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Stock Market today: Dow clinches record high again as big tech kicks off earnings

AuthorYasin Ebrahim
Published 01/29/2024, 06:38 PM
Updated 01/30/2024, 04:32 PM
© Reuters

Investing.com -- The Dow closed at second-straight record high Tuesday, as quarterly earnings from big tech and digested economic data showing ongoing labor market strength just as the Federal Reserve kicked off its two-day meeting.

By 14:49 ET (19:49 GMT), the Dow Jones Industrial Average was up 133 points, or 0.4%, the S&P 500 was 0.1% lower, while the Nasdaq Composite dropped 0.8%.

Labor market continues to show strength as Fed meeting starts

The The U.S. Labor Department's latest Job Openings and Labor Turnover Survey, a measure of labor demand, showed job openings in December climbed to 9.03 million, above economists estimates of for 8.75M.

The ongoing signs of labor market strength arrived on the heels of data showing consumer confidence jumped to a 2-year high.

The duo of reports, signalling economic strength, pushed 2-year Treasury yields higher, as investors bet that the data will likely encourage the Fed to maintain its higher for longer rate regime as the central bank kicked off its two-day meeting.

While the Fed is expected to keep rates unchanged, "commentary accompanying the rate decision is likely to underscore the need for ongoing patience with a balanced assessment of risk," Stifel said in anote.

Microsoft, Alphabet kick off big tech earnings

Tech giants Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) and AMD (NASDAQ:AMD) kick off the earnings season for big tech, with better-than-expected quarterly earnings.

The trio's earnings come just ahead of earnings from Amazon, Apple and Meta due later this week.

Collectively, the market capitalization of Alphabet, Microsoft, Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Meta (NASDAQ:META) accounted for the bulk of S&P 500's 24% gain in 2023.

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In other tech news, Super Micro Computer (NASDAQ:SMCI) rose more than 3% after the dataceter hardware maker reported second-quarter results that topped Wall Street estimates amid a boost from artificial intelligence-led demand.

General Motors in rally mode on upbeat outlook, UPS slumps on guidance, Pfizer slips despite surprise profit

General Motors (NYSE:GM) stock rose nearly 7% after the auto giant provided investors with an upbeat outlook for 2024 and signaled more capital could be returned to shareholders.

"[I]t appears the profit margins and growth targets are still very much on track despite this murky backdrop," Wedbush said in a note, following a few quarter in which the automaker's "EV vision [was] in flux"

United Parcel Service (NYSE:UPS) stock fell 8% after the world's biggest package delivery firm forecast annual revenue below expectations, facing sluggish domestic and international e-commerce demand. The company also detailed plans to cut 12,000 jobs to rein in costs.

Pfizer (NYSE:PFE) closed more than 1% lower after the drugmaker reported a surprise quarterly profit, though weaker-than-expected sales of key products including cancer drug Ibrance weighed on sentiment.

(Peter Nurse, Oliver Gray contributed to this article.)

