22 C
Mumbai
Friday, January 27, 2023

Stock Market News Live Updates: January 24, 2023

US stock futures weakened Tuesday morning after back-to-back gains as investors assessed another round of corporate earnings results.

Futures linked to the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) each fell about 0.3%. Big-tech Nasdaq Composite (^IXIC) contracts were down 0.4%.

Among the specific names in the spotlight early Tuesday, shares of General Electric (GE) rose in premarket trading after the industrial company delivered an upbeat earnings forecast, citing strong demand for its motors at reaction and power equipment. During the last quarter, earnings were weighed down by its renewable energy business.

Shares of Johnson & Johnson (JNJ) also rose after the healthcare giant reported above-expected full-year guidance, even after the company’s chief executive warned earlier this year that macroeconomic prospects are uncertain.

Meanwhile, shares of 3M Company (MMM) fell 5.4% before the open after the manufacturing conglomerate reported lower profit due to a drop in demand for items including air purifiers and respirators related to inflation, and announce that 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 the opening bell in New York City on January 18, 2023. (Photo by ANGELA WEISS/AFP via Getty Images)

Elsewhere in the market, the US dollar stabilized after falling to a nine-month low in recent days, while in commodities, oil futures inched higher. West Texas Intermediate (WTI) oil, the US benchmark, traded near $82 a barrel.

Earnings season is off to a softer start. Fourth quarter net profit margin for the S&P 500 to date is 11.4%, down from prior quarter net profit margin of 11.9% and prior year net profit margin of 12.4% , according to data from FactSet. Additionally, consensus earnings estimates for 2023 have been on a steady downward trend.

On the economic front, Thursday’s gross domestic product (GDP) reading is the highlight of the week. However, investors remain fully focused on the Federal Reserve’s next rate announcement in early February, and officials are expected to slow to a smaller rate hike.

CME’s FedWatch tool, which serves as a barometer for the Fed’s impending interest rate and US monetary policy, shows that markets were pricing in a 99.1% probability of a 25 basis point hike to starting Tuesday morning.

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

Click here to see the latest stock price trends from the Yahoo Finance platform

Click here for the latest stock market news and in-depth analysis, including the events that move stocks.

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app to Apple either Android

Follow Yahoo Finance on Twitter, Facebook, instagram, flip board, LinkedInY Youtube

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles