Shares fluctuated on both sides of the zero line in early Friday morning trade as investors digested a final earnings statement as the week ended.
The S&P 500 (^GSPC) rose 0.03%, while the Dow Jones Industrial Average (^DJI) fell 17 points, or 0.05%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.15%.
All three major moving averages are about to close the week lower.
The earnings rush slowed slightly on Friday morning after consumer goods group Procter & Gamble (PG) reported. Shares of Procter & Gamble rose nearly 3% as the company raised its guidance for organic sales growth to 6% in 2023, from a previous guidance of 4% to 5%.
P&G Chairman and CEO Jon Moleller told Yahoo Finance his company sees no signs of a recession in its business.
“We see, if at all, a more careful handling of the purchased product,” said Moeller. “So you could use half a sheet of Bounty paper towel instead of a whole sheet.”
Amazon (AMZN) shares rose 2% after reports Thursday afternoon that Whole Foods plans to cut several hundred jobs at the company as part of a restructuring.
Oil futures tumbled slightly on Friday, with West Texas Intermediate (CL=F) and Brent (BZ=F) up more than 1% in early trade. Brent crude prices were just under $82 a barrel.
Shares closed lower on Thursday on weaker-than-expected Tesla (TSLA) quarterly earnings, mixed earnings data from various sectors and weaker-than-expected housing and jobs data.
Cleveland Fed President Loretta Mester told Yahoo Finance on Thursday that amid stubborn inflation, rates need to rise above 5%. The comments came two days before Federal Reserve participants entered their blackout period ahead of the next FOMC meeting on May 2nd.
Markets are currently pricing in an 84 percent chance of a 25 basis point rate hike at the next FOMC meeting, according to data from the CME group.
“While the likelihood of a rate hike has increased since Friday last week, we believe this week’s soft data is more in favor of a dovish rate hike,” wrote Tom Lee, head of research, in a note to clients on Friday.
The story goes on
The S&P Global US Manufacturing Price Index came in hotter than economists polled by Bloomberg were expecting. The US Services PMI hit a 12-month high at 53.7, while the US Manufacturing PMI hit a six-month high at 50.4. Economists had estimated the US Services PMI at . 51.5 and manufacturing PMI at 49, according to Bloomberg consensus data.
“Production rose at the fastest pace in almost a year as stronger demand conditions, improved supply and a steeper rise in new orders supported the expansion,” S&P Global wrote in the release. “Both manufacturing and services saw solid growth in activity.”
Josh is a reporter for Yahoo Finance. For the latest stock market news and in-depth analysis, including events moving stocks, click here
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