China's GDP meets official target

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China's GDP expands by 5% in 2024
Chinese economy grows by 5% Year over year in 2024, according to China National Bureau of StatisticsThis is in line with Beijing's official target of “about 5%”. In the fourth quarter, GDP grew by 5.4%, higher than the 5.0% estimated in a Reuters poll of economists, as stimulus measures began in Beijing. However, analysts are still hopeful that this will happen. More policies to support the country's economy.

The S&P 500 snaps a three-day winning streak
American markets It fell on Thursdaywith Standard & Poor's 500 Her three-day winning streak snapped. Treasury revenues I backed away further On the decline in inflation fears. Asia-Pacific stocks were Mixed on Friday. Mainland China and Hong Kong markets rose after the release of China's 2024 GDP numbers. Japan Nikki 225 lost 0.45% Nintendo Shares fell about 4.6% after the announcement of A A successor to its Switch console.

Apple falling
apple Shares fell 4% on Thursday with losses Nearly 12% from the stock's recent peak In December. The decline comes after a report released Thursday from market research firm Canalys said the iPhone maker has fallen to third place in terms of smartphones sold in China in 2024, behind local manufacturers Vivo and Huawei.

Prospective US Treasury Secretary testifies
Scott Besent, US President-elect Donald Trump's nominee for Treasury Secretary, He testified Thursday before the Senate Finance Committee. During the session, Bessent, a hedge fund manager, spoke about Trump's proposed policies It will not cause inflationHe described US spending as “Out of control“He threw cold water on the idea of ​​the possible US digital currency.

(PRO) Tariffs threaten retail stocks
Many consumer goods stocks face the highest risks of being affected by US President-elect Donald Trump's tariff plan, according to Wolfe Research. These are popular clothing and home goods retailers, among whom are stock investors They are not priced in tariff risksThe research company said.

Reports of falling iPhone sales in China sent Apple shares falling, resulting in their worst day since August 5. Other Magnificent 7 stocks also declined: Tesla Decline 3.4% Nvidia lost nearly 2%, and alphabet It decreased by about 1.4%.

Apple has been the worst-performing stock in the Magnificent Seven so far in 2025.

With all the “Magnificent 7” shares – which led More than half of the S&P 500's gains in 2024 – Ending the session in the red, the broad-based index was unable to maintain its forward momentum starting on Wednesday.

the Standard & Poor's It decreased by 0.21% Dow Jones Industrial Average Lost 0.16% and heavy on technology Nasdaq CompositeIt decreased by 0.89%.

This is despite earnings season getting off to a strong start. Of the companies that reported, 77% beat expectations, according to FactSet data.

Bank of America and Morgan Stanley I mentioned Multiplication predictions Profits. But it was ultimately not enough to lift the indexes, indicating that stock market performance still depends on technology.

“Bank earnings are definitely starting to be positive, but it looks like there will be more than that, and that's what today's move looks like,” said Keith Buchanan, senior portfolio manager at Global Investments.

However, technology stocks and markets could rise if inflation appears to be under control later in the year.

US Federal Reserve Governor Christopher Waller He told CNBC In an interview on Thursday, he said that if inflation data is benign, he “could certainly see rate cuts sooner than markets expect.”

More optimistically, Waller suggested there could be “four cuts, three cuts, depending on what the data tells us this year.”

If that happens, Apple shares — as well as other interest rate-sensitive technology stocks — could defy gravity to rise again.

CNBC's Jeff Cox, Hakyung Kim and Sarah Min contributed to this report.