2023-04-21 23:40:11
© Reuters
By Lewis Krauskopf and Sruthi Shankar and Ankika Biswas
(Reuters) – Major U.S. stock indexes closed with minimal gains on Friday after mixed quarterly results as investors weighed how conflicting economic data could influence interest rates and anticipated a week full of corporate reports.
A survey showed on Friday that US business activity accelerated to an 11-month high in April, making the outlook for the Federal Reserve’s monetary policy even more uncertain after data earlier in the week indicated a weakening economy.
Procter & Gamble Co (NYSE:) stock rose 3.5% as customers continued to buy despite repeated price increases, helping the maker of products like Gillette razor blades boost its third-quarter sales and margins forecast. .
The benchmark has been broadly stable in the early stages of a first-quarter earnings season that investors expect to show lukewarm results. Next week will see a flurry of reports, including from tech companies and megacap growth whose stocks helped the S&P 500 rally earlier in the year.
“The market is basically in a holding pattern ahead of the big tech results next week,” said Keith Lerner, co-chief investment officer at Truist Advisory Services. “There is a tug of war between good and bad economic data, good and bad corporate data.”
The index rose 0.07% to 33,808.96 points, the S&P 500 gained 0.09% to 4,133.52 points, while the technology index advanced 0.11% to 12,072.46 points.
For the week, the S&P 500 is down 0.1%, the Dow is down 0.2% and the Nasdaq is down 0.4%.
(Reporting by Lewis Krauskopf in New York, Sruthi Shankar, Ankika Biswas and Vansh Agarwal in Bengaluru)
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