Investing.com – U.S. stock index futures were largely unchanged on Thursday evening after the S&P 500 notched a record closing high, driven by corporate earnings, and Donald Trump’s call for lower interest rates in his Davos speech.
S&P 500 Futures edged 0.1% lower to 6,147.0 points, while Nasdaq 100 Futures inched 0.1% lower to 22,009.25 points by 18:45 ET (23:45 GMT). Dow Jones Futures were slightly lower at 44,727.0 points.
Markets gauge Trump’s Davos speech
In his virtual address to the World Economic Forum in Davos on Thursday, President Trump emphasized his administration's commitment to revitalizing the U.S. economy.
On interest rates, Trump said he would "demand that interest rates drop immediately, and likewise they should be dropping all over the world."
Investors cheered the demand for rate cuts ahead of next week's Federal Reserve meeting. Markets had sharply lowered rate cut bets after the Fed’s December meeting, but slightly cooler latest inflation data and Trump optimism boosted investor sentiment.
Trump warned that those opting to produce goods abroad could face substantial tariffs, a move designed to bolster domestic industry and reduce trade deficits.
Trump also addressed global oil prices, urging OPEC and other oil-producing nations to lower prices to reduce revenue streams that, according to him, are funding conflicts such as the Russia-Ukraine war. He suggested that decreasing oil prices could lead to a swift resolution of the conflict by cutting off financial support to Russia's military efforts.
S&P500 hits record closing high; Verizon, American Express results awaited
The S&P 500 closed 0.5% higher at a record high of 6,118.72 points, while the Dow Jones Industrial Average rose 0.9% to 44,565.26, and the NASDAQ Composite added 0.2%.
GE Aerospace (NYSE:GE) reported better-than-expected fourth-quarter sales and profits, leading to a 6.6% increase in its stock price.
Union Pacific Corporation (NYSE:UNP) shares rose 5.2% after the railroad operator surpassed profit estimates, benefiting from lower fuel costs and improved operational metrics.
Conversely, some companies faced declines. Electronic Arts Inc (NASDAQ:EA) stock plummeted 16.7% after the video game maker lowered its net bookings guidance, citing underperformance in several games, particularly its soccer franchise.
American Airlines Group (NASDAQ:AAL) shares dropped 8.7% as the airline projected a higher-than-expected first-quarter loss due to increased costs, despite reporting fourth-quarter earnings that exceeded expectations.
In the materials sector, Alcoa Corp (NYSE:AA) and Freeport-McMoran Copper & Gold Inc (NYSE:FCX) both reported strong fourth-quarter earnings but saw their stocks fall over 4% amid concerns about potential new tariffs on aluminum imports from Canada.
For Friday, quarterly earnings from Verizon Communications Inc (NYSE:VZ), American Express Company (NYSE:AXP), and others were awaited.