Investing.com — U.S. stocks rose Friday, hoping to close the first week of the new year on a positive note ahead of data that is expected to provide more insight into the health of the world’s largest economy.
As of 1:20 p.m. ET (6:20 p.m. GMT), the index gained 0.7%, the index rose 1.1% and the index climbed 1.6%.
Major Wall Street indexes have reported dramatic gains in 2024, but expectations of a slower decline in interest rates and uncertainty over new President Donald Trump’s policies have eroded that sentiment.
ISM manufacturing PMI data expected
On a relatively quiet day for economic data, investors will have the opportunity to analyze US factory activity figures for December later in the session.
The Institute for Supply Management’s index for the manufacturing sector is expected to fall slightly to 48.2 last month, down from a five-month high of 48.4 recorded in November. A number below 50 generally denotes a contraction in the sector, which accounts for more than 10% of the U.S. economy.
This is the eighth consecutive month that the measure has been below the 50-point threshold, although that figure remains above a level of 42.5 that the ISM says indicates broader economic expansion.
collapse following a blocked takeover bid
In the corporate sector, shares of United States Steel Corporation (NYSE:) fell more than 6% after President Joe Biden said Friday he would block the Japanese company’s takeover of the American steel company Nippon Steel for $14.9 billion, citing reasons related to national security and maintaining property rights. reputable, nationally owned and operated American company.
Rivian Automotive (NASDAQ:) stock rose more than 22.6% after the electric vehicle maker beat analysts’ expectations for fourth-quarter deliveries and said its production was no longer limited by a shortage of components, a positive sign for the electric vehicle manufacturer which aims to make its first profit.
Apple (NASDAQ:) stock fell 0.3%, adding to losses from the previous session, after data released Friday by a government-affiliated research firm showed that shipments to China of smartphones of foreign brands, including the iPhone, fell 47.4% in November from…
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