Here are the key news investors need to start the trading day:
All three major indexes ended trading in positive territory on Thursday after a late-day rally. The Dow Jones Industrial Average climbed nearly 350 points, or 0.91%, while the S&P 500 gained 0.58%, setting another record. Meanwhile, the Nasdaq Composite rose 0.30%. Wells Fargo shares rose 7% after one of the bank's top regulators ended a fine tied to the 2016 fake accounts scandal. In economic news, consumer spending fell sharply in January as pre-sales retail sales fell 0.8%, while economists surveyed by Dow Jones had forecast a 0.3% decline. Investors will be watching for more economic data on Friday morning when the January producer price index is released. Follow live market updates here.
Low angle view of the sign for the Shake Shack store in Walnut Creek, California, December 2, 2022.
Gado | Archive photos | Getty Images
Shares of Shake Shack rose 26% on Thursday to hit a new 52-week high. The burger chain reported strong fourth-quarter earnings earlier in the day, posting revenue of $286.2 million versus the $280.3 million expected by analysts polled by LSEG. The company also said it saw a 20% year-over-year increase in revenue. And the plan is to continue to grow. Shake Shack hopes to open 80 locations in 2024, bringing company-owned and licensed restaurants to nearly 600 locations, more than doubling its footprint from five years ago.
Ford Motor Co. President and CEO James Farley speaks during a launch event for the 2022 Ford F-150 Lightning all-electric truck at the Rouge Electric Vehicle Center in Dearborn, Michigan, on Tuesday, April 26. 2022.
Emily Elconin | Bloomberg | Getty Images
Right, Ford? Do not forget me. Ford Motor CEO Jim Farley says his company's “pro” business – not Tesla and its driver assistance systems – is the future of the auto industry. The unit includes the automaker's commercial and government fleet businesses as well as other business units and services for business customers. Ford said earlier this month that the Pro unit's pretax profit will be between $8 billion and $9 billion this year, which is more than the company expects from its traditional business. Farley said the Pro business is undervalued, adding that fleet customers are adopting electric vehicles faster than the company expected.
In this illustration, a Toast Inc. logo is seen on a smartphone and a PC screen.
Pavlo Gonchar | SOPA images | Light rocket | Getty Images
Toast, a maker of restaurant management software, said it would lay off 550 employees, or about 10% of its workforce, adding to tech layoffs in 2024. The company said the job cuts would result in charges of mostly $45 million to $55 million in the first quarter and $100 million in annual savings. Toast also reported fourth-quarter earnings after the bell on Thursday that beat Wall Street expectations. The company's revenue increased nearly 35% year-over-year in the quarter and net losses narrowed.
Intuitive Machines' Nova-C Odysseus lander will be deployed from the upper stage of SpaceX's Falcon 9 rocket to launch the IM-1 mission.
NASA television
Intuitive Machines has made its first attempt to reach the moon. The company went public via a SPAC merger last year, and investors reacted positively after announcing the launch was successful early Thursday. Intuitive Machines stock rose 34.5% in Thursday trading from Wednesday's closing price of $4.98 per share. Intuitive said it hopes the IM-1 cargo mission will reach 16 milestones. As of Thursday afternoon, the company said it had achieved three of them (launch, separation from the rocket and autonomous commissioning).
— CNBC's Lisa Kailai Han, Laya Neelakandan, Michael Wayland, Jordan Novet and Michael Sheetz contributed to this report.
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