoin miners
As crypto becomes increasingly tied into the financial mainstream, crypto-native companies are starting to launch some more traditional products of their own.
On Thursday, Grayscale launched a Bitcoin Miners ETF (MRNS). While Grayscale's other exchange-traded funds hold cryptocurrency directly, the new fund is an equity-only fund, similar to traditional sector or thematic funds that have been around for years.
"The work of Bitcoin Miners is integral to the existence and continuation of the Bitcoin network. As adoption of Bitcoin grows, we believe the Bitcoin Mining industry will only increase in value. For investors interested in Bitcoin-adjacent opportunities, or looking for an equity expression of Bitcoin, MNRS represents a new option," Grayscale said in a press release.
Grayscale is not the only crypto firm trying this strategy, as Bitwise and CoinShares also have equity funds on the market.
— Jesse Pound
Tech leads weekly losses
Information technology is down 4.5% week to date, making it the biggest decliner in the S&P 500 during the period.
Nvidia's 16.1% drop during the period has led the sector lower. Fellow chipmaker Super Micro Computer has sold off nearly 15%, followed by Hewlett Packard Enterprise and Juniper Networks down around 13% each.
Utilities and industrials have dropped more than 1% for the week, while energy has shed 0.9%.
Meanwhile, consumer staples has outperformed the broader market. The sector is up 2.8%, led by J.M. Smucker, Kroger and Costco, which have jumped more than 4% each.
— Hakyung Kim
Stocks making the biggest moves midday
Check out some of the companies making headlines in midday trading:
- American Airlines — Shares fell 2.5% after an American Airlines regional jet collided with an Army helicopter in Washington, D.C., marking the first fatal commercial airline crash on U.S. soil since 2009.
- Nvidia — Shares pulled back more than 3% as the chipmaker remained under selling pressure. Nvidia has slipped more than 16% so far this week.
- United Parcel Service — The shipping firm plummeted 16% and was on pace for its worst day ever. UPS on Thursday said the company reached an agreement with Amazon "to lower its volume by more than 50% by the second half of 2026." Amazon is UPS' largest customer.
Read the full list here.
— Brian Evans
Small caps outperform
Small-cap stocks ran circles around their larger counterparts in Thursday's session.
The small cap-focused Russell 2000 climbed about 1% in midday trading. By comparison, the S&P 500 traded just slightly above flat.
With Thursday's gains, the Russell 2000 sat near flat on week the week, while the S&P 500 was tracking to lose nearly 1%.
— Alex Harring
Information technology sector tracking for worst weekly performance since September
The S&P Information Technology Sector was trading 1% lower on Thursday, leading the index's declines for the day.
The sector is also the worst performing of the week, down 4% and on pace for its worst weekly performance since September 2024. Tech remains the sole negative sector so far this year.
Nvidia, down 16% on the week, leads the sector's declines. Super Micro Computer, Teradyne, ServiceNow and Arista Networks are all down 11% or more on the week.
— Nick Wells, Lisa Kailai Han
HPE, Juniper Networks fall after DOJ moves to block acquisition
The Department of Justice is suing to block the proposed Hewlett Packard Enterprise acquisition of Juniper Networks on antitrust grounds.
The complaint said the merged company, along with rival Cisco Systems, would control "well over 70 percent" of the U.S. market for enterprise wireless network solutions.
"This proposed acquisition risks substantially lessening competition in a critically important technology market and thus poses the precise threat that the Clayton Act was enacted to prevent. It should be blocked," the complaint said.
Shares of both companies were lower after the complaint was made public. HPE fell 2.5%, while Juniper was down about 3%.
— Jesse Pound
38 stocks trade at new 52-week highs
During Thursday's trading session, 38 stocks in the S&P 500 traded at new 52-week highs.
Names that hit this milestone included:
- Meta Platforms trading at all-time-high levels back to its initial public offering in May 2012
- GoDaddy trading at all-time-high levels back to its IPO in April 2015
- International Business Machines trading at all-time highs back to when it began publicly trading on the New York Stock Exchange in January 1962
- Starbucks trading at levels not seen since May 2023
- Carnival trading at levels not seen since June 2021
- Live Nation Entertainment trading at all-time-high levels back to its IPO in December 2005
- Walmart Stores trading at all-time-high levels back to when it first began trading on the NYSE in August 1972
- 3M trading at levels not seen since November 2021
On the flip side, nine stocks traded at new 52-week lows. These included UPS, Microchip Technology, Dow and Edison International.
