US close: Stocks higher as traders shrug off tariff concerns
By Iain Gilbert
Date: Wednesday 05 Feb 2025
(Sharecast News) - Major indices closed higher on Wednesday as market participants seemed to look past tariff concerns that rocked markets earlier in the week.
At the close, the Dow Jones Industrial Average was up 0.71% at 44,873.28, while the S&P 500 saw out the session 0.39% firmer at 6,061.48 and the Nasdaq Composite picked up 0.19% to 19,692.33.
The Dow closed 317.24 points higher on Wednesday, extending gains recorded in the previous session even as tensions between China and the US heated up after Donald Trump slapped a 10% levy on Chinese imports.
Google parent company Alphabet was in the red after posting a quarterly earnings miss due to weaker-than-expected cloud sales, while shares in AMD fell sharply after quarterly numbers from the chipmaker disappointed.
Elsewhere in the corporate space, Disney posted Q1 earnings that came in ahead of expectations but revealed it expected to see another "modest decline" in streaming subscribers in Q2, while shares in Harley-Davidson came under pressure after soft consumer confidence hit revenues at the US motorcycle manufacturer
On the macro front, mortgage applications rose by 2.2% week-on-week, according to the Mortgage Bankers Association of America, reversing the prior week's 2% drop. Applications to refinance a mortgage jumped 12%, while applications to purchase a home sank by 4%.
On another note, private sector employment in the US rose more than expected in January, according to ADP. Employment increased by 183,000 from December, versus expectations for a 150,000 jump. The total number of jobs gained for December was revised from 122,000 to 176,000.
Still on data, S&P Global's composite PMI fell to 52.7 in January, slightly beating expectations for a reading of 52.4 but down from 55.4 in December to mark the lowest reading since April 2024. S&P's services PMI fell to 52.9, down from 56.8 a month earlier but slightly ahead of preliminary estimates of 52.8.
Finally, the Institute for Supply Management's services PMI declined to 52.8 in January from a downwardly revised reading of 54 in December and well and truly short of estimates of 54.3.
"Poor weather conditions were highlighted by many respondents as impacting business levels and production. Like last month, many panellists also mentioned preparations or concerns related to potential U.S. government tariff actions; however, there was little mention of current business impacts as a result", said the ISM's Steve Miller.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Amgen Inc. (AMGN) $307.81 7.25%
Walgreens Boots Alliance, Inc. (WBA) $10.12 4.65%
Boeing Co. (BA) $181.84 3.18%
Cisco Systems Inc. (CSCO) $62.57 2.78%
Intel Corp. (INTC) $19.65 2.24%
Apple Inc. (AAPL) $232.47 2.21%
Goldman Sachs Group Inc. (GS) $645.45 1.78%
Walmart Inc. (WMT) $102.46 1.68%
American Express Co. (AXP) $320.30 1.42%
Visa Inc. (V) $349.44 1.24%
Dow Jones - Fallers
Nike Inc. (NKE) $74.57 -2.80%
Walt Disney Co. (DIS) $110.54 -2.44%
Dow Chemical Co. (DOW) $37.94 -1.60%
Merck & Co. Inc. (MRK) $89.67 -1.18%
Unitedhealth Group Inc. (UNH) $539.73 -1.05%
Caterpillar Inc. (CAT) $359.11 -0.78%
McDonald's Corp. (MCD) $288.46 -0.45%
International Business Machines Corporation (CDI) (IBM) $263.30 -0.44%
Chevron Corp. (CVX) $152.99 -0.15%
Dowdupont Inc. (DWDP) $0.00 0.00%
S&P 500 - Risers
Mattel Inc. (MAT) $20.84 15.33%
National Oilwell Varco Inc. (NOV) $16.40 12.48%
Johnson Controls International plc (JCI) $86.09 11.39%
Regeneron Pharmaceuticals Inc. (REGN) $716.72 7.74%
Amgen Inc. (AMGN) $307.81 7.25%
Fiserv Inc. (FI) $229.53 7.15%
Broadcom Inc. (AVGO) $232.00 6.40%
Electronic Arts Inc. (EA) $130.47 6.30%
Western Union Co. (WU) $11.01 6.07%
Nvidia Corp. (NVDA) $124.83 5.44%
S&P 500 - Fallers
FMC Corp. (FMC) $35.92 -33.53%
Nektar Therapeutics (NKTR) $0.76 -7.09%
Alphabet Inc. Class A (GOOGL) $191.33 -5.79%
Alphabet Inc. Class C (GOOG) $193.30 -5.50%
Estee Lauder Co. Inc. (EL) $65.79 -5.30%
CF Industries Holdings Inc. (CF) $89.68 -4.69%
PVH Corp. (PVH) $79.35 -3.83%
T. Rowe Price Group Inc. (TROW) $110.65 -3.77%
Advanced Micro Devices Inc. (AMD) $112.01 -3.39%
Prudential Fincl Inc. (PRU) $114.06 -3.30%
Nasdaq 100 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $716.72 7.74%
Amgen Inc. (AMGN) $307.81 7.25%
Fiserv Inc. (FI) $229.53 7.15%
Workday, Inc. (WDAY) $276.17 6.97%
Broadcom Inc. (AVGO) $232.00 6.40%
Electronic Arts Inc. (EA) $130.47 6.30%
Sirius XM Holdings Inc (SIRI) $25.79 6.20%
Nvidia Corp. (NVDA) $124.83 5.44%
Walgreens Boots Alliance, Inc. (WBA) $10.12 4.65%
Micron Technology Inc. (MU) $93.60 4.63%
Nasdaq 100 - Fallers
Alphabet Inc. Class A (GOOGL) $191.33 -5.79%
Alphabet Inc. Class C (GOOG) $193.30 -5.50%
Trip.com Group Limited (TCOM) $68.82 -5.28%
JD.com, Inc. (JD) $39.81 -4.76%
Monster Beverage Corp (MNST) $46.16 -3.09%
Illumina Inc. (ILMN) $124.68 -2.92%
Paypal Holdings Inc (PYPL) $79.20 -2.58%
Wynn Resorts Ltd. (WYNN) $81.66 -2.44%
Intuit Inc. (INTU) $588.26 -2.30%
Tesla Inc (TSLA) $378.17 -2.00%
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