Wall Street Pauses After Major Rally on Inflation and Bank Earnings
U.S. stock indexes edge lower following the largest single-day gains since November, as mixed economic data and earnings reports shape investor sentiment.
- The S&P 500, Dow Jones, and Nasdaq Composite opened slightly lower on Thursday after a significant rally driven by cooling inflation data and strong bank earnings the previous day.
- December retail sales grew 0.4%, falling short of the 0.6% expected by analysts, while weekly jobless claims rose to 217,000, exceeding forecasts of 210,000.
- Bank of America and Morgan Stanley reported better-than-expected quarterly profits, with Bank of America doubling its year-over-year profit and Morgan Stanley benefiting from improved investment banking performance.
- Taiwan Semiconductor Manufacturing Co. posted record quarterly profits, driven by surging demand for AI chips, boosting its stock by over 5% and lifting semiconductor shares like Nvidia.
- UnitedHealth shares fell after missing revenue expectations, while Target and Walmart showed contrasting performances, with Target continuing to lose market share to its rival.
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