US stocks opened higher on Friday, keeping Wall Street close to record levels as the first week of the quarterly earnings season drew to a close, supported by selective bank results and a rebound in oil prices.
In early trade, the S&P 500 rose 0.3 per cent, while the Dow Jones Industrial Average added 116 points, or 0.2 per cent. The Nasdaq composite advanced 0.4 per cent, AP reported.
Market sentiment remained anchored around earnings updates from regional banks, following a mixed set of results from larger financial institutions earlier in the week. PNC Financial Services jumped after beating Wall Street’s fourth-quarter expectations, while Regions Financial slipped after missing forecasts.
Crude oil prices gained about 1 per cent, recovering some ground after a sharp decline in the previous session, while Treasury yields edged higher in the bond market.
Ahead of the opening bell, US futures signalled modest gains, with S&P 500 futures up 0.2 per cent, Nasdaq futures rising 0.5 per cent and Dow futures largely flat.
Among individual stocks, PNC surged 3.2 per cent after reporting stronger-than-expected quarterly results, aided by higher interest income and fee growth. M&T Bank rose 1 per cent after also topping analyst estimates. In contrast, transport firm J.B. Hunt fell nearly 4 per cent despite beating profit expectations, weighed down by a decline in fourth-quarter revenue.
As earnings season gathers pace, investor focus is expected to shift toward technology and artificial intelligence-linked companies.
“As we dive into the heart of earnings season in the coming weeks, tech results will be scrutinized in far greater detail,” Ipek Ozkardeskaya of Swissquote said.
“Concerns around circular AI deals, leverage and delayed returns on investment remain front of mind for investors… compounded by rising electricity and metals costs, higher memory-chip prices, and the risk of supply disruptions,” she added.
In overseas markets, European indices were mixed, with Germany’s DAX down 0.3 per cent, France’s CAC 40 lower by 0.8 per cent and Britain’s FTSE 100 flat.
Asian markets mostly advanced, led by Taiwan, where shares jumped nearly 2 per cent after the island signed a trade deal with the US. The agreement lowers tariffs on Taiwanese goods to 15 per cent in exchange for $250 billion in new investments in the US technology sector. China protested the agreement, reiterating its claim over Taiwan.
Japan’s Nikkei 225 slipped 0.3 per cent, while Hong Kong’s Hang Seng fell 0.3 per cent and the Shanghai Composite declined 0.3 per cent. South Korea’s Kospi rose 0.9 per cent to a record high, supported by renewed optimism in AI-related stocks, with Samsung Electronics gaining 3.5 per cent.
In commodities, US crude rose 87 cents to $59.95 a barrel, while Brent crude climbed 93 cents to $64.69. Oil prices had fallen sharply on Thursday after US President Donald Trump said he had heard “on good authority” that plans for executions in Iran had been halted amid widespread protests.
Markets interpreted Trump’s comments as a signal that geopolitical tensions around major oil-producing regions could ease, reducing the risk of supply disruptions.
India’s Sensex rose 0.2 per cent, while Australia’s S&P/ASX 200 gained 0.5 per cent.
China is set to release its 2025 economic growth data on Monday, with forecasts pointing to an expansion of around 4.5 per cent, slower than earlier in the year.
Start a Conversation
Post comment