— Christopher Hayes, Lisa Kailai Han
Casino stocks rally on overseas optimism
Shares of Las Vegas Sands were last up 11% on the back of strong Singapore results and renewed optimism due to China's economic recovery.
The stock's Thursday gains put it on track for its best day since Sept. 26, 2022, when it rose 11.81%. Las Vegas Sands is currently on pace to notch an 11% weekly rise, which would break its seven-week losing streak — its longest since Aug. 2021.
Fellow Macao casino stocks rose in sympathy, with Wynn Resorts, Caesars Entertainment and MGM Resorts International respectively adding 6%, 2% and 1%.
— Adrian van Hauwermeiren, Lisa Kailai Han
UPS stock poised for worst day ever
United Parcel Service shares headed for their worst session on record on Thursday, roiled by an announcement that Amazon was slashing volume.
Shares tumbled around 17% in morning trading. If that holds, Thursday would mark the biggest one-day loss ever for UPS, which went public in 1999.
Thursday's sell-off came after the delivery giant said it reached a deal with Amazon, its largest customer, to lower volume by more than 50% by the second half of 2026. UPS also missed the consensus forecast of analysts polled by LSEG for revenue in the fourth quarter, but earnings per share exceeded their expectations.
UPS shares are now down more than 12% in 2025, putting the stock on track for its fourth straight losing year.
— Alex Harring
Comcast slides to lowest level since 2022 after reporting broadband weakness
Shares of Comcast hit their lowest level in more than two years on Thursday after the telecommunications giant's fourth-quarter report showed the company losing broadband subscribers at a faster-than-projected pace.
"Net broadband subscriber additions were negative-139,000 in the fourth quarter, which is disappointing and worse than what we indicated in the fourth quarter," Comcast president Michael Cavanagh said on a conference call Thursday.
Company executives said they would be putting more emphasis on the mobile wireless business going forward.
Shares were last down 9.5% on the session at $33.80. Comcast's stock price has not been that low since 2022.
— Jesse Pound
Disclosure: NBCUniversal is the parent company of CNBC and NBC News.
This is a buying opportunity for nuclear stocks, BCA Research says
The AI sell-off on Monday dragged down nuclear stocks as well, but the slide for that group was "unwarranted," according to BCA Research strategist Jeremie Peloso.
"AI will continue to support future nuclear energy demand. The long-term bullish case for nuclear energy remains intact. Investors should view the recent pullback as a buying opportunity, especially for uranium mining stocks," Peloso wrote in a note to clients.
The Range Nuclear Renaissance ETF (NUKZ) enters Thursday down 10.6% for the week, as does Cameco. Shares of Nuscale Power are down more than 21%.
Nuclear and uranium stocks got a boost from the AI trade in 2024, with the idea behind that power-hungry data centers will spur expansions to the U.S. energy grid.
— Jesse Pound
Stocks open higher on Thursday
Stocks opened higher on Thursday after ending Wednesday's trading session lower across the board.
The S&P 500 added 0.3%, as did the Nasdaq Composite. The Dow Jones Industrial Average traded fractionally higher.
— Lisa Kailai Han
Stocks making the biggest moves premarket
Check out the companies making headlines before the bell:
- Microsoft — Shares of the software giant dropped around 4% a day after it issued lighter-than-expected revenue guidance for the current quarter. Microsoft called for revenue of $67.7 billion to $68.7 billion in the fiscal third quarter, while analysts estimated $69.78 billion, according to LSEG. Meanwhile, fiscal second-quarter results came above consensus expectations.
- Caterpillar — The equipment manufacturer shed 4% after posting fourth-quarter revenue of $16.22 billion, under the consensus estimate of $16.39 billion from analysts polled by LSEG. On the other hand, Caterpillar earned $5.14 per share, excluding items, which exceeded the Wall Street's forecast of $5.02 a share.
- Comcast — Shares fell more than 6% after reporting a decline in broadband and cable TV customers. Domestic broadband customers fell by 139,000, while the number of cable users slipped by 311,000. Despite the decline in subscribers, the company reported a top- and bottom-line beat in the fourth quarter. Comcast earned 96 cents per share, excluding items, on $31.92 billion in revenue. Analysts polled by LSEG estimated earnings of 86 cents per share on revenue of $31.64 billion.
The full list can be found here.
