The US Stock market performed positively on Monday, with the S&P 500 reaching a new closing record. This comes as investors anticipate a busy week filled with updates on Big Tech earnings, a Federal Reserve rate decision, and the crucial US jobs report. The Dow Jones Industrial Average (^DJI) saw a 0.6% gain, while the S&P 500 (^GSPC) rose 0.8% to continue the momentum from last week. The tech-heavy Nasdaq Composite (^IXIC) also performed well, gaining over 1%.This week is crucial for stocks as five of the “Magnificent Seven” tech companies are set to report their earnings, with a focus on whether their AI efforts and layoffs have been profitable. Microsoft (MSFT) and Alphabet (GOOGL, GOOG) will lead the pack on Tuesday, followed by Apple (AAPL), Amazon (AMZN), and Meta (META), among the 100-plus companies set to report earnings.At the same time, investors are preparing for the Fed’s policy decision on Wednesday, as well as Friday’s US jobs report for December. The market will carefully listen to Chair Jerome Powell’s comments for hints on potential interest rate cuts amid a scaling back on March bets.Oil prices dropped due to concerns about potential impact on Chinese demand and supply risks arising from escalating Middle East tensions following a drone attack on US forces. US benchmark WTI futures (CL=F) fell more than 1% to settle at $76.78 a barrel, while global benchmark Brent futures (BZ=F) closed lower at $82.40 a barrel.
Mon, January 29, 2024 at 1:02 PM PSTStock market hits fresh record to kick off big tech earnings week. The Dow Jones Industrial Average (^DJI) edged higher on Monday while the S&P 500 (^GSPC) gained 0.6% starting the week with fresh record closes. The tech-heavy Nasdaq 100 (^NDX) also rose 1%.Tech stocks led the session gains as Tesla (TSLA) shares jumped 4%. Nvidia (NVDA), Meta (META) and Microsoft (MSFT) all rose by approximately 1% to reach record highs. Apple (AAPL) was the only stock among the “Magnificent Seven” group that closed fractionally lower, down about 0.4%.Investors are anticipating a jam-packed week ahead of major tech earnings. The markets will also be digesting Wednesday’s rate decision from the Federal Reserve and Friday’s January jobs report.
Mon, January 29, 2024 at 12:30 PM PSTTax filing season begins as IRS starts accepting returns. The US tax filing season begins on Monday, as the Internal Revenue Service starts accepting and processing 2023 federal tax returns. Taxpayers have until April 15 to file without an extension. The IRS generally issues refunds within about three weeks after returns are electronically filed — even faster if you choose direct deposit instead of a mailed check. Yahoo Finance’s Rebecca Chen shares other important facts and dates to keep in mind when filing taxes.
Mon, January 29, 2024 at 12:00 PM PSTTech leads stock gains. Tech stocks led Monday’s modest gains in afternoon trading, helping lift the Nasdaq Composite (^IXIC) higher by 0.6%. Tesla (TSLA) shares jumped as much as 3%, rebounding from a steep sell-off last week after the EV giant offered a downbeat production outlook for 2024. Nvidia (NVDA), Meta (META) and Microsoft (MSFT) all rose by approximately 1%. Apple (AAPL) was the only stock among the “Magnificent Seven” group that was trading lower, down about 0.5%.This is expected to be a jam-packed week as investors anticipate big tech earnings. The markets will also be digesting Wednesday’s rate decision from the Federal Reserve and Friday’s January jobs report.
Heat map of Nasdaq 100 at 2:55 PM Eastern on January 29.
Mon, January 29, 2024 at 11:15 AM PST Surprise exit of a key Goldman exec is latest shakeup for bank giant. Another top Goldman Sachs (GS) executive is leaving. Jim Esposito, who had been co-head of Goldman’s global banking and markets division, will leave after nearly three decades, according to a memo viewed by Yahoo Finance. The Wall Street Journal was the first to report the departure. As Yahoo Finance’s David Hollerith reports, Esposito’s departure raises new questions about the race to succeed CEO David Solomon, and caps a period of high-profile management and board changes for the Wall Street giant. Read more here.
Mon, January 29, 2024 at 10:30 AM PSTWarner Bros. Discovery stock falls on analyst downgrade. Warner Bros. Discovery (WBD) stock fell as much as 3% on Monday after Wells Fargo downgraded the stock from Overweight to Equal Weight, citing a “risky earnings setup” to kick off the year. “We’ve taken a thorough scrub of our 2024 WBD earnings estimates and come out more negative,” Wells Fargo analyst Steve Cahall wrote in a note to clients on Monday. Read more here from Yahoo Finance’s Allie Canal.
