Editor’s Picks, Stock News6:32 a.m.2023-01-25
The Dow Jones New York Stock Exchange closed higher for the third day in a row on Tuesday (Jan. 24) in response to better-than-expected performance of listed companies. This includes General Electric (GE). However, trading was volatile, with the S&P500 and Nasdaq closing in negative territory. After the New York Stock Exchange suspended the trading of dozens of companies due to technical problems.
- The Dow Jones Industrial Average closed at 33,733.96 points, up 104.40 points or +0.31%,
- The S&P500 index closed at 4,016.95 points, down 2.86 points or -0.07% and
- The Nasdaq Index closed at 11,334.27, down 30.14 points, or -0.27%.
The trading climate was affected by the New York Stock Exchange (NYSE) suspending the trading of more than 80 companies due to technical difficulties. Shortly after opening the market The suspended companies include Morgan Stanley, Verizon Communications, AT&T, Nike and McDonald’s.
The NYSE system has automatically suspended trading of such stocks. After discovering that these stocks were experiencing extreme swings, the NYSE system cut off trading in order to curb market volatility. The market can trade securities as usual. after experiencing previous technical issues
Six of the 11 stocks included in the S&P 500 ended in positive territory, with industrials up 0.65% and utilities up 0.49%, while communications and health care stocks rose 0.49%. down 0.69% and 0.65% respectively.
Verizon stock soared 1.99% after the company reported earnings per share for the fourth quarter of 2022 of $1.19 and revenue of $35.3 billion. which is in line with analyst expectations.
Johnson & Johnson reported earnings per share for the fourth quarter of 2022 of $2.35, above analysts’ expectations of $2.23. The dollar was above analysts’ expectations of $10.33.
GE shares rose 1.13% after the company reported earnings per share for the fourth quarter of $1.24, above analysts’ expectations of $1.13.
3M shares tumbled 6.25% and Union Pacific shares tumbled 3.3% after both companies posted weaker-than-expected earnings.
S&P Global revealed that Purchasing Managers’ Index (PMI) includes preliminary US manufacturing and services sectors. It rose to 46.6 in January, a three-month high, from 45.0 in December.
However, the PMI index is still below 50, indicating that the US business sector is in contraction. It contracted for the seventh straight month, reflecting that the Federal Reserve’s aggressive interest rate hikes are weighing on demand.
According to the latest data from Refinitiv, 72 companies listed on the S&P500 Index have reported fourth-quarter 2022 results, with 65% of those reporting better-than-expected results.
Investors keep an eye on key US economic data this week. This includes the release of preliminary estimates of gross domestic product (GDP) for the fourth quarter of 2022 on Thursday.
On Friday, the Personal Consumption Expenditure (PCE) Price Index will be released. The PCE index is the Fed’s focus on inflation. Because it can detect changes in consumer behavior. It also covers a broader range of prices for goods and services than the Consumer Price Index (CPI).
By InfoQuest News Agency (25 Jan. ’23)
Tags: dowjones, Dow Jones, Stock Market, New York Stock Exchange