American Express shares soared 11% after the company issued strong earnings and revenue guidance for 2023 that topped Wall Street analysts' expectations.

U.S. stocks rose Friday, boosted by hopes that inflation is moderating. This put them on track for strong weekly gains.

Chevron's fourth-quarter results fell short of analyst expectations, and the company's shares fell by 1% in premarket trading on Friday. Chevron and its rival oil-and-gas producers could face a rockier year in 2023, according to investors and analysts. This is because an anticipated slowdown in U.S. economic growth could dent demand for oil, and if China’s reopening from strict Covid-19 restrictions unfolds slowly.‍

Stocks were rising Thursday after strong GDP data eased fears of a recession.

According to economists, the U.S. GDP is expected to grow at a rate of 2.3% per year in the fourth quarter of 2022. This would be a slight increase from the previous quarter's growth rate of 2.2%.‍