— Hakyung Kim
GDP grows less than expected in fourth quarter
The U.S. economy grew at a slower-than-expected pace during the final three months of 2024. Gross domestic product grew 2.3% in the fourth quarter on an annualized basis, while economists polled by Dow Jones expected an increase of 2.5%.
Full-year GDP expanded at a solid 2.8% pace after growing 2.9% in 2023.
— Fred Imbert
Whirlpool plunges 11% on revenue miss
Hot tub maker Whirlpool tumbled 11% following a fourth-quarter revenue miss.
Whirlpool's revenue for the last quarter came out to $4.14 billion, while analysts polled by LSEG had expected $4.24 billion. However, Whirlpool's earnings per share of $4.57 exceeded the estimated $4.32 per share.
The company estimated that its full-year adjusted earnings would come out to approximately $10 per share versus the $11.60 estimate. Whirlpool's expected full-year net sales of $15.8 billion was also lower than the expected $16.26 billion.
— Lisa Kailai Han
Jefferies sees upside ahead for Coca-Cola
Shares of Coca-Cola are poised to move higher, according to Jefferies. The firm upgraded the beverage and snack giant to buy and raised its price target to $75, suggesting 19% upside from Wednesday's close.
"The business is in great shape," analyst Kaumil Gajrawala wrote. "Volumes are compounding, pricing has been earned, and cash flow is about to inflect … meaningfully."
The stock is hard to own when the dollar is strengthening, he noted. However, he expects only a 2-cent effect on earnings per share for 2025. Coca-Cola is set to report fourth-quarter results on Feb. 11.
"Expect Q4 to be a clearing event, bringing in a wave of investors looking for quality at a fair price," Gajrawala said. "Fundamentals support a higher multiple."
Shares are up about 1% so far this year.
— Michelle Fox
Cigna tumbles 10% on earnings miss
Shares of Cigna plummeted 10% Thursday morning after the health insurer reported a fourth-quarter earnings miss.
For its last quarter, Cigna posted adjusted earnings of $6.64 per share, which missed the $7.82 analysts were looking for, according to LSEG. However, Cigna's $65.65 billion in revenue exceeded the $63.36 billion estimate.
— Lisa Kailai Han
Lam Research stock jumps 6% following earnings beat
Shares of Lam Research traded 6% higher Thursday morning after the semiconductor company posted a fiscal second-quarter earnings beat.
Lam Research reported adjusted earnings of 91 cents per share, above the 88 cents that analysts were looking for, per LSEG. On the other hand, the company's revenue missed FactSet expectations. Lam Research also provided earnings and revenue guidance for its fiscal third quarter that was higher than what analysts were estimating.
Following its earnings report, both Bernstein and Cantor Fitzgerald upgraded the stock to an overweight or outperform rating.
— Lisa Kailai Han
Revenue miss weighs down shares of UPS
Shares of UPS were trading more than 13% lower Thursday morning after the shipping company posted a fourth-quarter revenue miss.
UPS' $25.30 billion in revenue came in lower than the $25.42 billion analysts polled by LSEG had expected. On the other hand, the company's adjusted earnings of $2.75 per share exceeded the Wall Street consensus of $2.53 per share.
— Lisa Kailai Han
Caterpillar stock sheds 4% on revenue miss
Engine equipment manufacturing stock Caterpillar slipped 4% in Thursday's premarket trading hours after reporting a fourth-quarter earnings miss.
Caterpillar's revenue for the quarter came in at $16.22 billion, while analysts polled by LSEG were expecting $16.39 billion. On the other hand, the company's earnings of $5.14 per share exceeded estimates of $5.02.
For its new guidance, Caterpillar said it also expects first-quarter 2025 and full-year 2025 sales and revenue numbers to be lower than their 2024 equivalents.
— Lisa Kailai Han
IBM rallies after earnings beat
IBM shares popped 8% in the premarket after the legacy tech company reported fourth-quarter earnings that beat analysts' expectations.
The company earned $3.92 per share, excluding items, while analysts polled by LSEG anticipated a profit of $3.75 per share. Revenue for IBM came in at $17.55 billion, about in line with expectations.
"We closed the year with double-digit revenue growth in Software for the quarter, led by further acceleration in Red Hat. Clients globally continue to turn to IBM to transform with AI. Our generative AI book of business now stands at more than $5B inception-to-date, up nearly $2B quarter over quarter," CEO Arvind Krishna said in a statement.
