Shares waver amid corporate earnings: Stock news today
Stocks teetered on either side of the flatline in early trading Friday morning as investors digested a final slate of corporate earnings to end the week.
The S&P 500 (^GSPC) rose 0.03%, while the Dow Jones Industrial Average (^DJI) fell 17 points, or 0.05%. The technology-heavy Nasdaq Composite (^IXIC) was down 0.15%.
All three major averages are about to end the week lower.
The earnings onslaught eased a bit on Friday morning, with Procter & Gamble (PG) reporting. Procter & Gamble shares rose nearly 3% as the company raised its forecast for organic sales growth in 2023 to 6%, up from previous guidance of 4% to 5%.
P&G Chairman and CEO Jon Moleller told Yahoo Finance that his company sees no signs of a recession in its business.
“We̵[ads1]7;re looking at something, more careful use of the product they’ve bought,” Moeller said. “So they can use a half sheet of Bounty paper towel as opposed to a full sheet.”
Amazon ( AMZN ) shares rose 2% after a report Thursday afternoon that Whole Foods plans to cut several hundred corporate jobs as part of a reorganization.
Oil futures bounced slightly on Friday with West Texas Intermediate (CL=F) and Brent (BZ=F) rising more than 1% in early trade. Brent oil prices were just under 82 dollars a barrel.
Shares closed lower Thursday on weaker-than-expected quarterly results at Tesla ( TSLA ), mixed earnings data from various sectors and softer-than-expected housing and jobs data.
Cleveland Fed President Loretta Mester told Yahoo Finance on Thursday that interest rates must be raised above 5% given stubborn inflation. The comments came two days before Federal Reserve participants enter the blackout period ahead of the next FOMC meeting on May 2.
Markets are currently pricing in an 84% chance of a 25 basis point rate hike at the next FOMC meeting, according to data from the CME Group.
“While the odds for a hike have risen since Friday of last week, we think the softness in data this week speaks more for a dove,” Tom Lee Head of Research wrote in a note to clients on Friday.
The S&P Global US Manufacturing Price Index came in warmer than economists surveyed by Bloomberg had expected. The US Services PMI hit a 12-month high of 53.7, while the US Manufacturing PMI hit a six-month high of 50.4.
“Production rose at the sharpest pace in nearly a year as stronger demand conditions, better supply and a steeper pick-up in new orders supported the expansion,” S&P Global wrote in the note. “Solid growth in activity was seen across both the manufacturing and service sectors.”
Josh is a reporter for Yahoo Finance. Click here for the latest stock market news and in-depth analysis, including events that move stocks
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