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Stock Market Roundup Jan. 23: Stocks Down on Trump Uncertainty
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U.S. stocks are down on Monday, as investors are looking for more details on President Donald Trump’s policies. Sector-wise, energy was down, at one point, 1.17%, industrials down 0.87%, and financials down 0.52%. Real estate was one of the few bright spots, up 0.71%.
Earnings season is in full swing, with McDonald’s (MCD - Free Report) and oilfield services major Haliburton (HAL - Free Report) reporting today before the bell. This week is a big week for tech earnings, with almost all of the largest tech corporations reporting in the next few days. Check out the latest episode of the Zacks Friday Finish Line podcast for an in-depth Tech Earnings Preview.
Monday saw shares of chipmaker Qualcomm (QCOM - Free Report) tumble 14% in morning trading after it was hit by multiple downgrades. The company is still reeling from last week’s $1 billion lawsuit filed against it by Apple (AAPL - Free Report) , just days after the U.S. government accused Qualcomm of utilizing anticompetitive tactics to monopolize semiconductors in the mobile phone industry.
Wireless carrier Sprint (S - Free Report) announced it will be purchasing a 33% stake in the streaming service Tidal, owned by hip-hop mogul Jay Z. While Sprint did not say when the acquisition would be finalized, the new deal is part of a partnership between both companies where Sprint companies will receive exclusive Tidal content. Sprint has about 45 million retail customers.
Fast food chain McDonald’s released its fourth quarter fiscal 2016 financial results on Monday before the bell, beating expectations on both the top and bottom lines. However, same-store sales declined considerably in comparison to the year-ago period, suggesting the popularity of its All-Day breakfast menu may be waning.
Stocks that Aren't in the News…Yet
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Stock Market Roundup Jan. 23: Stocks Down on Trump Uncertainty
U.S. stocks are down on Monday, as investors are looking for more details on President Donald Trump’s policies. Sector-wise, energy was down, at one point, 1.17%, industrials down 0.87%, and financials down 0.52%. Real estate was one of the few bright spots, up 0.71%.
Earnings season is in full swing, with McDonald’s (MCD - Free Report) and oilfield services major Haliburton (HAL - Free Report) reporting today before the bell. This week is a big week for tech earnings, with almost all of the largest tech corporations reporting in the next few days. Check out the latest episode of the Zacks Friday Finish Line podcast for an in-depth Tech Earnings Preview.
Zacks Rank #1 (Strong Buy) Biggest Movers
Value: Angang Steel
Growth: Spartan Motors
Momentum: Teck Resources (TECK - Free Report)
VGM: MiX Telematics
Income: MIXT
Major Indexes
DOW: 19,801.70 / -25.55 / -0.13%
S&P 500: 2,265.34 / -5.99 / -0.26%
NASDAQ: 5,552.94 / -2.39 / -0.04
Top Headlines
Here’s Why Qualcomm (QCOM - Free Report) is Tumbling Today
Monday saw shares of chipmaker Qualcomm (QCOM - Free Report) tumble 14% in morning trading after it was hit by multiple downgrades. The company is still reeling from last week’s $1 billion lawsuit filed against it by Apple (AAPL - Free Report) , just days after the U.S. government accused Qualcomm of utilizing anticompetitive tactics to monopolize semiconductors in the mobile phone industry.
Sprint to Purchase 33% Stake in Jay Z’s Tidal
Wireless carrier Sprint (S - Free Report) announced it will be purchasing a 33% stake in the streaming service Tidal, owned by hip-hop mogul Jay Z. While Sprint did not say when the acquisition would be finalized, the new deal is part of a partnership between both companies where Sprint companies will receive exclusive Tidal content. Sprint has about 45 million retail customers.
McDonald’s CEO Bullish Despite All-Day Breakfast Slump
Fast food chain McDonald’s released its fourth quarter fiscal 2016 financial results on Monday before the bell, beating expectations on both the top and bottom lines. However, same-store sales declined considerably in comparison to the year-ago period, suggesting the popularity of its All-Day breakfast menu may be waning.
Stocks that Aren't in the News…Yet
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now>>