Stocks Hit Record Highs as Tech Leads Gains; EU to Block Amazon-iRobot Deal
• Stocks climbed on Friday, with the S&P 500 hitting an intraday record high and positioning to close at an all-time record. Tech stocks helped lead the gains.
• Focus has turned to big tech companies like Apple to potentially kickstart a lagging stock market now that drivers of the late 2022 rally like hopes for imminent Fed rate cuts have faded.
• EU regulators plan to block Amazon's $1.4 billion acquisition of iRobot, maker of the Roomba vacuum. iRobot shares plunged nearly 30% on the news.
• Consumer sentiment jumped 13% month-over-month in January to its highest level since July 2021, boosted by fading inflation concerns.
• Ford is cutting F-150 Lightning electric truck production and reassigning 1,400 workers due to weaker than expected demand, a sign automakers' EV hopes are facing economic reality.