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Stock market news live updates: January 24, 2023

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U.S. stock futures wilted Tuesday morning after back-to-back gains as investors evaluated another round of corporate earnings results.

Futures tied to the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) each fell roughly 0.3%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) were off by 0.4%.

Among specific names in focus early Tuesday, General Electric’s (GE) stock pushed higher in pre-market trading after the industrials company delivered an upbeat profit forecast, citing strong demand for its jet engines and power equipment. For the last quarter, profit was weighed down by its renewable energy business.

Johnson & Johnson (JNJ) shares also rose after the healthcare giant reported full-year guidance above expectations, even after the company’s chief executive officer warned earlier this year that the macroeconomic outlook is uncertain.

Shares of 3M Company (MMM), meanwhile, tumbled 5.4% ahead of the open after the manufacturing conglomerate reported a lower profit over an inflation-related drop in demand for items including air purifiers and respirators, while announcing it would cut 2,500 jobs.

Microsoft Corporation (MSFT) is scheduled to report its results after the closing bell.

Traders work on the floor of the New York Stock Exchange during opening bell in New York City on January 18, 2023. - Wall Street stocks climbed early on January 18, 2023, on easing worries about further Federal Reserve moves to aggressively counter inflation following the latest US economic data. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

Traders work on the floor of the New York Stock Exchange during opening bell in New York City on January 18, 2023. (Photo by ANGELA WEISS/AFP via Getty Images)

In other pockets of the market, the U.S. dollar steadied after falling to the lowest in nine months across recent days, while in commodities, oil futures inched higher. West Texas Intermediate (WTI) oil — the U.S. benchmark — traded near $82 per barrel.

The earnings season has been off to a milder start. The fourth-quarter net profit margin for the S&P 500 so far is 11.4%, below the previous quarter’s net profit margin of 11.9% and below the year-ago net profit margin of 12.4%, according to FactSet data. Moreover, consensus earnings estimates for 2023 have steadily trended lower.

On the economic front, Thursday’s gross domestic product (GDP) reading is the highlight of the week. However, investors remain squarely focused on the Federal Reserve’s next rate announcement at the start of February, with officials expected to downshift to a smaller hike.

The CME FedWatch Tool, which serves as a barometer for imminent Fed rate and U.S. monetary policy, shows markets were pricing in a 99.1% chance of a 25-basis point hike as of Tuesday morning.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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