The New York Dow Jones Stock Exchange closed higher for the third consecutive day on Tuesday (January 24) in response to better than expected performance by listed companies. This includes General Electric (GE), but trading was volatile, with the S&P500 and Nasdaq closing in negative territory. After the New York Stock Exchange suspended trading of dozens of companies due to technical problems.
The Dow Jones Industrial Average closed at 33,733.96 points, an increase of 104.40 points or +0.31%, the S&P500 index closed at 4,016.95 points, a decrease of 2.86 points or -0.07% and the Nasdaq index closed at 11,334.23 points, a decrease of 4,016.95. points or -0.27% The New York Stock Exchange (NYSE) has suspended trading of more than 80 companies due to technical difficulties. Shortly after opening the market The companies that have been suspended include Morgan Stanley, Verizon Communications, AT&T, Nike and McDonald’s The NYSE system suspended trading of the shares. After discovering that these stocks were experiencing extreme swings, the NYSE system halted trading in order to curb market volatility. The market can trade securities normally. 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 healthcare stocks rose 0.49% down 0.69% and 0.65% in the that order.
Verizon stock rose 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 analysts’ 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.
Shares of GE rose 1.13% after the company reported earnings per share for the fourth quarter of $1.24, topping analysts’ expectations of $1.13.
3M shares fell 6.25% and Union Pacific shares fell 3.3% after both companies posted weaker-than-expected earnings.
S&P Global revealed that the Purchasing Managers’ Index (PMI) includes the 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 consecutive 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 results for the fourth quarter of 2022, with 65% of those reporting better than expected results.
Investors are keeping 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, and the PCE index is the Fed’s focus on inflation. Because it can detect changes in user behavior. It also covers a wider range of prices for goods and services than the Consumer Price Index (CPI).
