1 Stock to Buy, 1 Stock to Sell This Week: Netflix, Tesla
investing.comStocks on Wall Street finished higher on Friday to notch another winning week as big tech shares rallied amid ongoing expectations the Federal Reserve will cut interest rates in 2024.
The benchmark S&P 500 and the blue-chip Dow Jones Industrial Average both closed at new record highs, with the former doing so for the first time in more than two years to confirm a bull market. For the week, the Dow rose 0.7%, the S&P 500 gained 1.2%, and the Nasdaq jumped 2.3%.
The week ahead is expected to be another busy one as earnings season shifts into high gear, with reports expected from several high-profile companies, including Tesla, Netflix, IBM (NYSE:IBM), and Intel (NASDAQ:INTC).
Some of the other notable reporters include Visa (NYSE:V), American Express (NYSE:AXP), AT&T (NYSE:T), Verizon (NYSE:VZ), Johnson & Johnson (NYSE:JNJ), Procter & Gamble (NYSE:PG), General Electric (NYSE:GE), 3M Company (NYSE:MMM), Lockheed Martin (NYSE:LMT), American Airlines (NASDAQ:AAL), and United Airlines (NASDAQ:UAL).
In addition to earnings, most important on the economic calendar will be Friday’s core personal consumption expenditures (PCE) price index, which is the Federal Reserve’s preferred inflation measure. As per Investing.com, core PCE, which strips out volatile food and energy prices, is seen rising 3% year-over-year in December, slowing from 3.2% in the preceding month.
Other economic data set to drop includes the preliminary Q4 GDP reading, which will provide more clues as to whether the economy is heading for a soft-landing.
Meanwhile, Federal Reserve officials will be in a blackout period ahead of the U.S. central bank’s policy meeting scheduled for January 30-31. As of Sunday morning, financial markets see a 53% chance of the Fed
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