Wall Street Indexes Register Solid Gains in January, Apple In Focus After Earnings Report

Barry Adams
31 Jan, 2025
New York City

Wall Street indexes extended monthly and weekly gains as investors reviewed the latest batch of earnings and a key measure of inflation. 

The S&P 500 index increased 0.5%, and the Nasdaq Composite rose 0.9% after the alternative measure of inflation met investor expectations. 

Market indexes are set to close higher in Friday's trading after Apple reported strong quarterly results and provided estimates that matched expectations set by analysts. 

Investors also reviewed earnings from Exxon Mobil, Chevron, Intel, KLA Corp, Visa, Mastercard, Deckers Outdoor, and Atlassian Corp. 

The Personal Consumption Expenditure price index in December accelerated to an annual rate of 2.6% from 2.4% in November, the U.S. Bureau of Economic Analysis reported Friday. 

Core PCE price index held steady at 2.8%. 

The alternative measure of inflation understates inflation felt by most families because it includes lower-priced products preferred by consumers to stretch monthly budgets in response to high prices.

 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.5% to 6,099.70, the Nasdaq Composite edged up 0.9% to 19,865.18, and the Russell 2000 index was up 1.07% to 2,307.45.

The yield on 2-year Treasury notes edged lower to 4.21%, 10-year Treasury notes increased to 4.53%, and 30-year Treasury bonds advanced to 4.77%.

WTI crude oil increased $0.12 to $72.85 a barrel, and natural gas prices edged lower by $0.05 to $3.00 a therm. unit.

Gold rose by $9.21 to $2,805.09 an ounce, and silver edged down by $0.03 to $31.60.

The dollar index, which weighs the US currency against a basket of foreign currencies, climbed 0.23 to 108.41 and traded at a two-year high.

 

U.S. Stock Movers 

Apple Inc. increased 3.1% to $244.97 after the mobile phone device maker reported better-than-expected sales in the fiscal first quarter. 

Total sales increased 4% to $124.3 billion, but iPhone sales decreased 1% to $69.1 billion. 

Service revenue surged 14% to a record high of $26.3 billion, and the company said fiscal second-quarter revenue is likely to increase in "low-to-mid single digits."

The company reported better-than-expected $2.40 per share.

Exxon Mobil increased 0.7% to $110.30 after the energy company reported better-than-expected adjusted earnings and free cash flow in the fourth quarter.

Revenue declined 1.1% to $83.43 billion, adjusted earnings per share increased to $1.67 compared to an estimate of $1.55, and free cash flow was $8 billion compared to an estimate of $6.5 billion.

Chevron Corp. declined 1.1% to $154.60 after the energy company reported mixed results in the fourth quarter. 

Revenue in the quarter increased to $52.2 billion from $47.2 billion; adjusted earnings per share declined to $2.06, down from $3.45 a year ago.

Atlassian Corp. surged 19.5% to $320.01 after the project management software developer reported better-than-expected results in the fourth quarter.

Revenue in the fiscal second quarter increased 21% to $1.29 billion, and the company's fiscal third quarter revenue was ahead of market estimates.

Deckers Outdoor decreased 12.5% to $195.66 despite the parent company of Hoka and Ugg reporting better-than-expected quarterly results. 

Revenue increased 17% to $1.8 billion, net income advanced to $456.7 million from $389.9 million, and diluted earnings per share rose to $3 from $2.52 a year ago.