Wall Street Indexes Trim Weekly Gains Following Volatile Tech Stocks

Barry Adams
17 Jan, 2025
New York City

Wall Street indexes struggled to rebound in Friday's trading after halting a three-day rally in the previous session. 

The S&P 500 index edged up 0.3%, and the Nasdaq Composite advanced 0.4% ahead of earnings from regional banks. 

Regions Financial, Truist Financial, and Citizens Financial are expected to report higher earnings and revenue, driven by an increase in net interest income and corporate loans. 

Stock market indexes fell in Thursday's trading following reports that Apple Inc. is struggling to retain its leadership position in China amid rising competition from Huawei. 

Apple's market share eased to 15% in 2024 from 19% in 2023, after Huawei and Vivo released cheaper phones with AI features. 

Apple dropped 4% in Thursday's trading but rebounded a fraction in early trading on Friday as investors awaited the release of the company's quarterly results next month. 

 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.3% to 5,949.06, the Nasdaq Composite rose 0.4% to 19,384.08, and the Russell 2000 index inched up by 0.1% to 2,267.36. 

The yield on 2-year Treasury notes edged down to 4.24%, 10-year Treasury notes inched down to 4.59%, and 30-year Treasury bonds declined to 4.83%.

WTI crude oil increased $0.41 to $79.09 a barrel, and natural gas prices edged up 4 cents to $4.13 a thermal unit.

Gold decreased by $8.32 to $2,706.10 an ounce, and silver fell by $0.17 to $30.58. 

The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.09 to 109.05 and traded at a two-year high. 

 

U.S. Stock Movers 

Regions Financial decreased 2% to $24.01 after the company released fourth quarter results.

Revenue in the quarter increased to $1.82 billion from $1.76 billion, net income advanced to $534 million from $491 million, and diluted earnings per share rose to 56 cents from 39 cents a year ago. 

Net interest margin eased to 3.55% from 3.60%, and the tier-1 capital ratio rose to 12.2% from 11.6% a year ago, respectively.