US close: Stocks head south ahead of FOMC policy meeting
By Iain Gilbert
Date: Tuesday 31 Jan 2023
(Sharecast News) - Major US indices were in the red at the end of trading on Monday as market participants gear up for a busy week of earnings season and await the Federal Reserve's latest policy decision.
At the close, the Dow Jones Industrial Average was down 0.77% at 33,717.09, while the S&P 500 slipped 1.30% to 4,017.77 and the Nasdaq Composite saw out the session 1.96% weaker at 11,393.81.
The Dow closed 260.99 points lower on Monday, easily reversing gains recorded in the previous session after the Bureau of Economic Analysis revealed that the personal consumption expenditures price index rose 0.1% month-on-month in December.
Wall Street's year-to-date rally will be put to the test this week, with the likes of McDonald's, General Motors, Apple, Meta Platforms, Amazon, and Alphabet all reporting over the next five days.
Investors will also look to the Federal Open Market Committee, which meets on Tuesday and Wednesday, with the central bank expected to raise interest rates by 0.25%. Traders will also look for hints as to just how much longer the Fed intends to hike rates in order to fight off inflation.
On the macro front, the Dallas Federal Reserve's manufacturing index rose 11.6 points to -8.4 in January, with the production index, a key measure of state manufacturing conditions, falling from 9.1 to 0.2.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $357.46 1.06%
Verizon Communications Inc. (VZ) $41.05 1.01%
International Business Machines Corporation (CDI) (IBM) $135.30 0.68%
Merck & Co. Inc. (MRK) $106.10 0.67%
Procter & Gamble Co. (PG) $140.85 0.31%
Coca-Cola Co. (KO) $60.65 0.25%
American Express Co. (AXP) $172.66 0.20%
Salesforce.Com Inc. (CRM) $164.75 0.14%
Dowdupont Inc. (DWDP) $0.00 0.00%
Unitedhealth Group Inc. (UNH) $485.75 -0.05%
Dow Jones - Fallers
Johnson & Johnson (JNJ) $162.00 -3.70%
Chevron Corp. (CVX) $174.20 -2.93%
3M Co. (MMM) $112.58 -2.32%
Microsoft Corp. (MSFT) $242.71 -2.20%
Apple Inc. (AAPL) $143.00 -2.01%
Walt Disney Co. (DIS) $107.59 -1.78%
Dow Chemical Co. (DOW) $57.95 -1.73%
Walgreens Boots Alliance, Inc. (WBA) $36.53 -1.72%
Caterpillar Inc. (CAT) $261.50 -1.15%
Visa Inc. (V) $229.10 -1.01%
S&P 500 - Risers
Cincinnati Financial Corp. (CINF) $111.50 5.77%
AutoZone Inc. (AZO) $2,426.52 2.50%
O'Reilly Automotive Inc. (ORLY) $789.63 2.39%
Hershey Foods Corp. (HSY) $223.19 2.03%
Nordstrom Inc. (JWN) $18.76 1.95%
Colgate-Palmolive Co. (CL) $72.88 1.80%
Franklin Resources Inc. (BEN) $31.26 1.76%
Kraft Heinz Co. (KHC) $40.37 1.71%
Flowserve Corp. (FLS) $33.96 1.71%
Advance Auto Parts (AAP) $149.64 1.65%
S&P 500 - Fallers
Nvidia Corp. (NVDA) $191.62 -5.91%
Devon Energy Corp. (DVN) $62.34 -4.49%
Marathon Oil Corp. (MRO) $27.09 -4.31%
Advanced Micro Devices Inc. (AMD) $72.45 -3.91%
Applied Materials Inc. (AMAT) $108.20 -3.82%
Diamondback Energy Inc. (FANG) $145.34 -3.72%
Johnson & Johnson (JNJ) $162.00 -3.70%
Occidental Petroleum Corp. (OXY) $64.13 -3.62%
Wynn Resorts Ltd. (WYNN) $99.36 -3.52%
Qorvo, Inc. (QRVO) $107.69 -3.51%
Nasdaq 100 - Risers
O'Reilly Automotive Inc. (ORLY) $789.63 2.39%
Kraft Heinz Co. (KHC) $40.37 1.71%
Paychex Inc. (PAYX) $114.69 1.47%
Automatic Data Processing Inc. (ADP) $222.35 0.70%
Hasbro Inc (HAS) $58.94 0.56%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $507.97 0.45%
Mondelez International Inc. (MDLZ) $64.84 0.19%
T-Mobile Us, Inc. (TMUS) $146.98 0.17%
Electronic Arts Inc. (EA) $128.99 0.09%
Vodafone Group Plc ADS (VOD) $11.62 0.09%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $2.48 -6.77%
Tesla Inc (TSLA) $166.66 -6.32%
JD.com, Inc. (JD) $59.83 -6.13%
Nvidia Corp. (NVDA) $191.62 -5.91%
Trip.com Group Limited (TCOM) $37.45 -4.97%
Mercadolibre Inc. (MELI) $1,161.80 -4.87%
Applied Materials Inc. (AMAT) $108.20 -3.82%
Wynn Resorts Ltd. (WYNN) $99.36 -3.52%
Micron Technology Inc. (MU) $61.71 -3.38%
Seagate Technology Plc (STX) $66.76 -3.23%
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