US close: Stocks mixed amid earnings deluge
By Iain Gilbert
Date: Wednesday 25 Jan 2023
(Sharecast News) - Wall Street stocks put on a mixed performance on Tuesday as traders digested an onslaught of earnings from some of the nation's biggest firms.
At the close, the Dow Jones Industrial Average was up 0.31% at 33,733.96, while the S&P 500 slipped 0.07% to 4,016.95 and the Nasdaq Composite saw out the session 0.27% weaker at 11,334.27.
The Dow closed 104.40 points higher on Tuesday, extending gains recorded in the previous session.
Market participants paid close attention to corporate earnings again on Tuesday, with 3M posting quarterly earnings that fell short of expectations and announcing that it will cut approximately 2,500 jobs.
Elsewhere, Lockheed Martin issued disappointing full-year guidance despite beating Wall Street estimates with its fourth-quarter earnings, while Johnson & Johnson increased its full-year earnings guidance, helped by strong demand for its cancer drugs.
Raytheon Technologies topped earnings estimates but missed revenue guidance, General Electric surpassed fourth-quarter earnings but issued a weaker-than-expected full-year guidance, and Verizon revealed that it had added 217,000 postpaid phone connections during the quarter, driven by gains in its consumer unit.
After the close, Microsoft shares traded lower in extended trading after the tech giant's guidance fell short of expectations and chief financial officer Amy Hood warned of deceleration.
Also in focus, an apparent technical issue briefly halted trading in dozens of stocks on the New York Stock Exchange shortly after the opening bell. Morgan Stanley, Verizon, AT&T, Nike, and McDonald's were all impacted by the issue, according to the NYSE. Many stocks saw abnormally large moves at the open, which could have potentially triggered volatility halts.
On the macro front, a flash reading of S&P Global's manufacturing PMI revealed an increase to 46.8 in January, up from 46.2 in December and beating market forecasts of 46 but still pointing to the second-fastest contraction in factory activity since May 2020. The services PMI increased to 46.6 in January, up from 44.7 at the end of 2022 and above market expectations of 45.0, while the composite PMI rose to 46.6 in January from 45.0 in the previous month, pointing to a seventh consecutive month of contraction in the country's private sector but the slowest since last October.
On another note, the Richmond Federal Reserve's manufacturing index decreased to -11 in January, down from a reading of 1 in December 2022.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Travelers Company Inc. (TRV) $193.25 3.70%
Verizon Communications Inc. (VZ) $40.42 1.99%
Caterpillar Inc. (CAT) $257.61 1.94%
Unitedhealth Group Inc. (UNH) $491.79 1.19%
Apple Inc. (AAPL) $142.53 1.01%
Boeing Co. (BA) $211.98 0.96%
American Express Co. (AXP) $155.33 0.86%
JP Morgan Chase & Co. (JPM) $138.45 0.86%
Home Depot Inc. (HD) $317.69 0.70%
Cisco Systems Inc. (CSCO) $47.81 0.65%
Dow Jones - Fallers
3M Co. (MMM) $115.00 -6.21%
Walgreens Boots Alliance, Inc. (WBA) $35.90 -2.10%
Merck & Co. Inc. (MRK) $108.52 -1.24%
Intel Corp. (INTC) $29.92 -1.16%
Nike Inc. (NKE) $126.83 -1.14%
Salesforce.Com Inc. (CRM) $154.86 -0.65%
Amgen Inc. (AMGN) $259.70 -0.49%
International Business Machines Corporation (CDI) (IBM) $141.49 -0.26%
Goldman Sachs Group Inc. (GS) $348.33 -0.23%
Microsoft Corp. (MSFT) $242.04 -0.22%
S&P 500 - Risers
PACCAR Inc. (PCAR) $111.08 8.64%
Travelers Company Inc. (TRV) $193.25 3.70%
Raytheon Technologies Corporation (RTX) $99.54 3.35%
Monster Beverage Corp (MNST) $103.02 2.91%
Molson Coors Beverage Co. Class B (TAP) $51.47 2.76%
CenturyLink Inc. (LUMN) $5.29 2.72%
TJX Companies Inc. (TJX) $81.30 2.69%
Marathon Petroleum Corporation (MPC) $130.21 2.62%
National Oilwell Varco Inc. (NOV) $23.40 2.59%
Mid Amer Apt Commun (MAA) $161.24 2.56%
S&P 500 - Fallers
3M Co. (MMM) $115.00 -6.21%
PerkinElmer Inc. (PKI) $134.87 -4.18%
DENTSPLY Sirona Inc. (XRAY) $35.92 -4.06%
Thermo Fisher Scientific Inc. (TMO) $580.72 -3.98%
Dxc Technology Company (DXC) $28.05 -3.88%
Edwards Lifesciences Corp. (EW) $77.14 -3.68%
DaVita Inc (DVA) $77.33 -3.48%
Svb Financial Group (SIVB) $288.35 -3.46%
Ball Corp (BALL) $57.10 -3.34%
Union Pacific Corp. (UNP) $203.18 -3.31%
Nasdaq 100 - Risers
PACCAR Inc. (PCAR) $111.08 8.64%
Monster Beverage Corp (MNST) $103.02 2.91%
Biomarin Pharmaceutical Inc. (BMRN) $113.82 2.13%
Netflix Inc. (NFLX) $363.83 1.79%
Ross Stores Inc. (ROST) $117.72 1.68%
Trip.com Group Limited (TCOM) $38.61 1.58%
Mercadolibre Inc. (MELI) $1,109.91 1.36%
Fastenal Co. (FAST) $49.58 1.20%
Apple Inc. (AAPL) $142.53 1.01%
T-Mobile Us, Inc. (TMUS) $145.81 1.00%
Nasdaq 100 - Fallers
DENTSPLY Sirona Inc. (XRAY) $35.92 -4.06%
Dollar Tree Inc (DLTR) $146.52 -2.96%
Baidu Inc. (BIDU) $132.79 -2.60%
Autodesk Inc. (ADSK) $206.43 -2.30%
Workday, Inc. (WDAY) $172.53 -2.21%
Walgreens Boots Alliance, Inc. (WBA) $35.90 -2.10%
Skyworks Solutions Inc. (SWKS) $107.31 -2.10%
Alphabet Inc. Class A (GOOGL) $97.70 -2.09%
Intuit Inc. (INTU) $401.55 -2.06%
eBay Inc. (EBAY) $46.69 -2.04%
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