U.S. GDP rose 2.9% in Q4, above analyst expectations of 2.8%
All the three major U.S. indexes ended the week higher as data highlighting the resilience of the American economy bolstered investor hopes of a soft landing.
While government spending and private investment boosted GDP growth, consumer spending showed some signs of weakness.
Top stories from last week
- Tesla (TSLA) shares jumped 33% in their best week since May 2013. The EV-maker reported record revenue and upbeat earnings for the fourth quarter.
- Chevron’s (CVX) annual profits more than doubled to hit a record of $36.5 billion in 2022. The oil giant also announced it would triple its budget for share buybacks to $75 billion.
- Visa (V) and American Express (AXP) reported better-than-expected results, easing investor concerns of a slowing consumer demand. While Visa shares added nearly 3% through the week, American Express stock gained around 13%.
The week ahead
- Earnings this week: Exxon Mobil (XOM), General Motors (GM), Meta Platforms (META), Amazon (AMZN), Apple (AAPL), Alphabet (GOOGL), Merck (MRK), Ford Motor (F), etc.
- Economic data this week: Federal funds rate and January unemployment rate.
- The Fed is likely to announce a 25 basis point rate hike at its policy meeting this week.
- OPEC+ oil ministers will gather online to review the group’s crude oil output policy.
Stock watchlist for this week#
*Consensus rating and average price target as per Tipranks data.
ETF watchlist for this week#
#This content is merely for illustrative purposes and does not constitute investment advice or a recommendation to buy or sell securities of any kind.