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Latest comments

the artificial data cooked to make the economy look far stronger than it actually is will enable the WEF deep state elites to drive the economyt straight off a cliff in order to bring in the great reset and cbdcs - higher for longer now - total disaster as the global economy including the US crashes off a cliff
just go short sell if anybody dare to
IT'S A CONSPIRACY!!!
Title correction: "Market immediately dumps in AH after actual earnings start coming in"
Record highs as UPS layoffs 12K jobs. I guess insanely overvalued big tech are all that matters!! Ooops I forgot layoffs and a shrinking economy are great for stocks. I'll get back to my party!
The best analysis
the worse the economy the better the market
yep, it's been an AI pump and dump scheme with Powell even helping with his very dovish tone in early December, alongside share buyback programmes - meanwhile all the insiders have been selling all of their shares as quickly as they can over the past three months - funny that - I wonder if they know something that the lamestream media isn't telling us about.
The record FRAUD continues, as "beat" the criminally rigged, low-ball "estimate" unfolds in living color.
Market dropping post-market is "fraud"!
considering the average tech company has now factored in over 70 years worth of earnings at their current prices, the earnings better be astronomically better than projected.
Big tech are being used as a cover for liquidity injections...this explains the massive overvaluations of these stocks. Nothing else is propping up these markets
 The US needs to be world economy number 1
yep - so few stocks are propping up the indices - most stocks on the NYSE over the past year are flat or down. the elites have all sold out over the last few months so now they can dump on the retail investor and their pension funds - just like 2000 and 2008 - same old playbook and so many folk get hoodwinked over and over again
2PM sharp, and the curtain rises on the "late trade" magic show.  BIGGEST INVESTMENT JOKE IN THE WORLD.
No.  Current uptrend started at 1:07 pm; nothing special about 2 pm.
Oh look!  "Late day magic miracle Kryptonite" is down.  You predicted the opposite.
90% of the articles on the front page of this website are about wars Biden has started and major companies like UPS, Google, Amazon downsizing by thousands of people. The other articles are word vomit trying to explain about how stock market valuations keep going up despite sickening P/E levels.
it's possible that we are at the beginnings of a major secular bull. market. the four year cycle is signaling a pretty good year for stocks..so far....for now, the only thing that is concerning is some wave count that suggest a serious correction is possible before a continuation of what the markets are signaling may be, a very strong Bull market over the next few years. ...time will tell.
the yield curve uninverting would suggest otherwise, as does mass lay off amongst tech companies, retail companies, transportation companies, and banking - and a bull market is never led by just 7 tech stocks - a bull market always is led by the IWM and similar - so few stocks are participating in this rally, you're having a laugh -  we're already in a global recession if you hadn't noticed and markets never - I mean never bottom out before a recession!!!!
  "so few stocks are participating in this rally"  --  No.  Majority of stocks are trading above their 50 & 200 days simple MA.
  "already in a global recession"  --  Again w/ the "already in recession" fud!?
Reckless consumers continue their spending spree.  Record FRAUD in the US Ponzi Scheme, and record consumer credit.  What a recipe for a financial disaster.
when will this ignorant amateur Mitch, ever get a clue....
  Some of us have been trying to clue him (and his fans) in  ;-)
revenue is up, profits are not. inflation has outpaced inflation and wage growth virtually every month since Biden took office. The average US household is spending over $10,000 more per year for the same goods/services as when Biden first took office.
The economy is doing so healthy that every major company has been laying off tens of thousands of employees. Report on labor force participation to see how they fabricate the employment numbers. The Biden admin has been manufacturing the numbers by creating government jobs, which just drain taxpayer money. Look at the numbers yourself, the Biden admin has created disproportionate number of government jobs compared to any administration in US history. This is why GDP vs debt numbers are also the worst compared to any point in US history.
The US currently has one of the most unhealthy economies, the stock market gains are only due to massive rise in debt. The difference between current debt and previous is that it is required much more debt to raise current GDP than in the past, and the interest payments on the national debt are over $1 trillion per year alone. There is a reason that every day americans are suffering with over 90% unhappy with the economy while stock market is at highs. That is what democrats/socialists do, why Pelosi has a $120+ million net worth while her state has the highest amount of homeless people in the country,
lol maga copium
 Trump is currently leading Biden in virtually all national polling, so feel free to keep gaslighting all the way to November.
it took $2.50 in deficit spending to create $1 in gdp growth. That's a manipulated economy that is not sustainable and not a healthy economy
The 11AM launch of Apollo Ponzi occurs with the predictability of the rising tide.  How do you proponents of a "free market" explain this daily phenomenon?  Remarkable how the "market" doesn't sell off at 11AM during a manufactured "rally."  Yes indeed, greatest financial FRAUD in history, and biggest investment JOKE in the world.  Another financial knife being sharpened, destined for the backs of the US working class.
fraudly if that's what you believe what are you doing on this site.
Neither the high nor low of day happened at ~11 am today.
Low of day happened at ~ 11 am yesterday, but high of day happened at ~ 11 am on Friday.  It's like it's random, but you keep thinking you're predicting anything way after the event ;-)
CPI up, strong GDP, PMI, Jobs, Consumer confidence, decent earnings, stocks only go up environment, home sales picking up strongly. Fed would have to be suicidal to even consider cutting rates before Q3. Home sales alone would have inflation ticking back up in a flash, not to mention sparking another rally on top of an already overbought mkt condition which would be devastating in the end an epic dent in Biden's campaign.
Mag 7 earnings are already priced in aswell
Fed only concern abt CORE inflation, a numberic game, so lets buy?
Go ahead an now report to us how high market P/E's have risen and let us know how GDP vs national debt is looking. Not only is there going to be no rate drop, we will be lucky if there is not another rate hike before the end of the year. Inflation is still nearly double Fed target and increased MoM the past two months.
The US economy has been doing so terrible that it has taken Biden $1.5 of national debt increase for every $1 growth of GDP. That means that they have been burning significantly more in tax payer money than it has been putting back in growth. The current national debt interest accumulation is in a debt spiral.
No rate cuts needed. Economy is running just fine and needs no further stimulation. See latest JOLTS report.
rate cut is just a topic, a dream to keep the market pump or dump, the rate can remain unchanged but the market cannot. therefore FED is the MM
Market doesn't expect a rate cut this week.
Tech earning will be good since Microsoft and few behemoth manipulated their earning forecast lowered than 2023 pre AI hype...... and the deceptive AI 🐂💩continues
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