— Fred Imbert
UPS falls on Amazon package volume reduction
UPS fell more than 11% in the premarket after the delivery giant said it reached a deal with Amazon, its largest customer, "to lower its volume by more than 50% by the second half of 2026." UPS also said it is launching "multi-year 'efficiency reimagined' initiatives to drive approximately $1.0 billion in savings."
— Fred Imbert
Gold futures hit intraday record
Gold futures hit an intraday all-time high above $2,815 per ounce, building on their strong start to 2025. The precious metal is up more than 6% year to date and has climbed 38% over the past 12 months.
— Fred Imbert
Europe stocks open higher
European stock markets opened broadly higher Thursday despite big-name earnings disappointing, with the Stoxx 600 index up 0.4% at 8:26 a.m. in London.
Industrials and energy led sector gains, up 0.73% and 0.36%, respectively.
Germany's DAX and France's CAC 40 were both around 0.3% higher, while the U.K.'s FTSE 100 rose 0.12%.
— Jenni Reid
Japan and Aussie stocks break ranks with Wall Street to rise; most Asia markets closed for holiday
Japanese and Australian markets climbed Thursday despite Wall Street losses overnight. Several Asia-Pacific markets were closed for the Lunar New Year holiday.
Japan's benchmark Nikkei 225 and Topix advanced for the second straight day. The Nikkei 225 gained 0.25% to end the day at 39,513.97, while the broader Topix index was up 0.23% to close at 2,781.93.
Bank of Japan Deputy Governor Ryozo Himino reportedly said Thursday that the central bank would continue to raise interest rates if the "economy and prices move in line with the bank's forecasts." The Bank of Japan hiked interest rates by 25 basis points to 0.5% in its meeting last week, bringing them to the highest level since 2008.
Australia's S&P/ASX 200 extended gains from the previous session to end the day up 0.55% at 8,493.70, its highest since Dec. 5.
India's benchmark Nifty 50 was up 0.44%, while the BSE Sensex Index had gained 0.29% as of 1 p.m. local time.
— Amala Balakrishner
Tesla shares could have 'more to go' following postearnings rise, Deepwater's Gene Munster says
Shares of Tesla rose 4% in extended trading on Wednesday despite its fourth-quarter earnings and revenue missing Wall Street's expectations, and Gene Munster of Deepwater Asset Management believes there could be more gains ahead for the stock.
"Ultimately, I think that [Tesla's] numbers are pretty choppy," the managing partner said on CNBC's "Fast Money" following the automaker's results. "It's just hard to … see why it's up right now. I think it's basically confirmation that people think that this has more to go."
Tesla reported adjusted earnings of 73 cents per share on $25.71 billion in revenue for the period. That is below the consensus estimate of 76 cents in earnings per share and $27.27 billion in revenue, per LSEG.
The stock is on pace to close out the first month of 2025 in negative territory, as it has seen month-to-date losses of more than 3%. It is also on track to underperform the broader market this week, with shares dropping more than 4% week to date.
— Sean Conlon, Lora Kolodny
Meta Platforms, Tesla among the names making moves after hours
Check out the stocks making big moves in extended trading:
- Meta Platforms — Shares rose about 5% after the company beat on the top and bottom lines. For the fourth quarter, Meta Platforms earned $8.02 per share on revenue of $48.39 billion, above the consensus estimate of $6.77 per share in earnings and $47.04 billion in revenue, according to LSEG. Separately, The Wall Street Journal, citing people familiar with the matter, reported that President Donald Trump has signed settlement papers that would require the company to pay around $25 million in regard to a 2021 lawsuit.
- Microsoft — Shares of the software giant slid about 2%. Microsoft's Azure cloud computing services saw growth of 31% in the fiscal second quarter, narrowly missing the consensus estimate for 31.1%, according to StreetAccount. Top- and bottom-line results surpassed Wall Street's estimates, however.
- Tesla — Shares of the electric vehicle manufacturer rose more than 2% even after Tesla's fourth-quarter results missed the mark. The company posted adjusted earnings of 73 cents per share on revenue of $25.71 billion. Analysts surveyed by LSEG were looking for 76 cents in earnings per share and $27.27 billion in revenue.
Read here for the full list.
— Sean Conlon
Stock futures open little changed
U.S. stock futures were relatively unchanged Wednesday night.
S&P 500 futures, along with futures tied to the Dow Jones Industrial Average, hovered around the flatline. Meanwhile, Nasdaq 100 futures rose 0.1%.
— Sean Conlon