What happened in markets todayBy CNN Business
For the week, the Dow and Nasdaq narrowly extended their weekly win streaks to five. It’s the longest such streak for the Dow since July and for the Nasdaq since November 2017.
Intel (INTC) fell 5% after dimming its outlook and posting disappointing sales.
Delta Air Lines (DAL) can't debut its new plane, the Airbus A220, because there's no one at the FAA to sign off on it.
The new jet from Airbus, which is designed to replace less efficient regional jets, needs to get final certification from FAA inspectors before it can begin service.
"No customer impact is expected as a result of this equipment change and no flights will be canceled. The flights will be operated by other aircraft," said the airline.
Delta had warned last week that a delay was likely when it issued earnings. It estimated the shutdown would cost Delta $25 million in lost revenue if it continued through January. On Thursday, Southwest warned that the shutdown could cost it between $10 million and $15 million.
Earlier this week, Alaska Air (ALK) said it was forced to delay the start of passenger service at Paine Field, due to a lack of FAA approval as well. The airport, which is about 25 miles north of Seattle, hasn't had commercial passenger service in decades. The service had been due to start on Feb. 11. Now it will be delayed until at least March 4.
Wall Street is firmly in rally mode on Friday.
However, JetBlue (JBLU) dropped 2% after "staffing shortages" at FAA air traffic control linked to the shutdown-caused delays at New York City and Philadelphia airports. JetBlue relies on New York-area traffic for a chunk of its business.
Shares in major cannabis producers are moving higher, per our Paul R. LaMonica:
The Dow is going for a fifth straight week of gains.
However, Intel (INTC) tumbled 7% after blaming a sales miss and outlook downgrade on the slowdown in China and “weaker” modem demand.
"In general, earnings have been better than feared," said Art Hogan, chief market strategist at B. Riley FBR.
The early gains turned the Dow slightly positive on the week. The index hasn't posted a five-week winning streak since last July.
The maker of Colgate toothpaste says packaging and logistics costs are more expensive and it's hurting its bottom line.
Colgate-Palmolive's (CL) fourth-quarter earnings were lower than expected and forecasts its 2019 sales to be "flat to up low-single-digits." The company said product prices increased 2.5%.
Shares are declining nearly 3%.
The consumer goods maker said its fourth-quarter revenue declined 2% to $3.8 billion.
A dismal earnings report is sinking Intel's shares by 6% in premarket trading.
Intel (INTC) missed on fourth-quarter revenue, coming in slightly below analysts' expectations at $18.7 billion.
The company said "weaker modem demand" was the problem, because people were buying fewer iPhones. Intel provides modems for the Apple devices. Other suppliers have also been hurt by weaker iPhone demand.
Intel also slightly cut its first quarter 2019 guidance to $16.1 billion, about $1.5 billion below analysts' expectations.
Starbucks (SBUX) shares are up nearly 4% after reporting better-than-expected sales and optimism about China in yesterday's earnings report.
Revenue rose 9% for the quarter, beating expectations. Same-store sales also jumped.
"We are playing the long game," said CEO Kevin Johnson on an earnings call. "We remain bullish on our path in China and the growth that lies ahead."
We're about to wrap up in Davos, where the World Economic Forum is drawing to a close.
Notable speakers today include IMF chief Christine Lagarde and Bank of Japan Governor Haruhiko Kuroda, who are speaking about the global economy.
Official events end in the early afternoon. The work of turning Davos back into a sleepy mountain town will commence soon after.
In case you missed it: Catch up on all the big highlights this week here, and read more of our complete coverage from the ground here.