US stocks rose on Friday after solid earnings from Apple (AAPL) and as the Federal Reserve’s preferred inflation gauge matched expectations. Investors also braced for a looming tariff deadline.
The tech-heavy Nasdaq Composite (^IXIC) climbed 1.3%, with spirits getting a boost from solid tech earnings. The S&P 500 (^GSPC) moved up roughly 0.7%, while the Dow Jones Industrial Average (^DJI) increased 0.1%, both adding to Thursday’s gains.
Shares in Apple gained during afternoon trading after the megacap posted a first quarter profit beat. While quarterly iPhone and China sales fell short, investors took an upbeat outlook for revenue as a sign of future recovery.
The Nasdaq is headed for a small weekly loss, thanks to the tech rout sparked by DeepSeek, while the S&P 500 and the Dow are track for gains amid a strong start to earnings season.
Meanwhile, a volatile January marked by President Donald Trump’s early days in office looks set to bring monthly wins for the major gauges, with the Dow eyeing a jump of over 5%.
Trump on Thursday doubled down on a threat to impose a first round of 25% tariffs on Canada and Mexico on Feb. 1. The looming Saturday deadline has revived worries about the impact on the economy from a clampdown on the US’s biggest trading partners.
Read more: The latest news and updates as Trump’s tariff deadline approaches
On social media, Trump also warned BRICS countries that they will face 100% tariffs if they replace the dollar with their own joint currency or another. The dollar (DX-Y.NYB) rose, headed for its best week since November.
The lack of clarity over tariffs has left Federal Reserve Chair Jerome Powell in wait-and-see mode, with the potential for tariffs to inflame inflation in focus.
That put the spotlight on a fresh reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index. The “core” PCE reading, which strips out food and energy, rose 2.8% year over year in December, meeting economist estimates. Wall Street traders continue to wager that the Fed’s first rate cut of the year won’t arrive until at least June, according to the CME FedWatch tool.
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Goldman Sachs says go ‘long gold’ amid tariff uncertainty
As gold futures touched new records on Friday, Goldman Sachs analysts reiterated their bullish call on the precious metal given the looming potential of US tariffs against Mexico and Canada, reports Yahoo Finance’s Ines Ferré
“Elevated US policy uncertainty reinforces the diversifying role of commodities in investment portfolios. In particular, we continue to see value in long gold … as a hedge against several tail risks,” the analysts wrote.
The firm sees tariff escalations and US debt fears as the major risks expected to send gold prices higher.
Bullion futures (GC=F) rose past $2,860 per ounce on Friday, on pace for its fifth consecutive week of gains.
The rise in gold comes despite the Federal Reserve’s decision to hold rates steady, a move which is typically a headwind for the precious metal as lower interest rates spur more buying of the asset.
Read more about Gold’s rise here.
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Stocks rise on course for winning January
US stocks rose Friday afternoon coming off solid earnings from Apple (AAPL) and as the Federal Reserve’s preferred inflation gauge matched expectations. Despite the fears of a looming tariff deadline, investors are on pace for a winning month.
The tech-heavy Nasdaq Composite (^IXIC) climbed 1.3%, boosted from solid tech earnings. The S&P 500 (^GSPC) moved up roughly 0.8%, while the Dow Jones Industrial Average (^DJI) rose 0.2% both moving up on Thursday’s gains.
In the final hours of trading hours of January, all three major gauges were also set score wins for the month. The Nasdaq is on track for a 2.3% gain. The S&P is set for a 3.5% increase, while the Dow leads the trio with an expected jump of 5.6% for January.
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Trump to meet with Nvidia CEO as China’s DeepSeek sparks AI fears
When the Chinese upstart DeepSeek sparked a panic on Wall Street, questioning the massive AI spending of the US tech giants, President Trump urged the industry to take it as a “wake up call.“
Trump is set to continue his advocacy for US AI dominance as he huddles with Nvidia CEO Jensen Huang the White House on Friday, Reuters reported. The Trump administration is considering tightening the sale of Nvidia’s export controls-compliant H20 chips to the China market, in an effort to further stall AI progress outside the US and its ally nations.
The meeting comes as the White House searches for new ways to boost US competitiveness, including further restrictions on tech exports to China. The US is already set to enact a new set of export controls designed to maintain the country’s technological edge in the…
Read More: Nasdaq, S&P 500, Dow rise as investors embrace Apple earnings