Stocks edge higher as S&P 500 bids to close above 5,000

Stocks traded in the green to start the day on Friday, pointing to another record-setting session as investors applauded a revision of December inflation data that showed it was even lower than first reported.

The S&P 500 (^GSPC) rose 0.1% after Thursday’s hard-won record close put the benchmark within three points of ending above 5,000 for the first time. The Dow Jones Industrial Average (^DJI) slipped below the flatline, while tech-heavy Nasdaq Composite (^IXIC) led the way high, gaining 0.3%.

A stream of well-received quarterly earnings has buoyed stocks in a week thin on economic updates, which have been driving shifts in direction thanks to their importance to the Federal Reserve’s thinking on policy.

Given that, investors watched the revisions to the Consumer Price Index on Friday more closely than usual. Fed officials have stressed they’re taking the time to check price pressures really are cooling before making any interest rate cuts.

PepsiCo (PEP) results took center stage on Friday as the pace of corporate earnings starts to slacken. Shares slipped more than 2% in morning trading after the soda and snacks giant’s sales missed Wall Street estimates amid price hikes.

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Fri, February 9, 2024 at 7:28 AM PST

Stocks trending in morning trading

Here are some of the stocks leading Yahoo Finance’s trending tickers page during morning trading on Friday:

Cloudflare (NET): The network services and cloud cybersecurity company continues to climb on Friday morning after the company released its fourth quarter earnings with revenue at $362.5 million for the quarter, an increase of 32% compared to last year. The company also forecast a first quarter revenue range of $372.5 million to $373.5 million that beat Wall Street expectations.

Pinterest (PINS): Shares fell more than 10% Friday after its first quarter revenue forecast came in slightly below expectations. The weaker outlook flashed a warning sign to investors as other smaller tech companies struggle for market share against the giants Google and Meta.

PepsiCo (PEP): The beverage and snack giant fell more than 3% after reporting fourth quarter earnings that topped analyst estimates but failed to meet expectations for revenue.

Expedia (EXPE): Shares tumbled almost 20% after the company said it expects revenue growth rates this year to moderate as air fares come down from their post-pandemic highs. Late Thursday the air travel firm company also said CEO Peter Kern will step down from his position and will be replaced by company insider Ariane Gorin.
Fri, February 9, 2024 at 6:39 AM PST

Stocks open higher in the S&P’s chase for a 5,000 close

Stocks opened mostly higher Friday morning, setting the S&P up for a close above 5,000, after December’s inflation reading was revised even lower than initially thought.

The S&P 500 (^GSPC) rose 0.1%. The Dow Jones Industrial Average (^DJI) slipped below the flatline, while tech-heavy Nasdaq Composite (^IXIC) led the way high, gaining 0.3%.