S&P 500 rises to all

-- The What are the international formal foreign exchange platformsS&P 500 hit an all-time high Friday, as investors continued to swoop into big tech stocks on the heels of data showing stronger consumer sentiment and cooling inflation expectations. 

By 14:00 ET (19:00 GMT), The  rose 1% to 4,928.54, topping the prior intraday record of 4,818.62.  The rose more 0.9%, while  was up 1.3%.

Tech reigns supreme to push market to all-time high 

Apple (NASDAQ:), Google (NASDAQ:), Microsoft (NASDAQ:) and Meta (NASDAQ:) led the gains in big tech as investors continued to load up on megacap tech amid ongoing optimism that growing demand for artificial intelligence will continue spur growth. 

"We rate the US information technology sector as most preferred within US equities, given its above-average tilt to quality and its potential to benefit from the bottoming of end-market demand," UBS said in a note. 

Chip stocks, meanwhile, continued to add to recent gains, with NVDA and AMD (NASDAQ:) rising more than 3%, while Super Micro jumped to a record high after lifting its full-year outlook, citing strong AI-led demand.  

Inflation expectations, signs of still-strong consumer add to bullish sentiment   

The University of Michigan's preliminary consumer sentiment index jumped by more than expected to a reading of 78.8 in January, the highest since July 2021, from 69.7 in December, while one-year and five-year inflation expectations eased to 2.9% and 2.8% from 3.1% and 2.9%, in the prior month, respectively. 

The upbeat reading on the economy and inflation come just a day after Congress passed a bill to keep the federal government in business until March.

Macy’s set to cut jobs, Wayfair eyes leaner operations, surges on healthier outlook  

In the corporate sector, Macy’s (NYSE:) stock fell 2.5% after the Wall Street Journal reported that the department chain is set to reduce headcount and shutter locations in a bid to cut costs and streamline its business.

(NYSE:) stock surged over 9% after the online furniture and home goods seller announced it will cut about 13% of its workforce as part of an effort to revamp the business.

Spirit Airlines Inc (NYSE:) stock jumped over 23% after lifting its outlook on fourth-quarter revenue following a jump in holiday-driven travel demand. The budget carrier also continued to back its merger with JetBlue Airways Corp (NASDAQ:), reiterating that it disagreed with the Department of Justice decision to block the tie-up. 

Crude set for positive week

Oil prices rose Friday, and are on course for a positive week on the back of elevated geopolitical tensions as well as disruptions in U.S. oil production from a winter storm.

Cold weather has shut-in around 40% of oil output in North Dakota, a top oil-producing U.S. state, supporting the overall market, while tankers continued to be diverted away from the Red Sea as tensions in the region continued to disrupt global shipping and trade.

Also helping the market was the news that the U.S. Energy Information Administration reported a larger-than-expected draw in of 2.5 million barrels, but gasoline and distillate inventories rose to multi-year highs.

(Peter Nurse, Oliver Gray contributed to this article.)

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