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S&P Springs to New Record
earnings Suspense Keeps
Stocks Down
Stocks Little Changed Awaiting Tech Earnings
Stocks Little Changed Ahead of Earnings
S&P Dips, But Heads for Winning Week Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, January 30, 2024
Futures Slip Ahead of Tech Earnings Advertisment
Stock futures dipped Tuesday morning as investors analyzed the latest corporate earnings with the Federal Reserve policy meeting on the horizon. Traders also awaited results from major tech companies.
Futures for the
Dow Jones Industrials index dropped 79 points, or 0.2%, to 38,409.
Futures for the S&P 500 slipped 10.25 points, or 0.2%, at 4,944.25.
Futures for the NASDAQ faltered 38 points, or 0.2%, to 17,668.
General Motors shares popped 7% after the automaker posted better-than-expected earnings. Cybersecurity stock F5 rallied 10% on the back of a better-than-expected financial report, while electronics manufacturer Sanmina soared more than 18% after posting strong earnings per share and current-quarter guidance.
Elsewhere, home-appliances maker Whirlpool shed more than 4% after sharing a worse-than-expected outlook for the full year. JetBlue was also down more than 3% even after disclosing better-than-expected results.
Those reports come ahead of major tech reports slated for the afternoon, including Microsoft and Alphabet. These companies, which are part of a group known as the“Magnificent 7,” have been closely watched by market participants after driving up the S&P 500 with their outsized gains.
Amazon, Meta and Apple will post their quarterly financials later in the week.
Traders will watch for updates out of the Federal Open Market Committee's two-day policy meeting beginning Tuesday. The fed funds futures market has priced in an approximately 97% probability that the central bank will leave rates unchanged during its Wednesday announcement.
In Japan, the Nikkei 225 poked higher 0.1% Tuesday, while in Hong Kong, the Hang Seng Index fell 2.3%.
Oil prices fell 59 cents to $76.19 U.S. a barrel.
Gold prices improved $7.70 to $2,052.30 U.S. an ounce.
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