US stocks slipped on Thursday as investors eyed corporate earnings and gauged economic data to determine the path of Federal Reserve rate cuts. Despite a jump in prior session, stocks swayed between modest gains and losses.
Morgan Stanley rose 4.03% after reporting higher Q4 profits propelled by dealmaking. However, UnitedHealth fell due to missing quarterly sales estimates.
Investors also focused on comments from Fed Governor Christopher Waller, who said the central bank could cut rates sooner and faster than expected as inflation is likely to continue to ease. This helped push Treasury yields lower.
Concerns linger about potential tariffs from President-elect Donald Trump, scheduled to take office on Monday. The dollar’s reserve status and Federal Reserve independence were also discussed by Trump’s pick for Treasury Secretary, Scott Bessent.
In other news, Apple fell 4.04% after data showed the iPhone maker was overtaken as China’s biggest smartphone seller in 2024 by rivals Vivo and Huawei.
Source: https://www.reuters.com/markets/us/futures-inch-up-ahead-more-bank-earnings-economic-data-2025-01-16