S&P 500 sets a new record high as Tech stocks lead Nasdaq’s rally

The S&P 500 opened at a new all-time high above 5,000, with the Technology Sector being the best-performing major sector. The S&P 500 index rose 0.33% to trade at 5,014.3, while the Dow Jones decreased 0.18% to 38,657.35.

The Nasdaq gained 0.95% to trade at 15,944. Applied Materials Inc is up more than 4% as the top-gainer in the S&P 500, while Expedia is down 18% at $130.70.

The US Bureau of Labour Statistics announced that it revised the monthly Consumer Price Index increase for December lower to 0.2% from 0.3%.

The US Department of Labour reported that there were 218,000 Initial Jobless Claims in the week ending February 3, down from the previous week’s revised 227,000.

Fed’s Thomas Barkin told Bloomberg that economic data has been remarkable across the board but noted that he is cautious about the accuracy of numbers at the turn of the year.

The goods and services deficit was $62.2 billion in December, up $0.3 billion from $61.9 billion in November. The Federal Reserve reported that consumers added $1.56 billion in additional borrowing, far below the $16 billion forecast and declining steeply from the previous month’s $23.75 billion.

Fed’s Neel Kashkari argued that they can dial back the policy rate quite slowly if the labor market continues to be strong. Federal Reserve Board of Governor member Adriana Kugler noted that she is pleased with the progress on inflation and is optimistic that the progress will continue.

Alibaba, PayPal, and Disney reported earnings this week. PayPal reported a $981 million revenue vs $991 million expected, with revenue rising 12% year-over-year from $877.2 million a year earlier.

Walt Disney Co. reported a quarterly revenue of $23.5 billion, slightly below the market projection of $23.6 billion. PayPal Holdings Inc. reported revenue rose 8.7% to $8.03 billion from a year ago, surpassing the market forecast of $7.87 billion.

Alibaba Group Holdings Ltd. reported Q3 adjusted net income of RMB 47,951 million and Q3 revenue of RMB 260,348 million before the opening bell on Wednesday. Uber Technologies Inc. announced Q4 net income of $1.4 billion and Q4 gross bookings of $37.6 billion, with net revenue for that period being $9.94 billion.