Wall Street staggers after disruption over mixed earnings and trading halt

Wall Street staggers after disruption over mixed earnings and trading halt
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  • SEC investigating NYSE opening bell malfunction
  • 3M slips on negative Q1 forecast
  • J&J falls on sales alert; GE crashes with poor snow visibility
  • Microsoft to announce quarterly earnings after market close
  • Indices: Dow up 0.18%, S&P 500 down 0.13%, Nasdaq down 0.25%

NEW YORK, Jan. 24 (Reuters) – Wall Street was mixed on Tuesday as a series of mixed earnings dampened the winds of the latest rally.

The session got off to a rough start as a number of stocks traded on the NYSE were halted for the opening bell. an obvious technical glitchIt initially caused price confusion and led to an investigation by the U.S. Securities and Exchange Commission (SEC).

More than 80 stocks were affected, including Walmart Inc. (WMT.N) and Nike Inc. (NK.N).

“The NYSE seems to have figured it out too early,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. “Now they are trying to determine what the opening trade prices are.”

“Everyone involved in trade deals will have a long day today.”

All three indices bounced near the starting line and there was little visible momentum in either direction.

The fourth-quarter earnings season is in full swing, with 72 of companies in the S&P 500 reporting. According to Refinitiv, 65% of these exceeded consensus, just a hair’s lower than the long-term average of 66%.

Altogether, analysts now expect S&P 500 earnings to be 2.9% lower than in the previous quarter, after the 1.6% year-on-year decline seen on Jan. 1, per Refinitiv.

“Earnings are not yet a bullish or bearish situation for the market, but there is concern among investors that it will take a long time for the Fed to finish raising rates,” Sroka said. “We’re going on a ramp in the earnings cycle and we’ll have a lot more insight into the direction of the market next week.”

Economic data showed a shallower-than-expected contraction in manufacturing and services in the first weeks of the year, pointing to the Federal Reserve’s restrictive interest rates curbing demand.

Dow Jones Industrial Average (.DJI) The S&P 500 rose 60.69 points, or 0.18%, to 33,690.25. (.SPX) Nasdaq Composite lost 5.36 points, or 0.13%, to 4,014.45. (.IXIC) It fell 28.39 points, or 0.25%, to 11,336.03.

Among the 11 main sectors of the S&P 500, the industrial sector experienced the most decline.

Intercontinental Exchange Inc. (ICE.N)The SEC, which owns the New York Stock Exchange, fell 2.5% as investigators investigated the cause of Tuesday’s opening bell confusion.

Alphabet Inc. (GOOGL.O) Shares fell 1.8 percent after the Justice Ministry’s announcement. case against Google for abusing its dominance in the digital advertising business.

Johnson & Johnson’s (JNJ.N) snow guidance It came in above analyst expectations. Despite this, the stock softened 0.3%.

Industrial holdings 3M Company (MMM.N) and General Electric Company (GENE) both provided overwhelming forward guidance due to inflationary headwinds.

Shares of 3M fell 5.1%, while shares of General Electric fell modestly.

Aerospace/defense companies Lockheed Martin Corporation (LMT.N) and Raytheon Technologies company (RTX.N) the first published a disappointing profit forecast, while the second outperformed forecasts for solid travel demand.

Lockheed Martin and Raytheon were up 1.5% and 2.5% respectively.

Railroad operator Union Pacific Corp. missed snow forecasts delayed shipments due to labor shortages and severe weather. Its shares tumbled 2.7%.

Microsoft Corporation (MSFT.O) A report will be given after the bell.

The number of advanced issuances outnumbered those that fell 1.16 to 1 on the NYSE; The Nasdaq, 1.06 to 1, supported the declines.

S&P 500 posted 27 new 52-week highs and 10 new lows; The Nasdaq Composite posted 69 new highs and 21 new lows.

As reported by Stephen Culp; Additional reporting in Bengaluru by Shreyashi Sanyal and Johann M Cherian; Editing by Aurora Ellis

Our standards: Thomson Reuters Trust Principles.

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