- The S&P 500 crosses the 5,000 mark for the first time.
- Another pair of earnings reports fell in the last 18 hours: Pinterest and PepsiCo.
- Google is renaming its artificial intelligence chatbot, formerly called Bard.
Here are the key news investors need to start the trading day:
The S&P 500 topped 5,000 for the first time in the final minutes of trading on Thursday, but fell back to close at a record 4,997.91. The Dow Jones Industrial Average also hit a new record, closing at 38,726.33. Despite the new milestones, gains for each of the major indexes were quite small, at just 0.06% for the S&P, 0.13% for the Dow and 0.24% for the Nasdaq Composite. Each index is in positive territory in the week before the start of the last trading session of the period. Follow live market updates.
Pepsi bottles with new and previous logos are seen at the grocery store in Las Vegas, USA, on November 17, 2023.
Jakub Porzycki | Photo only | Getty Images
Another pair of earnings reports fell in the last 18 hours: Pinterest and PepsiCo. Pinterest reported fourth-quarter results after the bell on Thursday, giving weaker-than-expected guidance and reporting disappointing sales. The stock initially fell in after-hours trading, but recovered somewhat after the social media platform announced a new partnership with Google. Pepsi reported its fourth-quarter results before the market closed Friday morning, beating profit estimates but showing a slight year-over-year decline in sales. Higher prices helped support organic sales but contributed to a volume decline as shoppers watch their wallets.
Google is renaming its artificial intelligence chatbot, formerly called Bard, as part of its latest investment in AI. The chatbot is now called Gemini and will be available in a special app for Android users from Thursday. (iPhone users can access Gemini through the Google app on iOS.) And for power users, there's now a subscription option for Google's most powerful AI model called Gemini Ultra 1.0 for $19.99 per month. Google is trying to compete with OpenAI's ChatGPT, whose popularity skyrocketed last year and got Wall Street talking about big language models.
Workers collect dry cocoa beans in front of the store of a cocoa cooperative in Hermankono village on November 14, 2023.
Sia Kambou | Afp | Getty Images
Cocoa prices are at an all-time high after bad weather hit crop yields in West Africa. Three quarters of global cocoa production comes from the region, including Ghana and Ivory Coast, where the El Niño weather phenomenon has led to drier temperatures. Cocoa futures hit an intraday record high of $5,874 a tonne on Thursday, up more than $1,000, or nearly 40%, since the start of the year.
Delta's new Sky Club airport lounge at John F. Kennedy International Airport in New York.
Leslie Josephs/CNBC
The airport lounge at Delta Air Lines is becoming increasingly exclusive. The airline is rolling out a “premium” line of lounges, starting with a 38,000-square-foot location at New York's John F. Kennedy International Airport – complete with a full-service restaurant and “wellness” areas – opening in June . This is a solution to the problem of airport lounge overcrowding as more passengers secure credit card rewards, flight upgrades or status. As travel demand continues, airlines are trying to find the right balance between growing their membership and maintaining benefits. Delta hasn't said what would qualify travelers for access to the first-class lounges. Additional high-end lounges will open in Boston and Los Angeles later this year.
— CNBC's Samantha Subin, Yun Li, Jonathan Vanian, Amelia Lucas, Hayden Field, Spencer Kimball and Leslie Josephs contributed to this report.
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