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U.S. stocks ended mixed on Tuesday as investors looked forward to a batch of high-profile corporate earnings and Federal Reserve officials congregated for the two-day monetary policy meeting, while economic data pointed at the underlying strength of the nation’s economy. The S&P 500 ended nearly flat, while the Nasdaq closed in the red. The Dow finished in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 0.4% or 133.86 points to close at 38,467.31 points, registering its seventh record close in 2024.
The S&P 500 fell less than 0.1% or 2.96 points, to finish at 4,924.97 points. Financial and energy stocks were the biggest gainers.
The Financials Select Sector SPDR (XLF) rose 1.3%, while the Energy Select Sector SPDR (XLE) advanced 1%. The Technology Select Sector SPDR (XLK) lost 0.8%, while the Real Estate Select Sector SPDR (XLRE) gave up 0.9%. Six of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq slid 0.8% or 118.15 points to end at 15,509.90 points.
The fear-gauge CBOE Volatility Index (VIX) was down 2.13 % to 13.31. A total of 10.3 billion shares were traded on Tuesday, lower than the last 20-session average of 11.5 billion.
Investors Look Forward to Fed’s Meeting
The Wall Street rally somewhat slowed as investors shifted focus toward the Federal Open Market Committee’s two-day meeting that started on Tuesday. Investors expect the Federal Reserve will keep its benchmark policy rate unchanged as inflation continues to show signs of easing.
Instead, market participants are expecting a change in the policy statement that will close out the meeting.
The corporate earnings season is also fast gathering steam and investors are keeping a close watch on megacap companies that have already started reporting their quarterly results. On Tuesday, shares of General Motors Company ((GM - Free Report) ) jumped 7.8% after the automaker reported robust quarterly results.
General Motors reported fourth-quarter 2023 adjusted earnings of $1.24 per share, which outpaced the Zacks Consensus Estimate of $1.12 per share. General Motors has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
However, shares of United Parcel Service, Inc. ((UPS - Free Report) ) plummeted 8.2% after the company gave a weak annual revenue forecast.
A large number of big tech companies are scheduled to report quarterly results this week. However, investors are waiting for the Federal Reserve’s decision followed by the all-important press conference, which will give them a clear picture of the economy’s future.
Robust Economic Data Boosts Investors’ Sentiment
Economic data released on Tuesday showed that job openings rose to 9.03 million in December from an upwardly revised 8.9 million in November, the Labor Department reported. Also, the number of resignations or quitting workers fell by 132,000 to its lowest level since 2021. Layoff increased by 85,000 in December.
Also, the consumer confidence level hit a two-year high in January. The consumer confidence index rose to 114.8 in January from 108 in December, to hit its highest level since December 2021.
In other economic data released on Tuesday, home prices fell in November. According to the S&P Corelogic Case-Shiller Index, the 20-city composite index rose 5.4% year over year. On a month-over-month basis, the index rose 0.1% in November. The 10-city and composite indexes rose 0.2% both month over month and year over year.
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Stock Market News for Jan 31, 2024
U.S. stocks ended mixed on Tuesday as investors looked forward to a batch of high-profile corporate earnings and Federal Reserve officials congregated for the two-day monetary policy meeting, while economic data pointed at the underlying strength of the nation’s economy. The S&P 500 ended nearly flat, while the Nasdaq closed in the red. The Dow finished in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 0.4% or 133.86 points to close at 38,467.31 points, registering its seventh record close in 2024.
The S&P 500 fell less than 0.1% or 2.96 points, to finish at 4,924.97 points. Financial and energy stocks were the biggest gainers.
The Financials Select Sector SPDR (XLF) rose 1.3%, while the Energy Select Sector SPDR (XLE) advanced 1%. The Technology Select Sector SPDR (XLK) lost 0.8%, while the Real Estate Select Sector SPDR (XLRE) gave up 0.9%. Six of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq slid 0.8% or 118.15 points to end at 15,509.90 points.
The fear-gauge CBOE Volatility Index (VIX) was down 2.13 % to 13.31. A total of 10.3 billion shares were traded on Tuesday, lower than the last 20-session average of 11.5 billion.
Investors Look Forward to Fed’s Meeting
The Wall Street rally somewhat slowed as investors shifted focus toward the Federal Open Market Committee’s two-day meeting that started on Tuesday. Investors expect the Federal Reserve will keep its benchmark policy rate unchanged as inflation continues to show signs of easing.
Instead, market participants are expecting a change in the policy statement that will close out the meeting.
The corporate earnings season is also fast gathering steam and investors are keeping a close watch on megacap companies that have already started reporting their quarterly results. On Tuesday, shares of General Motors Company ((GM - Free Report) ) jumped 7.8% after the automaker reported robust quarterly results.
General Motors reported fourth-quarter 2023 adjusted earnings of $1.24 per share, which outpaced the Zacks Consensus Estimate of $1.12 per share. General Motors has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
However, shares of United Parcel Service, Inc. ((UPS - Free Report) ) plummeted 8.2% after the company gave a weak annual revenue forecast.
A large number of big tech companies are scheduled to report quarterly results this week. However, investors are waiting for the Federal Reserve’s decision followed by the all-important press conference, which will give them a clear picture of the economy’s future.
Robust Economic Data Boosts Investors’ Sentiment
Economic data released on Tuesday showed that job openings rose to 9.03 million in December from an upwardly revised 8.9 million in November, the Labor Department reported. Also, the number of resignations or quitting workers fell by 132,000 to its lowest level since 2021. Layoff increased by 85,000 in December.
Also, the consumer confidence level hit a two-year high in January. The consumer confidence index rose to 114.8 in January from 108 in December, to hit its highest level since December 2021.
In other economic data released on Tuesday, home prices fell in November. According to the S&P Corelogic Case-Shiller Index, the 20-city composite index rose 5.4% year over year. On a month-over-month basis, the index rose 0.1% in November. The 10-city and composite indexes rose 0.2% both month over month and year over year.