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Boeing ( BA ) dips on warning of bigger-than-expected Q4 loss

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Verizon rises on upbeat Q4 subscriber additions

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American Express ( AXP ) falls after Q4 results

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US business activity at nine-month low in January

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Indexes off: Dow 0.24%, S&P 500 0.06%, Nasdaq 0.09%

(Updates after markets open)

By Johann M Cherian and Sukriti Gupta

Jan 24 (Reuters) -

The benchmark S&P 500 and the Nasdaq struggled for direction

on Friday, as investors avoided big bets and assessed fresh data

to gauge the health of the economy, while Boeing ( BA ) dipped after

issuing a quarterly profit warning.

A

S&P Global survey

showed that business activity slowed to a ninth-month low

in January amid rising price pressures, but firms reported

higher hiring, supporting the Federal Reserve's cautious

approach to monetary policy this year.

Separately, the University of Michigan's final estimate

on consumer sentiment dropped to 71.1 from a previous estimate

of 73.2.

The central bank is expected to meet next week and

traders expect no change to borrowing costs. However, they now

see the Fed delivering its first rate cut in June, according to

data compiled by LSEG.

At 10:16 a.m. ET, the Dow Jones Industrial Average

fell 101.48 points, or 0.24%, to 44,459.53, the S&P 500

lost 3.62 points, or 0.06%, to 6,115.09 and the Nasdaq Composite

lost 17.56 points, or 0.09%, to 20,034.29.

Eight of the 11 S&P 500 sectors rose, with utilities

leading with a 0.7% gain.

On the earnings front, American Express ( AXP )

reported a 12% jump

in fourth-quarter profit. Its shares, however, fell 2.7%

and weighed on the blue-chip Dow.

Boeing ( BA ) lost 0.5% after the planemaker warned of a

fourth-quarter loss of about $4 billion. Shares of the company,

which is scheduled to report quarterly results on Tuesday, had

logged their biggest annual drop since the pandemic in 2024.

Verizon rose 0.8% after the carrier reported

higher-than-expected

fourth-quarter subscriber additions.

Tariffs are high on investors' minds after President Donald

Trump referred to the policies multiple times at separate events

this week but did little to lay out entire details of the

surcharges he plans to impose on trade partners of the United

States.

The president has said tariffs on Mexico, Canada, China and

the European Union could be announced on Feb. 1, but analysts

say major plans could be announced on April 1.

Investors have negatively reacted to reports about potential

tariffs, on worries that they could spark a global trade war,

add to inflation pressures and slow the Fed's pace of interest

rate cuts.

However, Ross Mayfield, investment strategist at Baird, said

"our view has been from the beginning that the concern about

Trump inflation was overstated."

"There could be a slight upward pull on inflation from

certain tariffs and maybe from immigration policies leading to

higher wages, but there's also a downward pull from deregulation

and more pro energy policies."

The benchmark S&P 500 closed Thursday's session at a

record high for the second time in over a month after Trump

called for taxes, oil prices and interest rates to be lowered at

the World Economic Forum in Davos, Switzerland.

On a weekly basis, Wall Street's main indexes are set for

their second straight week of advances, with the blue-chip Dow

on track for its biggest weekly jump since October 2022.

Advancing issues outnumbered decliners by a 1.25-to-1 ratio

on the NYSE. Declining issues outnumbered advancers by a

1.04-to-1 ratio on the Nasdaq.

The S&P 500 posted 13 new 52-week highs and one new low,

while the Nasdaq Composite recorded 43 new highs and 37 new

lows.