Mon, January 29, 2024 at 9:45 AM PSTTrending tickers on Monday SoFi Technologies (SOFI). SoFi shares rose as much as 22% after the fintech company reached profitability for the first time since going public under generally accepted accounted principles (GAAP). SoFi’s fourth quarter net income came in at $48 million, or $0.02 per share. The company also generated its 11th consecutive quarter of record adjusted net revenue of $594 million. Lucid (LCID)Share of the luxury electric vehicle maker rose as much as 21% on Monday, occupying the No. 2 trending ticker slot on Yahoo Finance. The startup is expected to report quarterly results on Feb. 21. Lucid stock has zero Wall Street analyst Buy recommendations, 12 Hold, and five Sell. Short interest on the stock sits just above 26% of the float, making it prone to short squeezes. Year to date the stock is down roughly 24%. iRobot (IRBT)Shares iRobot pared some of its losses after sinking as much as 18% after the vacuum maker’s sale to Amazon (AMZN) fell apart amid resistance from EU regulators. The companies said there was “no path to regulator approval for the deal.” On Monday iRobot announced it will cut 31% of its workforce and that CEO Colin Angle would step down immediately.
Mon, January 29, 2024 at 9:00 AM PSTWhy Big Tech earnings are critical for the health of the market rally. The stock market rally is still all about tech. Strategists have called for a broadening out of the market rally, but big tech companies are expected to be the drivers of Q4 earnings growth in the S&P 500, according to new data from FactSet. As Yahoo Finance’s Josh Schafer highlights, five of those companies — Apple, Alphabet, Microsoft, Amazon, and Meta — are set to report quarterly results this week. Earnings for Apple (AAPL), Alphabet (GOOGL, GOOG), Microsoft (MSFT), Amazon (AMZN), Meta (META), and Nvidia (NVDA) are expected to grow a combined 53.7% in the fourth quarter. Meanwhile the other 494 companies in the S&P 500 are expected to see a 10.5% decline. Read more here.
Mon, January 29, 2024 at 8:10 AM PSTOil falls as China worries overshadow escalating Middle East tensions. Oil futures fell on Monday, backing off an initial rise after Iran-backed militants killed three US soldiers in Jordan over the weekend. Crude prices fell after a Hong Kong court ordered Chinese property developer Evergrande to liquidate. The ruling deemed the company, once worth about $50 billion, incapable of delivering on its restructuring plan. West Texas Intermediate (CL=F) fell more than 1% trading around $77 per barrel. Brent (BZ=F), the international benchmark price, also dropped to trade below $83 per barrel. Crude rose more than 6% last week as traders assessed what a wider escalation of tensions in the Middle East means for oil prices. Iran-backed Houthi rebels have continued to target vessels along the Red Sea area, prompting cargo companies to delay or reroute their shipments. “While the attacks had traders’ attention, at this point no real oil supplies have been disrupted,” Dennis Kissler, senior vice president at BOK Financial, said in a note on Monday.
Mon, January 29, 2024 at 7:15 AM PSTTech stocks drift higher, energy slumps. The major averages held steady on Monday morning as tech and consumer discretionary stocks drifted higher, while energy-related equities lagged. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) rose above the flatline. The tech-heavy Nasdaq (^IXIC) also ticked slightly higher. Meta (META) hit an intraday high as Microsoft (MSFT) and Amazon (AMZN) rose ahead of their earnings releases this week. Meanwhile the Energy Select Sector ETF (XLE) lagged as shares of Chevron (CVX), ExxonMobil (XOM), and Occidental Petroleum (OXY) fell fractionally. Oil declined on Monday as concerns of over the health of the Chinese economy overshadowed worries of escalating tensions in the Red Sea area. West Texas Intermediate (CL=F) futures slipped more than 1% to trade below $77 per barrel. Brent (BZ=F), the international benchmark price, also sank more than 1%, hovering just above $82 per barrel.
Mon, January 29, 2024 at 6:31 AM PSTStocks little changed to start big tech earnings week. Stocks opened little changed as investors brace for a busy week bringing Big Tech earnings, a Fed rate decision, and January’s jobs report. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) hovered around the flatline after the major stock gauges notched weekly wins. The tech-heavy Nasdaq 100 (^NDX) ticked slightly higher on Monday morning. Amazon (AMZN) shares gained 0.4% after the e-commerce giant terminated an agreement to acquire Roomba vacuum maker iRobot (IRBT). The companies said there was “no path to regulator approval for the deal.” Shares of iRobot sank more than 16%. The company announced it will cut 31% of its workforce and that CEO Colin Angle would step down immediately. Tesla (TSLA) shares opened higher on Monday, rebounding from a steep sell-off last week after the EV giant offered a downbeat production outlook for 2024. Click here for in-depth analysis of the latest stock market news and events moving stock prices. Read the latest financial and business news from Yahoo Finance
