Today: Nov 23, 2024

Stocks Mixed As Fed Meet Looms; Alphabet, Microsoft, Apple To Report

Stocks Mixed As Fed Meet Looms; Alphabet, Microsoft, Apple To Report
January 30, 2024



The Dow Jones Industrial Average changed direction and moved higher during Tuesday’s midday trading, ahead of a host of Big Tech earnings announcements and a Federal Reserve interest rate decision.

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Dow stocks shifted from negative to 0.2% higher in recent activity, boosted by gains in financial stocks. JPMorgan Chase (JPM), Visa (V), American Express (AXP), and Goldman Sachs (GS) saw increases.
Meanwhile, the S&P 500 managed to trim slight early losses and nudged up on the stock market today. Among the 11 sectors, financials and materials gained, while technology and real estate dipped. The Nasdaq continued to underperform other indexes, declining by 0.4%.
Volume was higher on the New York Stock Exchange and lower on the Nasdaq compared to the same time on Monday. Decliners outnumbered advancers by fewer than 2-to-1 on both exchanges.
Small caps on the Russell 2000 reduced some early losses and were down 0.6% in recent activity. Meanwhile, the Innovator IBD 50 (FFTY) exchange traded fund did slightly better with a fall of 0.3%. The yield on the benchmark 10-year Treasury note was slightly lower by 2 basis points at 4.08%.
Home Price Indexes, Consumer Confidence
In economic news, the Case Shiller Home Price Index in 20 U.S. cities rose 0.1% for November, below estimates of 0.4%, according to Econoday. Also for November, the Federal Housing Finance Agency Home Price Index increased by 0.3%, in line with expectations.
The Conference Board released consumer confidence data for January, with the board’s reading at 114.8, surpassing forecasts for 114.
In employment news, the Labor Department’s Job Openings and Labor Turnover Survey showed 9 million job openings in December, exceeding economists’ expectations of 8.7 million.
The Fed’s rate decision and Fed Chair Powell’s comments on Wednesday are eagerly anticipated. According to the CME FedWatch Tool, the likelihood of a 25 basis point cut in March stands at 44.7%.
Dow Jones Stocks

Among Dow Jones components, Microsoft (MSFT) traded flat on Tuesday in preparation for the release of fiscal second-quarter earnings later in the day.
Meanwhile, Boeing (BA) continued on a downtrend, falling a further 2%, with fourth-quarter earnings expected on Wednesday.
Fellow Dow Jones stock Apple (AAPL) declined by 1.6% and slipped below its 50-day moving average in a flat base with a buy point of 199.62. Apple is set to report fiscal first-quarter earnings on Thursday.
Apple and Microsoft are part of the “Magnificent Seven” stocks.
Stocks Moving Today
Among the Magnificent Seven stocks outside the Dow Jones index, Alphabet (GOOGL) is scheduled to report after the market close. Its shares dipped on Tuesday but are still extended above a buy zone. Meta Platforms (META) rose fractionally and is due to report earnings on Thursday.
Elsewhere, OpenText (OTEX) and Atlassian (TEAM) are also expected to report results on Thursday. OTEX stock is in a buy zone from a buy point of 43.25.
Super Micro Computer (SMCI) relinquished some early gains after its earnings on Monday but was up 2.6% in recent activity. The company also raised its full-year outlook.
United Parcel Service (UPS) plummeted nearly 8% due to a bleak 2024 outlook and lower Q4 sales. UPS stock fell below the 50-day line in heavy volume, triggering a sell signal.
Outside the Dow Jones index, pharmaceutical giant Pfizer (PFE) declined by 0.7% despite an unexpected gain in fourth-quarter profits. The company reported a continued decline in Covid products sales. Its shares fell below the 50-day moving average, a resistance line since July last year.
In the building products sector, Azek (AZEK) broke out of a flat base with a buy point of 39.04. The stock edged up on Tuesday.
Federal Signal (FSS) is just above a buy point of 78.54 in a flat base. Shares climbed 1.1% on Tuesday.
Please follow VRamakrishnan on X/Twitter for more stock market news today.
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